Fifth Third Bancorp. of Cincinnati

A lawsuit filed against Fifth Third Bancorp. of Cincinnati has been dismissed. The Pennsylvania State Employees Credit Union (PSECU) filed the lawsuit hoping to recover $100,000 it spent on canceling and reissuing 235,000 Visa credit cards compromised in a security breach at BJ's Wholesale Club Inc., Mass., in 2004. PSECU claimed that Fifth Third was liable for the costs because it was the bank responsible for processing card transactions for BJ's and should have ensured that the merchant was complying with Visa's security requirements. The court ruled that PSECU wasn't a third-party beneficiary to the contract between Fifth Third and Visa and was therefore not entitled to seek any card costs for re-issues. (Jun-23-06) [COMPUTERWORLD]

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