Morgan Stanley Data Breach Class Action Lawsuits
Cincinnati, Ohio class action consumer protection and data privacy attorney filing lawsuits on behalf of plaintiffs nationwide. The Lyon Firm is investigating Morgan Stanley data breach claims regarding clients who have had sensitive information stolen or lost.
Recent Morgan Stanley data breach class action lawsuits allege the company failed to protect customers’ private information, placing them at risk of identity and financial fraud. Personal data at risk may include Social Security numbers, passport numbers and bank account numbers. Morgan Stanley allegedly failed to delete data from decommissioned computer equipment, which has gone missing.
Some Morgan Stanley data breach claims have been hanging in the ether for years. As early as 2016, clients were notified of a potential privacy breach. After the closure of two data centers in 2016, the company hired a third-party vendor to remove client data from the equipment, but according to court filings, some computers still contained unencrypted data after they were taken from the data centers.
Attorneys have also said that Morgan Stanley branch office servers had a software flaw that left “deleted data” on the hard drives, and were at risk of being hacked.
Joe Lyon is a Cincinnati, Ohio Consumer Safety Lawyer reviewing invasion of privacy claims and class action data breach lawsuits for plaintiffs nationwide.
Morgan Stanley Data Breach
Lawyers who have filed claims against Morgan Stanley state that the company had a duty to protect client information and they were negligent in the management of hardware and private information, leading to possible identity theft and fraudulent bank activity.
Morgan Stanley says the firm has monitored the situation and has not yet detected any unauthorized activity through the misuse of leaked customer data. Plaintiffs, however, see the company’s acts as reckless and hazardous to the well-being of their privacy and financial security. Plaintiffs also claim Morgan Stanley took an unacceptable amount of time to detect potentially compromised data and alert the affected customers.
Current lawsuits allege unauthorized disclosure of client data to unknown third parties. Lawyers have stated that current and former customers may face a lifetime risk of identity theft.
This is not the first time the bank has been involved in data breach litigation. In 2016, Morgan Stanley agreed to pay $1 million to resolve charges that it didn’t properly protect customer records after a former employee took data from around 730,000 customer accounts, according to the Securities and Exchange Commission (SEC).
If you have been the victim of a data breach incident as a customer of Morgan Stanley or another financial institution, you may have a claim and can file a claim, and join class action litigation. You may be entitled to rightful compensation. The Lyon Firm offers free and confidential consultations. Call 800-513-2403 to speak to Joe Lyon.