Fried Frank Firm Hit With Goldman Investment Data Breach Suit

International law firm Fried, Frank, Harris, Shriver & Jacobson LLP failed to adequately safeguard the sensitive personal information of account investments associated with a Goldman Sachs private equity fund, a class action alleged Wednesday.

Goldman Sachs Asset Management LP confirmed a security incident might have exposed account holders’ information, but the law firm hasn’t notified account holders or offered credit monitoring services, the complaint filed in the US District Court for the Southern District of New York said.

“Fried Frank recently experienced a data security incident,” a spokesperson for the firm said in an emailed statement responding to an inquiry the lawsuit. “We promptly acted to contain the incident and engaged industry-leading, external data security experts to assist in our response and in verifying the security of our systems and reported the matter to law enforcement. We have served and continue to serve our clients without disruption.”

Plaintiff Andrew Sacks said he had investment accounts with the Petershill Private Equity Seeding II Offshore Fund, which was managed by Goldman. The asset manager then entrusted Fried Frank to store sensitive personal data like addresses, social security numbers, and banking information, the complaint said.

Goldman sent notice of a data breach at Fried Frank on December 19.

But Sacks “is especially alarmed that he has yet to be notified” by the law firm that his data was compromised, the complaint said, and was instead only notified by Goldman.

He said that if he’s known Fried Frank’s computer systems weren’t secure, he wouldn’t have trusted Goldman with his personal information.

The law firm’s lack of offers for credit monitoring services “fails to sufficiently compensate victims” of the data breach “who commonly face multiple years of ongoing identity theft,” and it doesn’t give the victims any compensation for out-of-pocket costs they’ll have to spend to mitigate their injuries, the complaint said.

Sacks seeks to represent a class of every person whose data was compromised as a result of the breach and who were notified on or after December 19.

He brings claims for negligence, breach of implied contract, breach of fiduciary duty, and unjust enrichment. Sacks is seeking damages as well as a requirement that the law firm pay for at least 10 years of credit monitoring.

Sacks is represented by DannLaw.

The case is Sacks v. Fried, Frank, Harris, Shriver & Jacobson LLP , S.D.N.Y., No. 1:25-cv-10693, complaint filed 12/24/25.

To the reporter on this story: Shweta Watwe in Washington at swatwe@bloombergindustry.com

To the editors responsible for this story: Blair Chavis at bchavis@bloombergindustry.com ; Andrew Harris at aharris@bloomberglaw.com

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