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FRAMINGHAM, Mass. – TJX Cos. said yesterday it has agreed to pay $525,000 to two credit unions and two banks to settle their claims in the huge credit card breach case.
The four: SELCO Community CU in Eugene, Ore. and HarborOne CU in Brockton, Mass., as well as Amerifirst Bank and Trustco Bank, rejected a broad settlement the company paid out last year to hundreds of credit unions and banks that amounted to pennies on the dollar.
The payout, which amounts to about $130,000 each, will pay to reimburse the institutions for some of the expenses they incurred in the breach, including notification to members, cancellation and reissuance of cards.
In exchange, the four, which had sought to join forces in a class action, agreed to drop all claims in the case.
The alleged mastermind in the case, a one-time government informant named Albert Gonzalez, has agreed to plead guilty to charges and is suspected in several more data breaches, including those at BJ Wholesale Club, Dave & Buster's, Barnes & Noble, DSW shoes, Heartland Payment Systems, Hannaford Bros. supermarkets and 7-Eleven.
