(Bloomberg) -- Target Corp. reached a settlement with Visa Inc.over a hacker attack that struck the retail chain during the 2013holiday season and exposed millions of customers’ personalinformation.
|“Target is pleased that we have reached a settlement agreementwith Visa related to the data breach,” the Minneapolis-basedretailer said in a statement Tuesday. Separately, Visa confirmedthat it has reached an accord with Target. Under the terms of thedeal, the chain will pay banks that issue Visa cards as much as $67million, according to the Wall Street Journal, which cited peoplefamiliar with the situation that it didn’t identify.
|Related: Target agrees to pay banks $19M for breach-relatedcosts
|Target previously reached an agreement with MasterCard Inc. topay banks $19 million for costs they incurred in the data breach.But that pact failed to garner sufficient support from banks,Target said in May.
|The costs of the Visa settlement are already reflected in theretailer’s previously reported financial results, Target said onTuesday.
|Visa said the agreement “attempts to put this event behind us,and increase the industry’s focus on protecting against futurecompromises with new technologies.”
|--With assistance from Elizabeth Dexheimer in New York.
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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