Visa Deal Pushes Heartland Breach Settlement Costs (So Far) To $65 Million

StorefrontBacktalk.com's Fred J.  Aun published an article this morning talking about Heartlands recent settlement with Visa.  Heartland Payment Systems had previously settled a card holder class action suit and reached an agreement with American Express for $3.6 million. As the breach related settlement tab climbs towards the $70 million mark,  he is quick to point out that MasterCard, Discover and others have yet to settle.

A settlement with Visa announced Friday (Jan. 8) will require Heartland Payment Systems (HPS) to pay $59.2 million to compensate Visa card issuers for costs they incurred due to Heartland’s massive 2007 data breach. The Visa settlement follows two other recent agreements, one with American Express and another with a group of breach-affected cardholders, and it will bring Heartland’s breach-related settlement compensation tab to about $65 million.  But the bleeding won’t stop there. HPS has yet to reach agreements with Discover, Mastercard or others...

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