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Discount retailer TJX, parent of T.J. Maxx and Marshalls, has agreed to a US$24 million settlement with MasterCard over a security breach that left tens of millions of credit card accounts at risk to identity theft. The US Federal Trade Commission on Thursday announced a settlement with TJX over the discount retailer's massive breach of customer credit card records. TJX and three bankers groups have settled a lawsuit over costs related to the discount retailer's record data breach that may have exposed as many as 94 million accounts, the parties announced Tuesday. The trojan used to "sniff" the credit card information of millions of TJX shoppers was provided by a 25-year-old New York man, who has been charged with conspiracy. A Miami man pleaded guilty this week for his involvement in the wireless-enabled data heists at TJX and a number of other well-known retailers. Damon Patrick Toey has become the first person to be brought to justice in the hacking of TJX, which is one of the biggest cases of its kind. US Federal authorities have busted the criminal ring responsible for the largest hacking and identity theft case in history. TJX on Wednesday reported a 47 percent spike in quarterly profits, aided by a reduction in the reserve that was created to pay for costs associated with last year's reported data breach. TJX has begun distributing claims forms to customers whose information may have been compromised in the retail chain's massive data breach. Embattled retailer TJX Companies - the parent of TJ Maxx, Marshalls and other well-known outlets - has agreed to a nearly US$41 million settlement with Visa. Before TJX revealed its servers had been breached by hackers, the retail giant collected and stored unnecessary and excessive amounts of personal information for too long and relied on outdated encryption technology to defend the data, according to a report released today by Canadian privacy officials. Visa has doled out some US$880,000 in fines to a Cincinnati-based acquiring bank that retail chain TJX contracted with to process most of its credit card transactions. TJX's profits are starting to crumble under the weight of the massive data breach announced in January that placed about 45.7 million customers at risk for identity theft, according to a filing this week with the US Securities and Exchange Commission. A group of New England banking associations contended in a court filing Tuesday that hackers stole 94 million account numbers when they infiltrated the databases of clothing retailer TJX, the Boston Globe reported today. Organisations that hold personal data should be made liable for fraudulent transactions, say BT security experts. Recent arrests in the hacking of nine U.S. retailers and Countrywide Home Loans is just the tip of the iceberg of what's to come, according to experts in the security industry. TJX, owner of the TK Maxx brand, has agreed to settle a series of class-action lawsuits stemming from a huge data breach in 2005. Store vouchers and a three-day sale are some of the concessions TJX has pledged in a settlement with customers who sued the discount retail giant following a massive customer data theft. Five additional states have filed lawsuits against TJX over the massive data breach that exposed some 45.7 million credit card numbers to hackers, the retailer reported on Thursday in a federal regulatory filing. Authorities believe the recent arrest of a Ukrainian man in Turkey on identity theft charges could lead police to the brains behind the TJX data breach.