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Ameritrade close to settling hacking case

05, July 2008

Online stockbroking company, Ameritrade, recently had its database hacked into, potentially leaving open to hackers the personal information of more than 6 million of its customers.

Ameritrade has declared that going forward it will institute more stringent online security and it will pay $1.9million in legal fees, and a year of anti-spam protection for its victims. The plaintiffs in the lawsuit said they received unwanted spam ads about some stocks which looked suspicious.

It's alleged someone stole the email addresses of Ameritrade customers to send them spam emails. Ameritrade strongly denies that any personal identity information was stolen along with the hacking of the email addresses. Ameritrade will donate $55,000 to groups that help fight spam.

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