Desjardins reaches $200M class action settlement in wake of data breach

The Canadian Press reports that Mouvement Desjardins has reached a $200-million settlement with plaintiffs in a class action suit launched after a massive data breach in June 2019.

The settlement has to be approved by the Superior Court of Quebec.

Read more at Montreal Gazette.

A press release issued by plaintiffs’ counsel states, in part:

If approved, class members can receive compensation totalling up to $200,852,500. The settlement agreement provides for compensation for loss of time related to the personal information breach, as well as compensation for identity theft. In addition, the settlement agreement provides that all class members who have not yet registered for Equifax’s credit monitoring service offered by Desjardins can register and will thus be able to obtain, at no cost, Equifax coverage for 5 years, and the extension by at least 5 years of the other protective measures implemented by Desjardins following the breach.

For its part, Desjardins Group also issued a press release, which says, in part:

There’s no need to contact Desjardins at this time as there are still several steps before the settlement agreement is approved and the claims process can begin.

The settlement agreement submitted to the Superior Court of Quebec for approval allows for a maximum amount of $200,852,500 to be paid out as individual recovery to eligible individuals who file a claim. The settlement agreement applies to all individuals affected by the privacy breach announced by Desjardins on June 20, 2019. This includes anyone who was a current or former Desjardins banking member, a current or former client with a credit card or in-store financing, or anyone who received a letter informing them of the situation.

Full details are available at www.desjardinssettlement.com.

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