Morgan Stanley announced it would pay $60 million to resolve data security lawsuit
Tech companies aren’t the only ones who can find themselves on the wrong end of a privacy suit. In January, Morgan Stanley agreed to pay $60 million to settle a lawsuit accusing them of exposing customer data through the mishandling of decommissioned data. That lawsuit took issue with the Wall Street giant’s decommissioning of two data centers in 2016 and 2019 which affected an estimated 15 million customers. Morgan Stanley has denied any wrongdoing and told Reuters it has made “substantial” data privacy upgrades.
