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Mercer Faces Second Class-Action Lawsuit After ShinyHunters Cyberattack

Mercer Advisors is facing a second class‑action lawsuit after a ShinyHunters cyberattack exposed roughly 5.7 million client records, including names, contact details and partial Social Security numbers. The complaint alleges Mercer refused to pay the hackers’ ransom, prompting the group to leak the data on the dark web. Plaintiffs claim the firm violated FTC guidelines by lacking multi‑factor authentication, regular security audits and other safeguards. Mercer, which oversees about $96 billion in assets, joins other wealth‑management firms like Beacon Pointe and Pathstone that were also targeted.