Esset Koyal Group Capital Management: Target, MasterCard reach $19m deal

Target announced that it is about to finalize a deal with MasterCard that will reimburse banks around USD 19 million for expenses related to the former's massive security breach that compromised millions of credit card accounts.

It may be recalled that two years back, Target admitted to at least compromising 40 million credit card records due to a data breach during the peak of a holiday season. It was believed that the cyberattack endangered up to 110 million people by exposing their personal credentials like phone numbers and addresses. In a statement Esset Koyal Group Capital Management got, the cost of the settlement -- resulting from months of negotiations -- covers bank expenses associated with reissuing cards to affected customers.