Heartland Reaches $60 Million Settlement with Visa Issuers

V3.co.uk reports that Heartland Payment Systems has reached a $60 million settlement with Visa issuers to compensate them for losses incurred after the huge data breach in 2008. Heartland Chairman Bob Carr calls the deal a "fair settlement agreement."

Ellen Richey, chief enterprise risk officer at Visa, encourages issuers to participate in the settlement. According to PCWorld.com, 80 percent of the eligible card issuers must accept the deal for the settlement agreement to go into effect.

In December, Heartland Payment Systems reached a $3.6 million settlement with American Express.