(Photo: Diego M. Radzinschi/ALM) $35M SEC Fine Underscores Growing Data Retention Focus—and Shortcomings
While the SEC's penalty on Morgan Stanley Smith Barney may have alerted attorneys to regulators' focus on data retention policies, attorneys note that such fines may be unavoidable for some.
October 07, 2022 at 11:24 AM
4 minute read
Privacy
Days after the U.S. Supreme Court overturned Roe v. Wade, attorneys across the country spoke about the need for business to reassess all their consumer and employee data to figure out how to better secure it.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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