Morgan Stanley To Pay $60 Million To Settle Data-Breach Claims

Morgan Stanley agreed to pay $60 million to settle a class action suit by consumers claiming the firm failed to safeguard their personal information. From a report: The agreement, if approved by a federal judge in Manhattan, would resolve claims over two security breaches that compromised personal information of 15 million current and former clients, according to a group of them that sued in July 2020. The customers claimed the information was stored in data centers that were shut down and on computer servers in branch locations that were replaced. Data stored on the decommissioned data center equipment, including customers' Social Security numbers and birth dates, weren't fully wiped clean and the equipment went missing. A software flaw left data on the old servers in unencrypted form, they claimed.

$2.80 per person

[NEDHead]

That's what your data is worth, after the lawyers take 30%

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[Anonymous Coward]

Agreed.... No excuse on this.

Add a zero on to the amount and make it a real penalty rather than little more than a pinky slap.

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[rknelson]

Almost all class action suits like this are scams anyway. The plaintiffs get virtually nothing and the lawyers walk away with millions. And guess who ends up paying to bill... the plaintiffs (consumers) because the costs get passed on to consumers. These lawyers are a drain on society. We need fewer class action lawyers in this country.