Class-Action Lawsuit Filed Against Schwab and TD Ameritrade
From the desk of Jim Eccleston at Eccleston Law
Charles Schwab and TD Ameritrade face a lawsuit for a data breach connected to the ongoing cyberattack targeting the MOVEit file-transfer software.
The lawsuit alleges that Schwab and TD Ameritrade took nine weeks to inform 61,000 Schwab customers about the hack. The Cl0P ransomware gang orchestrated the attack on the MOVEit file transfer system this year. KonBriefing Research has received reports of MOVEit-related breaches from at least 734 organizations, impacting approximately 43 million individuals. According to ThinkAdvisor, the class-action lawsuit against Schwab and TD emerges with less than two weeks remaining before the scheduled transition of TD Ameritrade advisors and their clients' accounts to the Charles Schwab platform.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
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