Report: Target, Visa reach breach settlement

Minneapolis – Target Corp. has reportedly reached a settlement with Visa Inc. that will reimburse issuers of Visa cards for costs related to the retailer’s 2013 data breach. According to the Wall Street Journal, the agreement will reimburse thousands of card issuers for potentially up to $67 million.



Target said Visa’s largest banks already support the deal. The exact amount of reimbursement has not been disclosed, but the maximum amount as laid out in Visa regulations would be $67 million. In June, MasterCard issuers rejected a proposed $19 million settlement of costs related to the breach.