(Source: Business Wire)
The TJX Companies, Inc. (NYSE: TJX) today announced that it has entered into a settlement agreement that will result in the dismissal of the putative financial institutions class action commenced as a result of the intrusion(s) into TJX's computer system during 2005 and 2006 and all related litigation. Under the settlement, TJX paid $525,000, which primarily reimbursed the settling banks for a portion of their expenses, excluding attorneys' fees, incurred in pursuing the putative financial institutions class action, and is encompassed within the reserve previously taken in TJX's Fiscal 2007 second quarter. Under the agreement, AmeriFirst Bank, HarborOne Credit Union, SELCO Community Credit Union, and Trustco Bank, the four remaining financial institutions that either were or sought to join as named plaintiffs in the actions, agreed to release all of their claims against TJX. Further, TJX has denied all wrongdoing.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 882 T.J. Maxx, 811 Marshalls, 323 HomeGoods, and 141 A.J. Wright stores, in the United States. In Canada, the Company operates 203 Winners, 75 HomeSense and 3 STYLESENSE stores, and in Europe, 244 T.K. Maxx and 8 HomeSense stores. TJX's press releases and financial information are also available on the Internet at www.tjx.com.
SAFE HARBOR STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Various statements made in this release are forward-looking and involve a number of risks and uncertainties. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements. The following are some of the factors that could cause actual results to differ materially from the forward-looking statements: conditions of global economies and credit and financial markets; foreign currency exchange rates; execution of buying and inventory management; expansion of operations; identification of customer trends and preferences; fluctuation in results; risks of new market/category expansion; implementation of marketing, advertising and promotional programs; losses from and consequences of computer intrusion(s); seasonal influences; risks of operating a large, multi-division, multi-national business; unseasonable weather; competition; retention of personnel; acquisitions and divestitures; operation and implementation of information systems and technology; protection of data; level of cash flows generated; factors affecting consumer spending; merchandise quality and safety; import risks; risks of foreign operations; changes in laws and regulations; outcomes of litigation and proceedings; risks of real estate ownership and leasing; stock price fluctuations and other factors that may be described in our filings with the Securities and Exchange Commission. We do not undertake to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied in such statements will not be realized.
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