Heartland Settles with MasterCard

Published May 19, 2010, 6:30 p.m. EDT

Updated May 19, 2010, 5:30 p.m. EDT

1 Min Read

Heartland Payment Systems Inc. has entered a $41.1 million agreement with MasterCard Inc. to settle claims stemming from the 2008 security breach of the Princeton, N.J., company's processing systems.

Processing Content

The funds will be used to pay MasterCard issuers that suffered losses from the criminal breach, Heartland said Wednesday.

Issuers representing 80% of the MasterCard accounts said to have been breached must accept their recovery offers by June 25 for the settlement to be approved.

Heartland has reached similar settlements with Visa Inc. and American Express Co.

Andrew Johnson

Andrew Johnson covers technology and payments systems for American Banker. He focuses on mobile services, card processing and what the emergence of... Read full bio

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