December 19, 2007
TJX settles with Connecticut banks
The TJX Cos. Inc. has entered into an agreement with six of the banks and bankers associations that sued the company after a hacker stole credit and debit card data from TJX's computer system.
Under the agreement, the Connecticut Bankers Association, along with banks in Massachusetts and Maine, will dismiss all of their claims against TJX. As part of the agreement, the bankers associations are recommending that the Visa issuers among their banks accept the Alternative Recovery Offer.
The financial terms of the settlement were not disclosed, but the amount paid by TJX primarily reimbursed the settling bankers associations and banks for a negotiated portion of the expenses incurred in the case.
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