TJX settles with banker associations

FRAMINGHAM, Mass. TJX Tuesday announced that it has settled with all but one of the seven banks and bankers associations that sued TJX in a putative class action as a result of the intrusion(s) into the company's computer system.

Under the settlement agreement, the Massachusetts Bankers Association, Connecticut Bankers Association and Maine Association of Community Banks, along with Eagle Bank, Saugusbank, and Collinsville Savings Society, will dismiss all of their claims against TJX, the company reported.

Carol Meyrowitz, president and ceo of TJX stated, “It has been almost one year since TJX discovered that our computer system had been criminally attacked. In that time, we have further strengthened our security and achieved full compliance with the Payment Card Industry Data Security Standards. We support the intent of these standards and continue to take our responsibility to protect customer data seriously. However, the TJX experience underscores broader challenges facing the U.S. payment card system that require urgent action by merchants, banks, payment card companies and associations, and we look forward to greater cooperation in order to better serve and protect customers.”