Australia's Medibank gets second class action lawsuit over data breach
Updates with more details, context
March 29 (Reuters) -Medibank Private Ltd MPL.AX was slapped with a second class action lawsuit related to its disclosures on its cyber security systems leading up to a data breach last year, Australia's largest health insurer said on Wednesday.
Last October, Medibank disclosed that a hacker had gained data of 9.7 million current and former customers and released thedata on thedark web.
The company breached its disclosure obligations by not revealing information regarding the alleged deficiencies in its cyber security systems, U.S.-based law firm Quinn Emanuel Urquhart & Sullivan alleged in its class action lawsuit.
Medibank said it intends to defend itself, while Quinn Emmanuel did not respond immediately for comment.
A similar lawsuit was filed in early February by law firm Baker & McKenzie, which alleged a breach of contract and contraventions of Australian consumer law.
Medibank was one of the many Australian companies that have been targeted by hackers since September last year, with Rio Tinto RIO.AX and Latitude Group LFS.AX the latest additions.
Medibank's shares ended 0.3% higher on Wednesday. The stock has fallen about 3.8% since it disclosed the hack last October.
Reporting by Archishma Iyer in Bengaluru; Editing by Savio D'Souza
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.