Two Canadian banks could pay up to $23 million to settle lawsuits in 2018 hacks

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A 2018 hack and theft of millions of dollars from customers could cost two of Canada’s biggest banks a combined $23 million to settle class-action lawsuits from victims.
Ontario Superior Court Justice Robert Smith approved the settlement and disbursement of money last week of a potential $21.2 million for 113,151 Bank of Montreal victims, and $1.7 million for just over 10,000 victims of CIBC’s online Simplii Financial bank.
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Two Canadian banks could pay up to $23 million to settle lawsuits in 2018 hacks Back to video
The BMO total is labelled “potential” because its settlement has a fixed portion (about $12 million) and a portion that victims can submit claims for time spent dealing with breach issues (that could reach $8.5 million if all conditions are met).

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