4 total
Class action settlements totaling $22.9 million for BMO and CIBC data breaches approved as fair and reasonable.
The parties brought a motion to approve settlement agreements and distribution protocols in class actions arising from data breaches at BMO and CIBC (Simplii) that affected over 120,000 clients.
The proposed settlements provided a combined $22.9 million to compensate class members for time spent and inconvenience, with tiered compensation based on the sensitivity of the compromised information.
The court applied the Mancinelli factors and found the settlements to be fair, reasonable, and in the best interests of the class, particularly given the litigation risks associated with the tort of intrusion upon seclusion for third-party hacker intrusions.
Class counsel fees of 25% and a $5,000 representative plaintiff honourarium approved.
The plaintiff brought a motion for approval of class counsel fees and a representative plaintiff honourarium following a class action settlement.
The court approved a $5,000 honourarium for the representative plaintiffs, finding they meaningfully contributed to access to justice and assumed no financial risk.
The court also approved class counsel fees calculated at 25% of the recovery, resulting in a 2.6 multiplier on docketed time, which was deemed appropriate given the significant risks assumed by counsel.
Class action settlement of $23 million approved for bank customers affected by data breaches.
The plaintiffs brought a motion to approve a class action settlement arising from data breaches at BMO and CIBC's Simplii Financial, which affected over 120,000 clients.
The hackers accessed personal information and demanded ransom payments.
The proposed settlement provided for a total payment of approximately $23 million, distributed among class members based on the type of information compromised and time spent addressing the breach.
The court applied the Mancinelli factors and found the settlement to be fair, reasonable, and in the best interests of the class, noting the litigation risks associated with the tort of intrusion upon seclusion for third-party hacker intrusions.
Class counsel fees of 25% and a $5,000 representative plaintiff honourarium approved in class proceeding.
In a class proceeding against the Bank of Montreal, class counsel brought a motion for approval of their fees and an honourarium for the representative plaintiffs.
The court approved a $5,000 honourarium, finding the representative plaintiffs meaningfully contributed to access to justice and assumed active roles without financial risk.
The court also approved class counsel's fees at 25% of the settlement funds, totaling over $3.6 million plus disbursements, noting the 2.6 multiplier was appropriate given the significant risks assumed by counsel.
