Let the payments begin. Heartland Payment Systems settled the lawsuit brought by American Express due to Heartland's 2008 breach of 130 million credit cards (which I wrote about here) for $3.6 million. There are still many more lawsuits outstanding including Visa and MasterCard which no doubt represent the majority of the credit cards stolen.
The article quotes Heartland CEO, Bob Carr, as saying that Heartland "has set aside $12.6 million to charges related to the hack." I find this number to be a gross underestimation considering that TJX believes its breach will cost $250 million as reported here, here, and here.
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