Morgan Stanley Data Loss Deal Merits $20M Fee, Attys Say

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By Ivan Moreno (April 13, 2022, 5:13 PM EDT) — Attorneys who netted a $68.2 million settlement for Morgan Stanley customers over data security incidents told a New York federal court they deserve $20 million in fees for their work on a case they said “was novel, complex and high risk.”

In a memorandum filed Tuesday, attorneys at Morgan & Morgan and Nussbaum Law Group PC said their request represents 29.3% of the total settlement, which they touted as “one of the most substantial relief packages ever achieved on a per-class member basis in a data security class action.”

The settlement disclosed in December 2021 requires Morgan Stanley to establish a…

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