People stand on a corner near a BMO Bank of Montreal sign - cibc

(Photo Credit: marcbruxelle/DepositPhotos.com)

 

Consumers whose information was potentially exposed during cyberattacks in 2018 at Bank of Montreal (BMO) and the Canadian Imperial Bank of Commerce (CIBC) are a step closer to compensation after a judge approved two class action settlements.

A judge in the Superior Court of Justice of Ontario has approved the class action settlements with BMO and CIBC on April 20, 2021, for a potential aggregate amount of more than $21.2 million and $1.77 million, respectively.

The data breaches affected 113,151 clients at BMO and 10,101 clients at Simplii Financial, an online consumer brand operated by the CIBC, according to Judge Robert Smith’s approval order.

Both settlements proposed categorizing Class Members according to the nature of the information compromised during the breaches.

Larger amounts were proposed for Class Members whose SIN and birthdates were compromised and/or posted online, compared to individuals who did not have that information accessed. 

For instance, BMO clients who had their personal information posted online are expected to receive just more than $700, after attorneys’ fees and other costs are paid. 

Class Members also can expect to be compensated for time they spent dealing with the fallout from the data breaches at a rate of $18 per hour. Each group will have a different cap on the number of hours they can claim.

Both BMO and CIBC had already compensated clients who had fraudulent transfers out of their bank accounts, according to Investment Executive. Those payouts cost BMO $6.85 million and CIBC $1.8 million.

In addition, the banks provided those affected free credit monitoring and identity theft protection, Investment Executive reported.

The Court noted that while there were a handful of objections to the BMO and CIBC settlements, a majority — 99 percent in the case of BMO — did not express any concerns.

Some Class Members were concerned their information could be posted online at some future date, and while that remains a possibility, the judge wrote, the parties believed to be responsible for the breaches have been arrested.

“I am satisfied that the proposed settlement agreement is fair, reasonable and in the best interest of the class,” Judge Smith wrote in his approval order.

Was your information compromised during the 2018 BMO and CIBC data breaches? Tell us about your experience in the comment section below.

The plaintiffs are represented by Jean-Marc Leclerc, Carsten Jensen, and Michael G. Robb.

The BMO and CIBC Data Breach Class Action Lawsuits are Mallette v. Bank of Montreal, File No. CV-18-76745-00CP, and Bannister v. Canadian Imperial Bank of Commerce, File No.  CV-18-76456-00CP, both in the Superior Court of Justice of Ontario.

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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.

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14 Comments

  • Gloria Brown May 6, 2021

    I m a client of cibc but haven’t any idea if my information was compromised.

  • Jessica kendall May 5, 2021

    I too feel as though ive been a victim. I have free credit report monitoring and identity theft protection through BMO that i feel ive been compromised.

  • Amy May 5, 2021

    I am a client of CIBC and my account was recently hacked how do I join?

  • Brian Fox May 4, 2021

    I’ve been with BMO for a long time and quite sure my information was compromised. Please add me to the suit.

  • Evelyn May 4, 2021

    Please include me in this.

  • Arne D. Anderson May 4, 2021

    I am a long time customer of CIBC and I believe my personal information was also compromised at that time.
    Please add me to the list of affected. Thank you !

  • Lesa Mt Pleasant May 4, 2021

    Hi, BMO had contacted me to say my information had been compromised and offered credit tracking, etc. still receive phone calls telling me my credit card has been used and I need to call them. But when I check, it hasnt been used.
    Can you verify if my information has been compromised. I feel I have been affected.
    Add me to the list. Can you send more information please.

  • Pamela Boadway May 4, 2021

    Please add me I believe my name nfo has been compromised thank you.

  • Connor May 4, 2021

    Also have been contacted numerous times. How do I find out if I qualify?

  • Kim Berly May 4, 2021

    I’m a BMO customer and have started receiving phone calls and such regarding being a BMO customer and people wanting more info to complete applications, I’ve never applied for anything but they had my information!

  • Charlene OBrien Roy May 4, 2021

    I’m a CIBC & Simplii customer – how would I know if my info has been comprimised? Add me

  • Christina Pinto May 4, 2021

    I would like to be included in this class action as I am a BMO customers and could be affected.

  • Richard pepin May 4, 2021

    I’m a client of CIBC and Simplii Financial how do I get involved?

  • Nona May 4, 2021

    Hi
    How do o file with CIBC and bank of Montreal I’m a customer of both

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