New Settlement Agreement in Heartland Breach

And the cash register continues to ring with respect to the Heartland Payment Systems Inc. breach.

Heartland disclosed last week in a filing with the Securities and Exchange Commission that it has agreed to pay a maximum of $60 million to Visa Inc. and Visa card-issuing banks to settle claims arising out of the massive payment card data breach last January.

The proposed settlement is conditioned on 80% of eligible banks accepting the settlement offers. Under the agreement, some $59.2 million of the maximum settlement amount would be available to pay Visa card-issuing banks for their costs associated with the data breach. An additional $780,000 would be used to clear fines related to the breach collected by Visa from banks. According to the agreement, settlement offers will go out to eligible Visa-issuing banks next week and must be accepted by January 29.

More information: The full text of the Settlement Agreement