May
01
After Target and Home Depot Breaches, Small Lenders Object to Settlements
ByCredit unions and others balk at settlements tied to cybercrimes that they say don’t fairly reimburse
Small banks and credit unions are banding together in a bid to recover hundreds of millions of dollars in losses incurred from high-profile data breaches at Target Corp. andHome Depot Inc.
Angry at being squeezed out by bigger banks, the small institutions now are trying to upend a long-standing industry practice in which card networks Visa Inc. andMasterCard Inc. negotiate settlements with breached merchants and then distribute the proceeds to affected financial institutions…
After Target and Home Depot Breaches, Small Lenders Object to Settlements
