TJX says reaches settlement in class action suits
NEW YORK --TJX Cos Inc said Friday it and Fifth Third Bancorp had agreed to settle class action lawsuits brought on behalf of customers in the United States, Puerto Rico and Canada who were victims of a criminal intrusion into TJX's computer system.
"We deeply regret any inconvenience our customers may have experienced as a result of the criminal attack on our computer system," said Carol Meyrowitz, chief executive of the Framingham, Massachusetts-based retailer.
Under the settlement, which is subject to certain conditions, TJX customers who had their drivers license or other identification information stolen after making returns without a receipt, are being offered two to three years of credit monitoring and identity theft insurance and the cost of replacing IDs.
Other affected customers are to receive vouchers, the company said.
In March, TJX said information from 45.7 million credit and debit cards were stolen in a computer security breach over 18 months through mid-January.
Personal information from 451,000 customers who returned merchandise without a receipt was also stolen, the operator of T.J. Maxx and Marshall's chains said in a regulatory filing at the time.
TJX estimated settlement costs were reflected in a $107 million after tax reserve recorded in its fiscal second quarter and estimates future non-cash charges of $21 million to be taken in fiscal 2009. (Reporting by Lilla Zuill) REUTERS
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