Heartland Announces $60 Million Visa Settlement
Heartland Payment Systems announced today that it will pay Visa-branded credit and debit card issuers up to $60 million to cover losses incurred from the Heartland data breach. It is the largest known settlement amount ever paid to Visa as a result of a breach, eclipsing the TJX settlement of $40.9 million in November 2007.
In a statement, Heartland and Visa say the $60 million payment will be subject to certain conditions, including a specified level of participation by Visa issuers. Visa says it will provide issuers details in the coming days. The data breach involved an estimated 130 million credit and debit cards, although not all of them were Visa branded. This settlement with Visa is far larger than Heartland’s $3.6 million settlement with American Express, which was announced in December.
via Bankinfosecurity.com.
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