Settlement Structure: Claims Made
Active: OpenCase 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:
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, 2022Proof 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 millionClass Representative Proposed Incentive Fee:
Morgan & Morgan
Nussbaum Law Group PC
Case Name: In re Morgan Stanley Data Security Litigation
Settlement Website: Morgan Stanley Data Security Litigation Settlement Website
Epiq Class Action & Claims Solutions Inc.
Morgan Stanley Data Security Settlement
P.O. Box 6758
Portland, OR 97228-6758