Morgan Stanley has agreed to pay $60 million to settle a class action lawsuit involving a data breach at the financial services giant, Bloomberg reported. The settlement is subject to a federal judge in Manhattan.
The lawsuit alleged that Morgan Stanley failed to wipe clean customer data that was stored on de-commissioned data center equipment. The settlement did not mention whether an MSP or outsourced IT service provider was responsible for managing the de-commissioned systems.
The lawsuit was filed in July 2020. Chatter about a settlement surfaced in November 2021, but the financial details were not disclosed until now.
Morgan Stanley: A Different Data Breach
Morgan Stanley's technology ecosystem has suffered multiple data breaches in recent years. For instance, the financial services firm in July 2021 disclosed a data breach related to partner Guidehouse and the widespread Accellion supply chain cyberattack.
