TJX announces settlement agreement with Bankers Associations
19 Dec '07
2 min read
The TJX Companies Inc announced that it has entered into a settlement agreement with all but one of the seven banks and bankers associations that sued TJX in a putative class action as a result of the intrusion(s) into TJX's computer system.
Under the agreement, the Massachusetts Bankers Association, Connecticut Bankers Association and Maine Association of Community Banks, along with Eagle Bank, Saugusbank, and Collinsville Savings Society, will dismiss all of their claims against TJX.
Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, “It has been almost one year since TJX discovered that our computer system had been criminally attacked. In that time, we have further strengthened our security and achieved full compliance with the Payment Card Industry Data Security Standards.
We support the intent of these standards and continue to take our responsibility to protect customer data seriously. However, the TJX experience underscores broader challenges facing the U.S. payment card system that require urgent action by merchants, banks, payment card companies and associations, and we look forward to greater cooperation in order to better serve and protect customers.”
As part of the agreement, the three bankers associations are recommending that the Visa issuers among their 292 member banks where appropriate accept the Alternative Recovery Offer provided for in the agreement among Visa, TJX, and TJX's acquiring bank announced on November 30, 2007.
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