Monday, September 24, 2007

TJX Settlement Close?

According to a article, a tentative settlement has been reached in the TJX breach class-action lawsuit. If the judge accepts the settlement, consumers will get:
  1. Up to a $30 voucher per customer who can show time/money spent dealing with the breach (at a rate of $10/hr).
  2. 3 years of credit monitoring and identity theft insurance for about 450K customers who had lots of info (including DL# and SSN) stolen.
  3. Marshalls and TJ Max will hold a 3-day "Customer Appreciation 15% Off Sale." (I kid you not!)
Unfortunately, the settlement lets TJX avoid admitting breach of contract and negligence with regard to its data security practices. Also apparently missing from the settlement is any commitment from TJX to improve security. Of course, with the settlement costing an estimated $256M, we can hope that the board and execs at TJX have seen the light on security spending.

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