Morgan Stanley to pay $35 million fee for ‘astonishing’ customer data disposal practices

Jonathan Greig reports:

Morgan Stanley will pay a $35 million penalty to settle charges from the U.S. Securities and Exchange Commission for wide-ranging failures around properly disposing of hard drives and servers containing the personal information of some 15 million customers.

The company did not respond to requests for comment, but the SEC said in an order released Tuesday that the fines are centered around the privacy practices of its U.S. wealth management business — Morgan Stanley Smith Barney (MSSB).

Read more at The Record.

If you search for “Morgan Stanley,” you will find a number of reports, including one from earlier this year about a $60 million fine to settle a lawsuit about improper disposal by a vendor between 2016 and 2019.

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