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    morgan stanley data security settlement claim form

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    Morgan Stanley Litigation

    A Settlement has been reached with Morgan Stanley Smith Barney LLC in a class action lawsuit related to Data Security Incidents in 2016 and 2019.

    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.

    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 2016 and 2019 (“the Data Security Incidents”). Morgan Stanley issued notices to customers regarding the Data Security Incidents in July 2020 and/or June 2021. The Settlement, if approved, would create 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 file 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.

    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. Morgan Stanley will also separately pay reasonable costs of notice and administration of the Settlement.

    The lawsuit asserts claims against Morgan Stanley relating to the Data Security Incidents. Plaintiffs allege that in 2016 and 2019, 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”). Some of these devices that may contain customer PII were sold on the internet and/or remain unaccounted for.

    Morgan Stanley denies all the claims, denies any liability whatsoever, and believes that no member of the Settlement Class, including Plaintiffs, has sustained any damages or injuries due to the Data Security Incidents.

    The Settlement Class includes all individuals with existing or closed Morgan Stanley accounts established in the United States who received the notice letters sent by Morgan Stanley regarding the Data Security Incidents in July 2020 and/or June 2021. If you are a member of the Settlement Class, you should have received a Settlement notice from the Settlement Administrator in the mail or by email. That Notice includes a unique code for you to verify your identity to receive certain Settlement benefits. If for some reason you have not received a unique code, but believe you are a Settlement Class Member, please call 1-855-604-1744 (Toll-Free) to verify your identity and receive further information.

    Your Legal Rights and Options in This Settlement

    Submit a Claim Form

    Postmarked by June 2, 2022 This is the only way to receive a monetary payment for losses suffered as a result of the Data Security Incidents. You can file a claim by filing online here, downloading a copy of the Claim Form from the Documents page and mailing it in, or you may call 1-855-604-1744 (Toll-Free) and ask that a Claim Form be mailed to you. For detailed information on how to submit a Claim Form, see FAQ 9.

    Ask to be Excluded from the Settlement

    Postmarked by May 3, 2022 You will not receive a payment or any other Settlement benefits, but you will retain the right to bring your own action against Morgan Stanley related to the Data Security Incidents. This is the only option that allows you to bring a separate action against Morgan Stanley related to the Data Security Incidents. For detailed information on how to exclude yourself from the Settlement, see FAQ 15.

    Object to the Settlement

    Postmarked by May 3, 2022 You may write to the Court about why you do not like the Settlement. You may also write the Court about why you support the Settlement. For detailed information on how to object to or comment on the Settlement, see FAQ 18.

    Go to the Final Approval Hearing

    June 8, 2022, at 11:00 a.m. ET You may ask to speak in Court about the fairness of the Settlement. If you wish to speak at the Final Approval Hearing, you must make a request to do so in your written objection or comment.

    Do Nothing If you do nothing, you will not get a monetary payment from this Settlement. If the Court grants final approval, you will be entitled to enroll in Aura’s Financial Shield Services for a period of at least 24 months from the Effective Date of the Settlement, which will provide broad fraud insurance coverage. You will give up rights to submit a claim in this Settlement or to bring a separate action against Morgan Stanley related to the Data Security Incidents.

    These rights and options—and the deadlines to exercise them—are explained further on the Frequently Asked Questions page of this website.

    Current Status

    The Court in charge of this case must still decide whether to approve the Settlement and the requested attorneys’ fees and expenses. No Settlement benefits or payments will be provided unless the Court approves the Settlement and it becomes Final.

    Source : www.morganstanleydatasecuritysettlement.com

    Morgan Stanley to pay $60 mln to resolve data security lawsuit

    Morgan Stanley agreed to pay $60 million to settle a lawsuit by customers who said the Wall Street bank exposed their personal data when it twice failed to properly retire some of its older information technology.

    January 3, 20221:44 PM UTC

    Last Updated 2 months ago

    Morgan Stanley to pay $60 mln to resolve data security lawsuit

    By Jonathan Stempel 2 minute read

    1/2

    The logo for Morgan Stanley is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly

    NEW YORK, Jan 3 (Reuters) - Morgan Stanley (MS.N) agreed to pay $60 million to settle a lawsuit by customers who said the Wall Street bank exposed their personal data when it twice failed to properly retire some of its older information technology.

    A preliminary settlement of the proposed class action on behalf of about 15 million customers was filed on Friday night in Manhattan federal court, and requires approval by U.S. District Judge Analisa Torres.

    Customers would receive at least two years of fraud insurance coverage, and each can apply for reimbursement of up to $10,000 in out-of-pocket losses.

    Register now for FREE unlimited access to Reuters.com

    Morgan Stanley denied wrongdoing in agreeing to settle, and has made "substantial" upgrades to its data security practices, according to settlement papers.

    Customers accused Morgan Stanley of having in 2016 failed to decommission two wealth management data centers before the unencrypted equipment, which still contained customer data, was resold to unauthorized third parties.

    They also said some older servers containing customer data went missing after Morgan Stanley transferred them in 2019 to an outside vendor. Morgan Stanley later recovered the servers, court papers show.

    Morgan Stanley said in an email on Monday it had notified all customers who may have been affected and was pleased to settle the lawsuit.

    In October 2020, Morgan Stanley agreed to pay a $60 million civil fine to resolve U.S. Office of the Comptroller of the Currency accusations concerning the incidents, including that its information security practices were unsafe or unsound.

    The case is In re Morgan Stanley Data Security Litigation, U.S. District Court, Southern District of New York, No. 20-05914.

    Register now for FREE unlimited access to Reuters.com

    Reporting by Jonathan Stempel in New York; editing by Daniel Wallis and Jason Neely

    Our Standards: The Thomson Reuters Trust Principles.

    Source : www.reuters.com

    Morgan Stanley Agrees To Pay Customers $60M To Resolve Data Breach Negligence Claims

    Morgan Stanley has agreed to pay $60 million to resolve claims it allowed a security breach to expose its customers' private data.

    Morgan Stanley Agrees To Pay Customers $60M To Resolve Data Breach Negligence Claims

    FOLLOW ARTICLE By Abraham Jewett January 5, 2022

    (Photo credit: Ken Wolter/ Shutterstock)

    Morgan Stanley Data Breach Class Action Lawsuit Overview: 

    Who: Morgan Stanley has agreed to pay $60 million to a class of nearly 15 million of its customers.Why: Customers claimed Morgan Stanley had failed to properly secure their private data from being accessed by unauthorized third parties.Where: The class action settlement was submitted for approval in New York federal court.

    Morgan Stanley has agreed to pay $60 million to resolve claims it allowed a security breach to expose its customers’ private data.

    A class of nearly 15 million customers claimed the 2016 breach occurred after Morgan Stanley had failed to update its information technology on two separate occasions.

    Morgan Stanley learned of the incident in 2017 after it was contacted by a third-party vendor who informed them it had purchased IT equipment that contained access to its customers’ data, according to the motion for approval.

    In addition to the settlement funds, customers will be given two years of fraud insurance coverage and the possibility of applying for up to $10,000 in personal losses.

    “Additional compensation for lost time, if documented, can also be claimed,” the motion for approval states.

    Morgan Stanley Guilty Of Negligence, Unjust Enrichments, Customers Say

    The settlement was reached back in November; however, the terms of the agreement were only disclosed at the end of December.

    Customers that included current and former clients argued in a number of class action lawsuits that, among other things, Morgan Stanley was guilty of negligence and unjust enrichments.

    The claims, which were ultimately consolidated, came after Morgan Stanley admitted to failing to remove unencrypted data from hardware that was removed from decommissioned centers.

    Customers argue that the unencrypted data was later sold to unauthorized third parties who were able to access their private information.

    Morgan Stanley additionally disclosed that it had been unable to locate a server containing unencrypted data that was replaced from a local bank branch.

    Company Continues To Deny Wrongdoing, Says It Had No Knowledge Of Data Breach

    The investment banking company ultimately agreed to pay a fine of $60 million to the Office of the Comptroller of the Currency after facing scrutiny following its disclosures.

    “Notably, this Settlement provides for a non-reversionary cash settlement fund for the benefit of Settlement Class Members in the same amount as the OCC fine, $60 million, in addition to other very substantial benefits,” states the motion for approval.

    Morgan Stanley continues to deny any wrongdoing and that it had any knowledge that any data was improperly accessed, according to the settlement agreement.

    Morgan Stanley was the subject of a separate class action lawsuit filed by a former employee in 2019 who argued she had been fired from her position due to becoming pregnant.

    The plaintiffs are represented by Linda P. Nussbaum of Nussbaum Law Group PC and Jean S. Martin, Ryan J. McGee, and Francesca Kester of Morgan & Morgan PA.

    The Class Action Lawsuit is In re:, Case No. 1:20-cv-05914, in the U.S. District Court for the Southern District of New York.

    Don’t Miss Out!

    Check out our list of Class Action Lawsuits and Class Action Settlements you may qualify to join!Read About More Class Action Lawsuits & Class Action Settlements:Goldman Sachs ‘Browbeat’ Dell Advisors Into Accepting Bad Deal, Class Action SaysMental Health Provider Exposed Patients, Employees to Cyberattack, Data Theft, Class Action AllegesBest Buy Data Breach Class Action SettlementNavistar Data Breach Exposes 63K Employees’ Personal, Health Info

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    We tell you about cash you can claim EVERY WEEK! Sign up for our free newsletter. 31 Comments

    sherilyn y best March 17, 2022 please add me Reply

    Bill Best and sherilyn y best

    March 17, 2022

    please add me and my wife

    Reply Tonya Belty March 17, 2022 add me please Reply Tamara sellers March 16, 2022

    I as well as my have received the letter,but we are still in the dark.

    Reply Çarol Williamson March 16, 2022

    I did not receive the information regarding the settlement but my children and grand children did, Why? I am not dead¡

    Reply Carol Williamson March 16, 2022

    My account may be in my husband’s name, Melvin Ross Williamson, He died in 1999. Our son has the same name but he is the 111. So, I did not get a letter or Information form but my son’s and grandchildren did. Àm I included?

    Reply Roberto Ramos March 16, 2022 Add me Reply Nadine Morris March 15, 2022

    Can’t seem to be able to speak with anyone about this issue. Have tried all the phone numbers and sites, nothing….

    Reply Jennifer LaVail March 15, 2022

    Source : topclassactions.com

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    James 9 month ago
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