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Class actio lawsuits current6/2/2023 ![]() Some of these devices that may contain customer PII were sold on the internet and/or remain unaccounted for. Plaintiffs allege that in 20, Morgan Stanley failed to properly dispose of certain IT assets and that, as a result, unauthorized third parties may have gained access to Morgan Stanley’s clients’ private information, including, but not limited to, names, work and home addresses, Social Security numbers, driver’s license numbers, income, asset value, asset holding information, passport information, telephone numbers, dates of birth and other personal information (collectively, “PII”). The lawsuit asserts claims against Morgan Stanley relating to the Data Security Incidents. Morgan Stanley will also separately pay reasonable costs of notice and administration of the Settlement. In addition, Morgan Stanley will hire a third party to work for a period of 12 months to attempt to locate and retrieve additional IT devices which have been sold to third parties. The Settlement created a fund of $60 million, which will be used to provide substantial benefits to Settlement Class Members including at least 24-months of fraud insurance coverage, reimbursement to the members of the Settlement Class who filed a valid claim for out-of-pocket losses and lost time researching and remedying the effects of the Data Security Incidents, as well as to pay Plaintiffs’ attorneys’ fees, costs, and expenses, and a service award for each of the named Plaintiffs. ![]() Morgan Stanley issued notices to customers regarding the Data Security Incidents in July 2020 and/or June 2021. A Settlement has been reached with Morgan Stanley Smith Barney LLC (“Morgan Stanley” or “Defendant”) in a class action lawsuit regarding the decommissioning or retiring of information technology (“IT”) equipment that contained client data that occurred in 20 (“the Data Security Incidents”).
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