MINNEAPOLIS, April 16 (UPI) -- Target Corp. has agreed to pay MasterCard-issuing banks some $19 million as reimbursement for losses related to the 2013 data breach that exposed 110 million customer records, including 40 million credit-card numbers.
The deal, which comes after months of negotiations, covers costs the banks incurred from canceling accounts, creating new ones and covering fraudulent charges in the hack between Nov. 27 and Dec. 15, 2013.
The agreement requires that at least 90 percent of all eligible MasterCard holders accept it, Target said on its website.
"We are hopeful that Target's agreement to pay up to $19 million to settle the claims of MasterCard and its issuers will result in a high level of issuer acceptance," said Scott Kennedy, the company's president of financial and retail services. "Target intends to continue to defend itself vigorously against any assessments made by MasterCard on behalf of MasterCard issuers that do not accept their offers."
Target discovered the breech on Dec. 19, 2013. According to a financial filing in February, the company has spent $162 million on the breach, not including the MasterCard settlement and a $10 million class-action lawsuit settlement in March.
