NEW YORK (AP) — A $19 million deal between Target and MasterCard to settle lawsuits stemming from the retailer’s pre-Christmas 2013 data breach has been scrapped, because it didn’t get enough support from banks and credit unions.
Under the settlement announced last month, Target Corp. agreed to set aside $19 million for banks and credit unions that had issued MasterCards swept up in the breach that compromised 40 million credit and debit card accounts.READ MORE: Wild And Timberwolves Win Big Saturday, United Ties
Banks and credit unions would have been able to use the money to cover related operating costs and fraud-related losses. But the settlement needed 90 percent of the issuers to accept the offer in order for it to go into effect.READ MORE: Family Mourns 'Loving' And 'Gentle' St. Paul Man After Fatal Hit-And-Run
MasterCard Inc. says that not enough issuers approved the deal and that it’s still working to resolve the matter.MORE NEWS: Minnesota Gophers Beat Maryland 34-16
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