Target And Visa Agree To Pay $67 Million To 2013 Data Breach Victims

Target and Visa Data Breach

Target and Visa have agreed to issue $67 million in payments to customers who were inconvenienced following a 2013 data breach.

A source familiar with the settlement revealed the $67 million settlement after both companies refused to comment on the payout.

In 2013 a hack of customer data, including credit and debit card information, affected an estimated 40 million customers. The hack was one of the largest in U.S. history at the time of the breach.

The company has revealed that the cost of the settlement was already reflected in previous financial results. An earlier tentative settlement with MasterCard was not accepted by enough of its card issuers.

“This agreement attempts to put this event behind us and increase the industry’s focus on protecting against future compromises with new technologies,” said Visa’s statement.

Target had already reached a $10 million settlement with customers under a federal class action suit. Since 40 million customers had their card information stolen by the data hack, most customers will only receive a few dollars for their troubles.

Customers who can document larger unreimbursed losses are eligible for up to $10,000.