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Morgan Stanley Hit With $5 Million Data Breach Suit

September 1, 2020

A $5 million lawsuit seeking class action status has been filed against Morgan Stanley, claiming the financial organization failed to properly safeguard personally identifiable information when the company discarded old computer equipment.

The suit is being brought by Morgan Stanley customer Timothy Smith in the U.S. District Court for the Southern District of New York on behalf of about 100 other customers affected by the data breach. The case is tied to incidents in 2016 and 2019 when the firm decommissioned several pieces of computer equipment without properly scrubbing the personal data.

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