Target reaches settlement with Visa related to massive 2013 data breach

Industrials Associated Press

Target says it's reached a settlement with Visa related to its massive 2013 data breach that resulted in the theft of millions of debit and credit card numbers.

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Target Corp. wouldn't say how much it will settle the claims for. But it said Tuesday that the cost of the settlement was reflected in previously reported financial results.

In May, a $19 million settlement between Target and MasterCard Inc. fell through, because it failed to get enough support from the affected banks and credit unions.

The breach, disclosed during the height of the holiday shopping season, compromised 40 million credit and debit card accounts.

The news rattled shoppers who avoided the Minneapolis-based retailer, fearing for the security of their private data, hurting profits and sales for months.