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Morgan Stanley agreed to pay $60m to settle a class-action suit by consumers claiming the firm failed to safeguard their personal information.
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 centres that were shut down and on computer servers in branch locations that were replaced.
Data stored on the decommissioned data centre 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.
“We have previously notified all potentially impacted clients regarding these matters, which occurred several years ago, and are pleased to be resolving this related litigation,” the bank said in a statement on Monday.
Morgan Stanley shares were up 3.1% to $101.24 at 10.39am in New York Stock Exchange trading.
The parties announced in November that they had reached a settlement in principle, without disclosing details. Morgan Stanley continues to deny the claims, according to a court filing Friday seeking approval for the settlement.
US districtjudge Analisa Torres must sign off on the deal before it can take effect.
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.