Ransomware

J P Morgan Data Breach Leads To Class Action Lawsuit

The lawsuit filed in the U.S. District Court for the Southern District of New York, alleging that failed to adequately protect its clients' employees' personal information.

by Ashish Khaitan May 8, 2024 in Data Breach News, Firewall Daily Reading Time: 3 mins read 0

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A has been filed against J.P. Morgan Chase & Co., alleging that the financial giant failed to implement adequate security measures, leading to the exposure of sensitive personal data of its clients.

Benjamin Valentine, a former employee of the Long Island Railroad, filed a complaint alleging that his personal information was improperly obtained in a recent that compromised the accounts of thousands of users.

J P Morgan Data Breach Compromised Thousands of Users

Source: Chase

According to documents filed in the U.S. District Court for the Southern District of New York on May 3, Valentine's case is detailed in a Class Action Complaint (Case 1:24-cv-03438-JLR). The lawsuit contends that J.P. Morgan, a significant player in the financial industry offering a wide array of services to millions of customers, failed to adequately safeguard the personal information of its clients' employees, resulting in substantial harm.

Valentine's complaint outlines how J.P. Morgan collected and maintained sensitive personally identifiable information (PII) of its clients' employees, including names, addresses, payment details, and Social Security numbers. This information, crucial for financial transactions and security, was compromised in the J P Morgan data breach and fell into the hands of cybercriminals.

The lawsuit asserts that as a consequence of the breach, Valentine and approximately 451,000 other affected individuals suffered tangible damages, including invasion of privacy, identity theft, and the loss of trust and value in their personal information. Moreover, the breach exposed them to ongoing risks of fraud and further misuse of their data.

The Legal Action on J P Morgan

The legal action further alleges that J.P. Morgan's failure to implement adequate cybersecurity measures and its reckless handling of sensitive data contributed directly to the breach. Despite claims by J.P. Morgan that the breach was not the result of a cyberattack, the lawsuit argues that the company's negligence made it a target for such malicious activities.

Valentine's complaint highlights J.P. Morgan's purported lack of transparency and timely notification regarding the breach, leaving affected individuals uninformed about the root cause and remedial actions taken. This, the lawsuit claims, exacerbates the emotional and financial distress experienced by victims.

The Cyber Express has reached out to the organization to learn more about this . However, J.P. Morgan has not provided an official statement regarding the cyber incident. Following the incident, a regulatory filing revealed that the breach stemmed from a software issue, which the company addressed promptly upon discovery.

Valentine seeks various forms of relief through the lawsuit, including compensation for damages, injunctive relief, and reimbursement of legal fees. He is represented by the law firm Milberg Coleman Bryson Phillips Grossman LLC, based in Garden City, New York.

As the legal proceedings unfold, The Cyber Express will be closely monitoring the situation and we'll update this post once we have more information on the data breach or any new updates about the lawsuit.  

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