TJX settles with Visa over computer breach

FRAMINGHAM, Mass. TJX announced in an SEC filing Thursday that it has entered into a settlement agreement with Visa and Fifth Third Bank over the potential theft of Visa payment card account data related to a TJX computer intrusion.

Under the settlement agreement, TJX will fund up to a maximum of $40.9 million pre-tax in alternative recovery payments to U.S. Visa issuers who issued payment card accounts identified to Visa by Fifth Third and/or TJX on or before the date of the settlement.

According to the filing, Visa has agreed to suspend pending but not yet imposed fines on Fifth Third, has restored TJX’s credit and debit card interchange fee rates on an accelerated basis, has agreed that it will at a minimum rescind an egregious violation fine and will not impose or collect further fines on or from any TJX U.S. acquirers or assert any claim against them arising from the computer intrusion or TJX’s alleged non-compliance with Visa’s data security requirements on or before the date of the settlement agreement.