Retailer Sues Visa Over $13 Million ‘Fine’ for Being Hacked

Genesco, a sports apparel retailer, is fighting back against the arbitrary multimillion-dollar penalties that credit card companies impose on banks and merchants for data breaches by filing a first-of-its-kind $13 million lawsuit against Visa. The suit takes on the payment card industry's powerful money-making system of punishing merchants and their banks for breaches, even without evidence that card data was stolen.