MasterCard, Target data breach settlement falls apart

Joseph Ax reports that the proposed $19 million settlement between MasterCard and Target over the retailer’s 2013 data breach has fallen through because not enough banks accepted the deal.

The settlement was contingent on banks that issued at least 90 percent of the MasterCard accounts signing on to the agreement by May 20. Any bank that accepted the settlement was required to drop further claims against Target.

In an email on Friday, a MasterCard spokesman said the threshold had not been met.

Read more on Reuters.

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