The Heartland Data Breach Fight Continues
Written by Evan SchumanFebruary 11th, 2010
In the never-ending saga of the lawsuit aftermath of the Heartland Payment Systems data breach, Heartland and Visa last Thursday (Feb. 4) announced that "more than 97 percent" of the financial institutions that had sued them had accepted their $60 million settlement terms. That statement was obviously followed by an announcement a few days later from representatives of the three percent saying, in effect, "We're still here. See you in court."
"Visa sent customized settlement information packets to the affected financial institutions on January 14, 2010. In order to accept the settlement, a financial institution was required to affirmatively complete and return the settlement paperwork to Visa by January 29, 2010," said the statement from lawyers representing some of the impacted banks. "The offers--at least those reviewed by class counsel--appeared to be less than 10 cents on the dollar for most financial institutions and some at less than 1 cent on the dollar."
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I have strong reservations about the 'individual' certification and posting of that information for merchants. Can you imagine the potential employee poaching that might occur? The implications when competitors can look up how many are certified with each of their competitors? 
-Christine
