DataBreaches.Net

Menu
  • About
  • Breach Notification Laws
  • Privacy Policy
  • Transparency Report
Menu

Lessons from the Olympus Mortgage vs. Guaranteed Rate Case

Posted on April 11, 2016 by Dissent

Craig Nazarro of Baker Donelson writes about an insider breach case previously covered on this blog:

Late last month a jury awarded Mount Olympus Mortgage Company (MOMC) more than $25 million for their claims against Guaranteed Rate (Guaranteed), which alleged Guaranteed along with other former employees of MOMC illegally transferred hundreds of loan files from MOMC’s internal systems to Guaranteed. While the award rightfully highlights some questionable hiring and customer portability issues, it’s more notable for showcasing how important it is for a company to maintain control of its data security, both from external threats and employees.

The issue arose when Guaranteed began to solicit two of the country’s top producing mortgage loan officers who were then employees of MOMC, along with other MOMC loan officers, for future employment at Guaranteed. According to the complaint filed in June 2014, Guaranteed hatched a “scheme to defraud MOMC of its confidential and proprietary information, including but not limited to proprietary lead sheets, marketing lists, and MOMC forms; as well as confidential borrower information, including but not limited to tax returns, social security numbers, pay stubs, addresses, names, and other personally identifiable information for the purpose of directing MOMC customers to Guaranteed.” In response to these charges the jury ordered Guaranteed to pay more than $25 million in damages to MOMC.

Read more on Baker Donelson.

No related posts.

Category: Financial SectorInsiderTheftU.S.

Post navigation

← Russian hacker group targetting largest EU banks
Lamar County School District: 28 employees’ personal information exposed in data breach (UPDATED) →

Now more than ever

"Stand with Ukraine:" above raised hands. The illustration is in blue and yellow, the colors of Ukraine's flag.

Search

Browse by Categories

Recent Posts

  • McDonald’s McHire leak involving ‘123456’ admin password exposes 64 million applicant chat records
  • Qilin claims attack on Accu Reference Medical Laboratory. It wasn’t the lab’s first data breach.
  • Louis Vuitton hit by data breach in Türkiye, over 140,000 users exposed; UK customers also affected (1)
  • Infosys McCamish Systems Enters Consent Order with Vermont DFR Over Cyber Incident
  • Obligations under Canada’s data breach notification law
  • German court offers EUR 5000 compensation for data breaches caused by Meta
  • Air Force Employee Pleads Guilty to Conspiracy to Disclose Unlawfully Classified National Defense Information
  • UK police arrest four in connection with M&S, Co-op and Harrods cyberattacks (1)
  • At U.S. request, France jails Russian basketball player Daniil Kasatkin on suspicion of ransomware conspiracy
  • Avantic Medical Lab hacked; patient data leaked by Everest Group

No, You Can’t Buy a Post or an Interview

This site does not accept sponsored posts or link-back arrangements. Inquiries about either are ignored.

And despite what some trolls may try to claim: DataBreaches has never accepted even one dime to interview or report on anyone. Nor will DataBreaches ever pay anyone for data or to interview them.

Want to Get Our RSS Feed?

Grab it here:

https://databreaches.net/feed/

RSS Recent Posts on PogoWasRight.org

  • DeleteMyInfo Wins 2025 Digital Privacy Excellence Award from Internet Safety Council
  • TikTok Loses First Appeal Against £12.7M ICO Fine, Faces Second Investigation by DPC
  • German court offers EUR 5000 compensation for data breaches caused by Meta
  • How to Build on Washington’s “My Health, My Data” Act
  • Department of Justice Subpoenas Doctors and Clinics Involved in Performing Transgender Medical Procedures on Children
  • Google Settles Privacy Class Action Over Period Tracking App
  • ICE Is Searching a Massive Insurance and Medical Bill Database to Find Deportation Targets

Have a News Tip?

Email: Tips[at]DataBreaches.net

Signal: +1 516-776-7756

Contact Me

Email: info[at]databreaches.net

Mastodon: Infosec.Exchange/@PogoWasRight

Signal: +1 516-776-7756

DMCA Concern: dmca[at]databreaches.net
© 2009 – 2025 DataBreaches.net and DataBreaches LLC. All rights reserved.