TJX Cos. has agreed to settle a series of class-action lawsuits stemming from a massive security breach of customer data in 2005 affecting at least 45 million credit and debit cards. The retailer estimates that the settlements will bring its total losses from the data breach to roughly $128 million.
Under the settlement, customers who had credit card and personal information stolen and used fraudulently will be entitled to three years of free credit monitoring and identity theft insurance. TJX estimates that around 11 million had valid credit card data stolen. The company said it would offer vouchers to customers who show they shopped TJX stores, except Bob's Stores, in the U.S., Canada or Puerto Rico during the period affected by the breach and incurred certain costs related to the breach. The company also said it will hold a one-time, three-day customer appreciation event reducing prices 15%, expected sometime next year.
