Morgan Stanley's $60 million settlement resolved claims that decommissioned IT equipment holding about 15 million clients' personal data was not properly wiped. The claim deadline has passed.
What's This Settlement About?
A class action lawsuit has been settled against Morgan Stanley in the amount of $60,000,000. The lawsuit alleges claims against Morgan Stanley, an American multinational investment bank and financial services company. In the lawsuit, evidence was brought forward against Morgan Stanley involved in two separate data security incidents that compromised the personal identifying information of about 15 million of their past and current clients.
Status
Claims Closed
Claim deadline passed June 2, 2022
Claim Deadline
June 2, 2022 (Passed)
Settlement Fund
$60,000,000
Up to $10,000 per class member for documented losses
Proof Required
Yes
This situation may have potentially led to access gained by third parties or unscrupulous actors seeking to use sensitive and private information of Morgan Stanley's customers. The IT equipment at issue may have retained Morgan Stanley client PII such as:
• Social Security Numbers,
• Maiden Names,
• Past and Current Work and Home Addresses,
• Driver's License Numbers,
• Personal Income,
• Asset Holding Information,
• Passports,
• Telephone and Cell Numbers,
• Family Members' Information,
• Dates of Birth.
All of this information is considered PII and can lead to serious compromises of identity that leads to untold amounts of damages.
How Do I Qualify?
If you are a former or current Morgan Stanley client who was sent a data breach notice letter in July 2020 and/or June 2021 notifying you that your Personal Information may have been compromised in Data Security Incidents, you may be eligible for benefits from this class action Settlement.If for some reason you have not received a unique code, but believe you are a Settlement Class Member, you can verify your identity and receive further information through the official settlement website.
What Can I Get?
To fully settle and release the claims of the Settlement Class Members related to the Data Security Incidents, Morgan Stanley has agreed to establish a $60 Million class action settlement fund.Qualifying members that receive their part of the $60M fund for each of the following:
• Settlement Class Members who spent time researching or remedying issues related to the Data Security Incidents may file a claim to receive reimbursement for up to four hours at a rate of $25 per hour for a total of up to $100 with an attestation that their actions were taken in response to the Data Security Incidents. No separate documentation will be required for claims for lost time up to four hours.
• Settlement Class Members are eligible to receive reimbursement of up to $10,000 (in total per Settlement Class Member) for out-pocket expenses, and reimbursement of up to an additional five hours of time if Settlement Class Members are able to document time lost remedying issues related to the Data Security Incidents (at $25 per hour or, if you lost work, at a rate of documented compensation up to $50 per hour). Reasonable documentation must be submitted with your Claim Form showing that the Data Security Incidents caused the costs incurred in order to receive reimbursement for out-of-pocket expenses.
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