DrinkerBiddle reports a development in Storm v. Paytime, Inc., No. 14-cv-01138-JEJ (M.D. Pa.): In August, Paytime, Inc., a payroll services company, moved to dismiss a putative class action filed in the wake of a data breach in which the personal and financial information of more than 230,000 people was compromised. Paytime argued that the plaintiffs lack standing, have failed to plead…
Category: Financial Sector
Gundersen sentenced for his role in scheme to hack 14 financial networks and DoD payroll system
Associated Press reports an update to an indictment noted on this blog in May: A New York City man has been sentenced to about 3 1/2 years in prison for his role in an international cybercrime ring that hacked into the computers of more than a dozen financial institutions and the U.S. military’s payroll service….
Axa Wealth apologises for advised clients data breach
Peter Walker reports: Axa Wealth has apologised to two financial advisers after statements giving full details of their clients’ investments and account information were sent to another investor, in what has been described as an “embarrassing” blunder. Included within the half-yearly account update sent to a client of Neal Hall, chartered financial planner at London-based…
Goldman fires staff over leak of confidential NY Fed information
Tanya Agrawal reports: Goldman Sachs Group Inc said it fired two employees over the leaking of confidential information from the Federal Reserve Bank of New York, raising again questions about the bank’s alleged cozy relationship with its regulator. The bank said a junior employee was sacked for passing on to a colleague information from the…
TD Bank Claims Rival Stole Customer Files
Charles Toutant reports: TD Bank claims in a suit filed in federal court in Newark that a competing institution illegally obtained its confidential files in hopes of poaching loan customers from the bank. Kearny Federal Savings Bank of Fairfield, N.J., hired TD Bank loan officer Patrick DiSanto, then set up an email address that he…
House, Senate Democrats seek details from financial firms on data breaches
Mark Hosenball reports: Leading Democrats in both houses of Congress sent letters on Tuesday to 16 major banks and other financial firms requesting detailed information about recent data breaches and briefings from corporate data security officials. Among the companies targeted in letters sent by Senator Elizabeth Warren, a member of the Senate Banking Committee, and Representative…