Morgan Stanley has agreed to establish a $60 million fund to settle a class-action lawsuit filed by nearly a dozen customers regarding personal data that was compromised when the bank decommissioned two wealth management centers.
The proposed settlement, filed Friday in U.S. District Court for the Southern District of New York, will allow class members to make claims for up to $10,000 each in reimbursement for out-of-pocket losses and up to four hours in attested lost time at $25 per hour. Each settlement member will also automatically receive access to at least 24 months of fraud insurance.
