A proposed class action lawsuit has been filed against the Vanguard Group alleging that the $10.1tn firm ‘surreptitiously’ shared sensitive client data with third parties.
According to the lawsuit, filed in the US District Court for the Eastern District of Pennsylvania, plaintiffs claim that Vanguard shared sensitive and confidential financial information, including transactions, to third parties like LinkedIn, Google and Meta without properly or intentionally disclosing this to customers who use the firm’s website or app.
Brian Felsen and Matthew Ragusano, both residents of Los Angeles, California, are the two named plaintiffs in Thursday’s lawsuit. They are Vanguard account holders who accessed their accounts via the Vanguard app and investor website.
