TJX Enters Into Proposed Settlement Agreement Of Customer Class Actions

TJX Companies, Inc. has agreed to settle numerous customer class actions launched following the security breach of TJX's computer systems. The breach affected millions of credit and debit card holders. The terms of this settlement are interesting in that they require TJX to provide vouchers, cash benefits (cheques), credit monitoring services, identity theft insurance, reimbursements and sales events to eligible claimants.

On January 17, 2007, TJX Companies, Inc. announced that it had suffered intrusions into its computer system responsible for processing and storing information related to consumer transactions, and specifically to credit card, debit card, cheque and merchandise return transactions. TJX is the parent company of Winners and HomeSense in Canada. The breaches occurred between July 2005 and January 2007, affecting approximately 45.6 million credit and debit card holders.