Wells Fargo wants mistakenly sent client data returned

Information includes names, Social Security numbers of tens of thousands of wealthy clients

Jul 25, 2017 @ 5:15 pm

By InvestmentNews

Wells Fargo, which says one of its outside lawyers mistakenly misdirected a staggering 1.4 gigabytes of sensitive information about tens of thousands of its wealthy clients, wants the information returned.

The bank has asked judges in New York and New Jersey to require that the attorneys representing a former employee return the information they received in error from Angela Turiano, an attorney at Bressler Amery Ross, who represents the bank in the case.

The electronic files contain client names, Social Security numbers, account balances and other sensitive information.

According to Reuters and The New York Times, which reported the data breach last week, the bank's attorney sent the data to lawyers for former Wells Fargo employee Gary Sinderbrand in response to a New Jersey court case involving a dispute between Mr. Sinderbrand and his brother, also a former Wells Fargo employee.

Gary Sinderbrand, who is involved in a parallel lawsuit against his brother and Wells Fargo in New York state court, has not shared the information publicly.

New York and New Jersey have ethics rules that require lawyers to notify the other party if they receive information that "was inadvertently sent," Reuters said. In a letter to New York Supreme Court Judge Charles Ramos, Mr. Sinderbrand's New York attorney, Aaron Zeisler, wrote that he notified Ms. Turiano on July 20 about the information, but that Wells Fargo's attorneys have not yet described which documents they want returned.

The documents and spreadsheets containing client information were originally provided to Aaron Miller, Mr. Sinderbrand's lawyer in the New Jersey case, who later shared knowledge of what the documents contained with Mr. Zeisler.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Retirement: it's no longer about feeding pigeons from a park bench.

Today's retiree's expect so much from retirement than previous generations and advisers are in prime position to help their clients what's important and what's not.

Latest news & opinion

CFA Institute adding crypto, blockchain to curriculum

Subjects will be added to its Level I and II coursework for the first time next year.

Trump tax plan making dividend ETFs hot

Funds that are seeing inflows largely steer clear of sectors like utilities.

Wells Fargo Advisors continues to see a decline in brokers

Company also set aside $114 million over fees for rich clients.

Morningstar to replace funds in its managed portfolios with nine of its own

New sub-advised funds, offered exclusively through financial advisers, are intended to lower costs and provide 'greater flexibility.'

Average client assets top $2 million for first time

Charles Schwab's latest RIA Benchmarking Study reports organic growth is driving increased AUM and revenues.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print