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Morgan Stanley Settles a $60 Million Data Breach Lawsuit

Morgan Stanley will be settling its data security lawsuit filed by its customers by agreeing to pay $60 million. The complainants said the investment banking company failed to properly pull out some of its outdated information technology, and this led for their personal data to be exposed.

According to Reuters, the proposed initial settlement of the class action was filed at a Manhattan federal court on Friday, Dec. 31, on behalf of around 15 million customers, but it still needs to be approved by U.S. District Judge Analisa Torres.

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