TJX agreed to pay $525,000 to settle class action suit from several banks

According to sources, retailer TJX has agreed to pay $525,000 to settle a putative class action suit from several banks related to the massive security breach at its operations that resulted in the theft of millions of credit and debit card numbers. The money, which comes out of the reserve put aside by TJX for breach-related costs in 2007, will primarily reimburse the settling banks for some of their expenses. 

The remaining financial institutions AmeriFirst Bank, HarborOne Credit Union, SELCO Community Credit Union and Trustco Bank, that sought to join the suit, agreed to drop all claims. TJX denied all wrongdoing. 

TJX has paid out huge amounts in settlements, since 2007 when it revealed that hackers had stolen more than 45 million credit and debit card numbers from its computer system. As part of a settlement with a group of 41 state attorneys general, the retailer agreed in June to pay around $9.75 million. Besides, it has also reached a $40.9 million settlement with Visa and a $24 million deal with MasterCard over the breach. 

In addition, last week it emerged that Albert Gonzalez, the computer hacker accused of masterminding the TJX breach, has agreed to plead guilty to the offence and attacks on several other retailers.