Target Settles Visa Card Issuer Claims in Data Breach
A settlement between Target Corp. and Visa Inc. moves the retailer a step closer to resolving most of the financial claims against it from the 2013 data breach. However, an attorney representing banks and other card issuers and a trade group representing credit unions pressed Target for more. Under the settlement announced Tuesday, Target will pay up to $67 million to cover the costs that Visa Inc. and issuers of Visa cards incurred when cyberthieves broke into Target’s data system. The amount is more than three times larger than a $19 million settlement between Target and MasterCard Inc. that fell apart in May when banks and other issuers rejected the amount as too low.