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Financial Firms Breached in MOVEit Cyberattacks Now Face Lawsuits

August 28, 2023

Financial services companies breached as a result of MOVEit zero-day vulnerability are facing a flurry of class action lawsuits over the exposure of sensitive customer financial data.

TD Ameritrade and Charles Schwab are the latest firms facing suits, this time in the US District Court in Nebraska by David Schultz, who on Aug. 23, filed a complaint accusing both corporations of failing to secure personally identifiable information (PII), recklessness with collected data, and other offenses, which he blames for the MOVEit compromise. Schultz is asking for compensation for exposing him and others to potential fraud, and the time and out-of-pocket expenses he and other victims incurred trying to secure their identities.

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