Target reaches deal to settle breach claims with Visa

Target Security breach

NEW YORK (KRON/AP) — Target has announced a settlement with Visa related to the retailer’s massive 2013 data breach that resulted in the theft of millions of debit and credit card numbers.

Target Corp. on Tuesday wouldn’t say how much it will settle the claims for. But according to several reports Visa card issuers will be reimbursed as much as $67 million for costs incurred by the breach.

The retail giant on Tuesday would only say that the cost of the settlement was reflected in previously reported financial results.

The agreement comes after a $19 million settlement between Target and MasterCard Inc. fell through back in May, because it failed to get enough support from the affected banks and credit unions.

The Target breach was disclosed during the height of the 2013 holiday shopping season and was one of the largest in recent years compromising 40 million credit and debit card accounts.

The news rattled shoppers who avoided the Minneapolis-based retailer, fearing for the security of their private data, hurting profits and sales for months.

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