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Morgan Stanley Data Security Litigation Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

Morgan Stanley Smith Barney, LLC is surrendering $60 million to settle a class action alleging it did not properly dispose of electronic equipment it was retiring in 2016 and 2019. The complaint alleged the equipment might still have contained client data, and that some of the items were sold on the Internet and are still unaccounted for. Data breach notices for the two separate incidents were issued in July 2020 and June 2021.

Docket Number:

1:20-cv-05914-AT

Company: Morgan Stanley Smith Barney, LLC

Filing Deadline: August 11, 2022

Objection Deadline: July 12, 2022

Exclusion Deadline: July 12, 2022

Final Approval Hearing: August 5, 2022

Proof of Purchase:

You may have to provide documentation if you wish to claim reimbursement for (1) more than four hours spent dealing with the data breach, (2) time taken off from work to deal with the data breach, or (3) out-of-pocket losses.

Eligibility:

You may be eligible if you have or had a Morgan Stanley account, established in the US, and you were sent a notice letter about the data security incidents by Morgan Stanley in July 2020 or June 2021. If you are a member of the class, you should have received a settlement notice by mail or email.

Typical Settlement Amount:

Benefits: (1) 24 months’ worth of Aura’s Financial Shield fraud insurance coverage. (2) Payment for up to four hours of time spent dealing with the data breach at $25/hour. (3) Payment for up to five additional hours of documented time, at $25/hour, or time taken off from work, at up to $50/hour. (4) Reimbursement of up to $10,000 in total for documented out-of-pocket losses resulting from the incidents.

Note that if claims exceed the amount of the net settlement fund, then payment amounts will be reduced on a pro rata basis.

Total Settlement Amount: $60 million

Class Representative Proposed Incentive Fee:

$5,000

Law Firms:
Morgan & Morgan
Nussbaum Law Group PC

Claim Form: Morgan Stanley Data Security Litigation Settlement Claim Form

Case Name: In re Morgan Stanley Data Security Litigation

Settlement Website: Morgan Stanley Data Security Litigation Settlement Website

Claims Administrator:
Epiq Class Action & Claims Solutions Inc.

Claims Administrator Contact Information:

Morgan Stanley Data Security Settlement
Settlement Administrator
P.O. Box 6758
Portland, OR 97228-6758
info@MorganStanleyDataSecuritySettlement.com
855-604-1744

Tags: Exposing Private Information, Exposure to cyber crime, Your Privacy