We previously reported on the efforts of Target to settle claims made by MasterCard and its issuers as a result of the infamous Target data breach. In order for the settlement of $19 million to reimburse banks and credit unions for costs associated with re-issuance of credit and debit cards to become effective, 90% of the affected banks and credit unions had to agree to the settlement by May 20th. The threshold was not reached by the deadline, and therefore, the settlement will not become effective and Target will have to continue to defend the lawsuits filed by the card issuers.
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