Law360 reports that Charles Schwab & Co. has sued a former employee, alleging he violated his contract with the company by stealing confidential client information and trade secrets to help launch his own rival company. Read more on Law360.com (subscription required).
Category: Financial Sector
Goldman says client data leaked, wants Google to delete email (update2)
Jonathan Stempel reports: (Reuters) – Goldman Sachs Group Inc said a contractor emailed confidential client data to a stranger’s Gmail account by mistake, and the bank has asked a U.S. judge to order Google Inc to delete the email to avert a “needless and massive” breach of privacy. The breach occurred on June 23 and…
KR: Executives at 3 credit card firms face heavy penalty for data theft
Chung Ah-young reports: About 80 officials, including former CEOs and executives, from three credit card firms face heavy penalties for the theft of customers’ personal information, the financial regulator said Wednesday. Former CEOs of the firms face heavy penalties equivalent to recommendations of dismissal, which means they will be banned from working for other financial…
Canada: Employer’s Potential Liability In Class Action For Employee’s Breach of Privacy
Ryley Mennie of McCarthy Tétrault LLP writes: A recent decision of the Ontario Superior Court of Justice highlights the increasing focus on (and potential liability arising from) customers’ and clients’ privacy rights and the importance for employers to properly monitor the activities of their employees. Additionally, while the decision comes from Ontario, which, unlike British Columbia, has…
European bank ‘hit by sophisticated cyber-thefts’
BBC reports: Kaspersky Lab said it had detected a computer server in January being used to co-ordinate an attack that appeared to have snatched more than 500,000 euros ($700,000; £400,000) over the course of a single week. The firm said it believed most of the victims were based in Italy and Turkey. It said that it had…
Bank not liable for customer’s $440,000 cybertheft
Jaikumar Vijayan reports: A Missouri escrow firm that lost $440,000 in a 2010 cyberheist cannot hold its bank responsible, an appeals court ruled this week. The Court of Appeals for the Eighth Circuit’s decision this month affirmed a lower court ruling in the case. The appeals court also held that the escrow firm can be…