Fidelity Sued for Hack Exposing 77,000 Clients’ Finance Data (1)

Fidelity Investments’ failure to adequately secure its computer systems led to an August data breach exposing the sensitive personal and financial data of more than 75,000 clients, a proposed class action said.

The company, also known as Fidelity Management & Research, didn’t follow standard cybersecurity practices, such as encrypting client information and providing sufficient employee training, according to a complaint filed Tuesday in the US District Court for the District of Massachusetts.

Massachusetts-based Fidelity is “one of the world’s largest asset managers,” the complaint said, “with over $5.4 trillion in assets under management as of June 2024.”

Cybercriminals accessed the ...