TJX agrees IT intrusion settlement with banks

2009-09-03

TJX has agreed a settlement with four banks relating to a class action law suit in the US following an IT intrusion into the retailer's computer system.

The firm has agreed to pay $525,000 (£321,108) to settle the case, with the incident leading to the theft of millions of credit card numbers between 2005 and 2006.

Under the agreement outlined in a statement from the retailer, TJX said the money will be used to reimburse the banks for a portion of their expenses incurred pursuing the action.

The hacker accused or orchestrating the identity theft, thought to be the largest in US history, is set to serve between 15 and 25 years under the terms of a plea deal submitted last month.

Under the pseudonym Segvec, Albert Gonzalez allegedly stole 130 million credit and debit card numbers from a number of retailers, including TJX.

Cases relating to the theft are still ongoing in the US.

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