Indiana lands $690K in Morgan Stanley settlement
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Indiana has received $690,000 as part of a multistate settlement with global financial services corporation Morgan Stanley Smith Barney LLC to resolve a data security lawsuit.
Morgan Stanley was alleged to have compromised its customers’ personal information through a failure to properly erase unencrypted data on devices and dispose of them. The company hired a moving company with no data experience to complete that work.
“We have taken this action because companies must be held accountable for protecting Hoosiers’ data privacy in accordance with our laws,” Attorney General Rokita said in a news release. “Our team will continue standing up for hardworking families and defending their interests and rights as consumers.”
Indiana along with Connecticut, Florida, New Jersey, New York and Vermont entered into agreements with the company, and Morgan Stanley agreed to pay out $6.5 million.
The company also agreed to a number of provisions, including maintaining a comprehensive data security program, having an incident response plan and encrypting personal information.