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Target to pay nearly $40M to banks over data breach
Target Corp. has tentatively reached another milestone in its continuing efforts to remediate financial losses caused by its massive 2013 data breach.
According to multiple media reports, Target has reached a settlement with MasterCard Inc. and a number of issuing banks. In papers filed in federal court in Minneapolis, Target said it would reimburse a total of $39 million in the settlement. That figure would include about $20 million for issuing banks not covered in other class action suits against Target and about $19 million to the MasterCard Account Data Compromise program.
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Acquisition weighs on Ascena comps
Strong sales at Maurices and Lane Bryant weren’t enough to lift Ascena in the first quarter, as the company reported a decrease in comps.
For the period ended Oct. 24, the company reported a net loss of 10 cents per diluted share compared to net income of 32 cents per diluted share in the same period of fiscal 2015. The company blamed the decrease on transaction costs related to the acquisition of Ann Inc., which closed during the first quarter fof fiscal 2016. Comps dropped 3% in the first quarter.
