Charles Schwab, TD Ameritrade Face Data Breach Class Action (1)

Personal investment companies TD Ameritrade Inc. and its parent Charles Schwab Corp. neglected cybersecurity protections that would have prevented cyberthieves from taking sensitive customer data, according to a lawsuit filed in Nebraska federal court.

Approximately 61,000 TD Ameritrade customers had Social Security numbers, financial account information, and other sensitive data exfiltrated by hackers, said the proposed class action filed in the US District Court for the District of Nebraska.

The data was stolen after cybercriminals exploited a vulnerability in the MOVEit file-transfer system, used by businesses and government agencies to move data. Since the hacking campaign began in June, more ...