Target agrees to pay Visa card issuers up to $67 million for 2013 data breach

On Tuesday, Target and Visa confirmed that they had reached a settlement in which Target would pay up to $67 million to Visa card issuers for a security breach in 2013 that left 40 million customer credit card numbers compromised. Visa brokered the deal and will pass the award on to the card issuers that work within its network.

The settlement deal is considerably larger than the $19 million settlement that Target reached with MasterCard earlier in the proceedings. That settlement was not approved because MasterCard issuers rejected it for being too low. The Wall Street Journal reports that Target’s deal with Visa is much more likely to succeed this time around because the agreement had "already received support from Visa’s largest card issuers.” A representative from JP Morgan Chase & Co. told Ars in an e-mail that the company was “pleased” with the settlement, but he would not go into detail about specifics.

It also seems that Target is working on a new deal with MasterCard comparable to the one it cut with Visa.