Heartland Payment Systems Inc. (NYSE: HPY) will pay American Express Co. (NYSE: AXP) $3.6 million in a settlement over a criminal breach of Heartland's data network last year, according to Associated Press.
The settlement resolves "all intrusion-related issues between the two parties," Princeton, NJ-based Heartland Payments said on Thursday.
Bob Carr, Heartland's chairman and CEO, said in a statement that the settlement was the first with a payment card brand related to the breach.
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Heartland, the nation's fifth-largest payments processor, disclosed in January that its system used to process Visa (NYSE: V), MasterCard (NYSE: MA), American Express and Discover Card (NYSE: DFS) transactions was breached late last year. Investigators concluded criminals had secretly installed spying software on Heartland's computer network.
Shares of Heartland closed up $1.01, or about 8.1 percent, to $13.47 in Friday trading. Shares of American Express rose 6 cents, or about 0.2 percent, to $40.51 to close Friday.
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