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.