14505 Thu, 05/15/2008 - 11:51am
FRAMINGHAM, Mass.–The TJX Cos. has completed its settlement with Mastercard, whose issuers around the world were financially battered by hackers who broke into the off-price retailer’s computer files several years ago. After the break-in was discovered, the issuers had to provide replacement cards to their customers, at considerable expense.
In a statement, TJX said it funded $24 million in pretax recovery payments. Each issuer accepting payment agreed to indemnify the company and its acquiring banks with respect to any additional claims.