Tag Archives: data privacy

Class of Financial Institution Plaintiffs Certified in Target Data Breach Litigation

On September 15, 2015, U.S. District Judge Paul A. Magnuson certified a class of financial institution plaintiffs in the multi-district litigation pending in the District of Minnesota arising out of the 2013 Target data breach.  The data breach affected approximately 40 million cardholders, and the certification of the financial institution class permits banks to move … Continue Reading

Four Banks Agree On Messaging Platform Requirements

In October 2014, 15 financial institutions created a cloud-based financial messaging platform, known as Symphony Communications Services LLC, to allow for secure communications between them. Regulators, including the New York Department of Financial Services, became concerned that Symphony’s encryption and privacy settings would prevent investigators from catching improper trading activities. However, on September 14, 2015, … Continue Reading