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ARTICLE · 20 APRIL 2015

Target, MasterCard Pact To Clear High Buy-In Hurdle

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Scott L. Vernick was quoted in the Law360 article, "Target, MasterCard Pact To Clear High Buy-In Hurdle."

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Scott L. Vernick was quoted in the Law360 article, "Target, MasterCard Pact To Clear High Buy-In Hurdle." Full text can be found in the April 16, 2015, issue, but a synopsis is below.

On April 15, Target announced a $19 million deal to resolve data breach claims brought by issuers of MasterCard-branded payments cards.

The deal hinges on 90 percent of the issuers accepting the alternative recovery offer by May 20, a threshold that attorneys say is likely to be met despite skepticism from some credit unions and banks.

According to attorneys, the predicament now facing eligible payment card issuers is a classic "bird in the hand is worth two in the bush" situation, which could help lead to a higher acceptance of the deal.

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