Cybersecurity Event-Driven Securities Litigation Has Arrived
By Peter Halprin, Pamela Woods and Nicolas Pappas (January 12, 2021, 5:59 PM EST) -- In August, we wrote about the cautionary tale of the New York State Department of Financial Services filing of formal charges under Part 500, against First American Title Insurance Company. In the July filing, DFS alleged that First American failed to address a vulnerability on its public website that exposed tens of millions of documents containing confidential, sensitive personal information to the world.
On Thanksgiving Eve, shareholders of First American filed a derivative suit against the company and its directors and officers, alleging that they breached their fiduciary duties to shareholders in allowing a security breach to expose more than 885...
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