A pair of lawsuits allege Morgan Stanley compromised sensitive client information — including Social Security, passport and account numbers — by failing to fully wipe decommissioned computer equipment that has since gone missing.

The first lawsuit, filed Wednesday in federal court in New York, represents five current and former Morgan Stanley clients who were notified earlier in July about data breaches that occurred as early as 2016. The second lawsuit, filed two days later in the same court, represents two more individuals who also received the notification.

The lawsuits are seeking class action status on behalf of affected clients.

After closing two data centers in 2016, Morgan Stanley hired a vendor to remove customer data from the equipment, according to the notification sent to plaintiffs. Morgan Stanley subsequently learned that some devices still contained unencrypted data after they left the firm’s possession...