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Simplii breach Class Action Lawsuit settlement ($192.80 or $120.50 + possible $185.50 )

  • Last Updated:
  • Dec 16th, 2020 8:47 am
[OP]
Deal Addict
Jan 29, 2017
2688 posts
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Simplii breach Class Action Lawsuit settlement ($192.80 or $120.50 + possible $185.50 )

Got this in the mail:
NOTICE OF SETTLEMENT APPROVAL HEARING AND OPT‑OUT

This notice is to any person who is a current or former client of Simplii Financial and who received notice from Simplii Financial that their personal information was accessed or accessible as a result of a data breach affecting Simplii Financial on or about M‍ay 2‍7, 20‍18.

READ THIS NOTICE CAREFULLY AS IT MAY AFFECT YOUR LEGAL RIGHTS

CLASS ACTION HAS BEEN SETTLED

In 2018, a class action was commenced against Canadian Imperial Bank of Commerce in respect of a data breach occurring on Ma‍y 2‍7, 20‍18 that affected certain clients of Simplii Financial, a division of CIBC.

This notice applies to all clients of Simplii Financial as at Ma‍y 2‍7, 20‍18 who were notified by Simplii Financial that their personal information was accessed or accessible as a result of the Ma‍y 2‍7, 20‍18 data breach.

The parties to the Class Action have reached a proposed settlement subject to obtaining the approval of the Superior Court of Ontario (the “Court”) (the “Settlement Agreement”). The Settlement Agreement provides that the Defendant will pay $1,769,425.00, in full and final settlement of all claims of the Class Members (the “Settlement Amount”). The Defendant has also agreed to maintain its existing commitments to compensate all Class Members for any money fraudulently withdrawn from their Simplii banking accounts as a direct result of the data breach. The Settlement Amount includes all legal fees, disbursements, taxes and administration expenses, but excludes non-refundable administration expenses. The Defendant will pay an additional CAD$100,000.00 to fund non-refundable administration expenses (the “Non-Refundable Administration Expenses Fund”), which include the fees, expenses and costs relating to the approval and implementation of the settlement and notice program, and do not include Class Counsel fees and disbursements. In return for the Settlement Amount, the Defendant will receive a release and a dismissal of the Class Action.

The settlement is a compromise of disputed claims and is not an admission of liability, wrongdoing or fault on the part of the Defendant, which has disputed, and continues to dispute, the allegations advanced in the Class Action.

CERTIFICATION OF THE CLASS ACTION

As part of the terms of the Settlement Agreement, the Action has been certified by the Court as a Class Action.

The definition for Class Members is as follows:

Any person who is a current or former client of Simplii Financial who was notified by Simplii Financial that their Personal Information was accessed or accessible as part of the Data Breach (“Class” or “Class Members”).

If you received a notice from Simplii Financial, you are a member of the class. If you are not sure whether or not you are a member of the Class, you should speak to Class Counsel whose addresses are provided below.

CLASS MEMBERS’ ENTITLEMENTS

The Defendant has identified 10,101 of its clients whose personal information was affected by the data breach.

The $1,769,425.00 to be paid by the Defendant will, net of legal fees, be distributed to the Class Members.

The Defendant has identified two groups of clients. One group had social insurance number information accessed or accessible (3,027 affected persons, known as “Group 1”), while the other did not (7,074 affected persons, known as “Group 2”). If the settlement is approved, Class Members will be paid the following approximate amounts on a proportionate share basis from which Class Counsel fees, disbursements and administration expenses will be deducted, calculated in accordance with the Distribution Plan:

Group 1: $192.80

Group 2: $120.50


In addition, there are 1,797 Class Members in Group 1 and Group 2 who had an unauthorized transaction in their Simplii Financial account. These Class Members will be paid an additional approximate amount of $185.50 on a proportionate share basis from which Class Counsel fees, disbursements and administration expenses will be deducted, calculated in accordance with the Distribution Plan.

If the settlement is approved, Class Members who are existing clients of Simplii Financial will have the amounts deposited directly to their Simplii Financial accounts. Class members who are former clients will be required to confirm their contact information and will be paid by cheque. Unclaimed amounts will be donated to the Samuelson-Glushko Canadian Internet Policy and Public Interest Clinic at the University of Ottawa.
.....
If the settlement is approved, Class Members will:
(a)

If they remain a client of Simplii Financial, receive compensation by direct deposit into their account by Simplii Financial; or

(b)

If they are no longer a client of Simplii Financial, receive an email from Simplii Financial asking them to confirm their mailing address, following which they will receive a cheque from Simplii Financial via mail.
We already got a $100 Visa gift card when the breach occurred. Looks like those affected are already opted-in by default (or did I register and forgot). Those wishing to opt out may do so.
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