TJX settles lawsuits over customer data theft

FRAMINGHAM, Mass. The TJX Companies today reported that it has settled the class action lawsuits filed against the company by customers in the United States, Canada and Puerto Rico who were affected by the theft of credit card information from TJX's computer system.

Estimated costs to TJX related to this settlement were reflected as part of the $107 million (after tax) reserve for estimated potential losses from the intrusion(s) recorded in the company's fiscal 2008 second quarter and previously reported estimated future non-cash charges of $21 million (after tax) anticipated to be taken in fiscal 2009.

Carol Meyrowitz, president and ceo of TJX, stated, "From the inception of our company, our customers have always come first. We deeply regret any inconvenience our customers may have experienced as a result of the criminal attack on our computer system. Importantly, we truly appreciate our customers' continued patronage. TJX has been working diligently to reach a settlement that offers a good resolution for our customers. This settlement agreement addresses the different ways customers have told us they have been impacted by the intrusion(s). TJX remains committed to providing a secure shopping experience for our customers along with the exciting fashions, brands and great values for which we are famous. We believe that the terms of this settlement are beneficial to our customers."