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Target Settles With Visa for $67 Million

The settlement won't necessarily make financial institutions affected by the breach whole, sources say.

By Tina Orem | Updated on August 18, 2015

Target Corp. said on Tuesday that it has reached a settlement agreement with Visa that will pay the card network and its issuers up to approximately $67 million for costs related to the retailer’s massive 2013 data breach, which compromised approximately 110 million credit and debit cards.

The settlement was conditioned upon issuers representing a majority of breach-affected Visa cards entering into direct settlements with Target and Visa, according to a statement from Target. That threshold has been met, Target said today.

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Tina Orem

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