Genesco to book $9M gain from Visa settlement

Genesco executives last week said they will book a $9.0 million pre-tax gain during their second fiscal quarter after settling a long-running lawsuit with Visa related to a 2010 hack of its payment processing computer network.

Nashville-based Genesco and Visa last month settled a dispute that first made it to court in March 2013. The $9 million gain offsets more than half of the $15.4 million charge to earnings Genesco took near the end of its fiscal 2013. That charge covered claims against the company from Visa, MasterCard and American Express after the hack.