Morgan Stanley agrees to $60 million settlement in data breach lawsuit

Morgan Stanley has agreed to a settlement figure of $60 million to resolve a data breach lawsuit.

The US bank and financial services giant was subject to a class-action suit following two data exposure incidents involving approximately 15 million current and former clients.

According to the motion (.PDF), legacy equipment was decommissioned in 2016 and 2019 that contained the personally identifiable information (PII) of clients. However, the equipment was not wiped clean of this sensitive information prior to sale and the datasets may have then been exposed, in an unencrypted fashion, and available to view by the purchasing parties.

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Source: ZDNet