TJX announces settlement agreement with Bankers Associations
19 Dec '07
2 min read
The financial terms of the settlement were not disclosed, but the amount paid by TJX primarily reimbursed the settling bankers associations and banks for a negotiated portion of the expenses they incurred in this case, excluding attorney's fees, and is encompassed within the reserve previously taken in TJX's fiscal 2007 second quarter.
Further, TJX has denied all wrongdoing. The agreement follows the court's recent ruling denying the plaintiffs' motion to represent a class of banks in this action. That ruling is subject to a pending motion for reconsideration and a possible appeal by the non-settling plaintiff bank.
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