Recent developments in a lawsuit have illustrated the importance of maintaining sufficient data security measures and responding adequately to data breaches, which topics are addressed in Cleary Gottlieb’s Global Crisis Management Handbook in depth. A class-action lawsuit in the Northern District of California against Robinhood Financial, LLC, a securities trading platform, alleges that unauthorized users accessed approximately 2,000 Robinhood customers’ accounts storing the customers’ sensitive personal information.

The information included social security numbers, telephone numbers, bank account numbers, and tax information. The unauthorized users also looted the funds in the customers’ accounts. The lawsuit seeks recovery for the looted funds as well as the time and money the class members spent attempting to cure the violations of their privacy.

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