Cetera, Ameriprise face class action lawsuits over alleged data breaches as FINRA launches cyber threat portal

Cetera Financial Group and Ameriprise Financial are facing class action lawsuits filed by customers alleging failures to safeguard sensitive client information, as regulators introduce a new industrywide system to strengthen cyber threat response.

The lawsuit against Cetera Financial Group, a U.S.-based wealth management and financial advisory firm, was filed by California resident Jennifer Collier on behalf of affected clients. The complaint states that an unauthorized individual accessed an employee email account during the summer of 2025. A subsequent internal review completed in January found that client data, including names, Social Security numbers and account details, may have been exposed.

The filing alleges that Cetera did not implement security measures appropriate for the sensitivity of the information it maintains. It further states that affected individuals face prolonged risks tied to identity theft and financial harm as a result of the incident. The company has declined to comment on the litigation.

Ameriprise Financial, a Minneapolis-based financial planning and wealth management firm, is also the subject of a class action lawsuit filed by customer Pamela Caffrey. The complaint centers on an alleged breach around March 22 involving unauthorized access to company data.

The suit attributes the incident to ShinyHunters, a cybercriminal group known for digital extortion schemes in which stolen data is leveraged for ransom demands. The filing claims that attackers obtained Salesforce records containing personally identifiable client information along with more than 200 gigabytes of internal corporate data.

Caffrey alleges that many affected individuals have not been notified of the breach and remain exposed to ongoing risks, including identity theft and financial fraud. The complaint also raises concerns about whether the compromised data has been fully recovered or secured, and whether sufficient safeguards have been implemented to prevent future incidents.

Ameriprise confirmed that it detected unauthorized access to certain stored data and files. The firm stated that the intrusion was contained, forensic experts were engaged, and there was no disruption to operations. It added that clients and advisors continue to have secure access to its systems and that notifications would be issued in accordance with regulatory requirements if personally identifiable information were affected. The company also expressed confidence that the plaintiff’s data was not compromised.

The cases involving Cetera and Ameriprise add to a growing list of cybersecurity incidents affecting financial advisory firms, including Mercer Advisors, Hightower Advisors, Edelman Financial Engines, Beacon Pointe Advisors and Pathstone Family Office.

Amid the surge in cyber threats, the Financial Industry Regulatory Authority, the self-regulatory organization overseeing U.S. broker-dealers, has launched the Financial Intelligence Fusion Center. The secure portal is designed to allow member firms to report cyber incidents, share threat intelligence and coordinate responses in real time. The platform is intended to collect, analyze and distribute information on emerging cyber risks across the financial services sector.