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.

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