Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Most MasterCard issuers OK Heartland branch settlement
PURCHASE, N.Y. (7/20/10)--More than 99% of MasterCard's issuers eligible for compensation from a data breach settlement with Heartland Payment Systems Inc. have approved the settlement agreement, said the card company Thursday. The $41.1 million settlement announced in May was related to a breach, disclosed in January 2009 but occurring the previous year, that exposed 130 million credit and debit cards. It was the largest breach in history and affected thousands of credit union members as well as consumers. (News Now May 21). The companies needed 80% of eligible MasterCard issuers to agree to accept an alternative recovery offer as part of the approval of the settlement. In January, Heartland agreed to pay up to $60 million to issuers of Visa-branded credit and debit cards (News Now Jan. 11). Earlier it entered settlements of $3.6 million with American Express and $2.4 million in a consumer cardholder class action suit (News Now Dec. 21 and Dec. 29). The MasterCard and Visa settlements require card issuers to waive rights to any other recovery for claims of losses related to the breach and its sponsoring bank acquirers through litigation and other remedies. When the settlement terms were announced in both the Visa and MasterCard cases, attorneys for a small group of credit unions and banks had indicated the settlement amounted to pennies on the dollar.
Other Resources

RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
14 hours ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
16 hours ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
18 hours ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
18 hours ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
20 hours ago