TJX (NYSE: TJX) Pays $40.9 Million In Restitution To Visa Inc. For Data Breach

TJX (NYSE: TJX) has paid $40.9 million in restitution to Visa Inc. to settle all claims related to the data breach that compromised nearly 46 million credit cards.  Visa Inc. has also recently settled fines against Fifth Third Bancorp (NASDAQ: FITB) - (See: http://blog.csoboard.com/cso/2007/11/fifth-third-ban.html).

Retail merchants and financial institutions are waking up to the reality that they must work together to better protect the integrity, security, and privacy of their customers' financial information.   Let's all hope as consumers that industry can achieve those lofty goals.

For more information see:

• Boston Globe - TJX agrees to reimburse banks
• New York Times - Retailer to Pay $40 Million