Target Corp. agreed to pay banks US$19 million for costs theyincurred in the 2013 data breach that exposed the payment-card andpersonal information of tens of millions of customers.
The estimated cost of the settlement is already reflected inbreach-related liabilities the retailer established in its past twofiscal years, Minneapolis-based Target said Wednesday in astatement.
MasterCard Inc. will distribute Target's funds to the banks thatissue the network's credit cards, and the money will help cover thecost of reissuing bank cards and any fraud that resulted from thebreach. The settlement is conditioned on at least 90 percent ofeligible MasterCard accounts accepting their recovery offers by May20.
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