A Quebec court has authorized a class action to facilitate a proposed national settlement with industry self-regulatory organization Canadian Investment Regulatory Organization (CIRO), on behalf of investors and industry personnel whose private data was exposed in a cyber breach in August 2025.
The Superior Court of Quebec granted an application filed by the plaintiff to authorize a class action against CIRO, solely to allow the case to be settled.
There have been two class actions filed over the data breach, one in Quebec on behalf of all Canadians affected by the breach — defined as anyone in Canada whose personal or financial information was compromised in the data breach, or who received an email or letter from CIRO informing them of the breach — and one in B.C. that excludes residents of Quebec.
Now, the court in Quebec has authorized the case to facilitate a proposed national settlement. It set a hearing for Jan. 14, 2027 to consider that proposed settlement.
In its decision, the court said it “concluded it has jurisdiction to authorize a national class and ultimately approve a national settlement, and has concluded this would be in the interests of justice and of the parties.”
The decision also noted that CIRO told the court it agreed to the proposed settlement to resolve all claims on a national basis, without admitting liability, “to avoid further expense and distraction from its public interest and regulatory mandate associated with protracted litigation in two jurisdictions.”
A notice announcing the proposed settlement is to be published by Nov. 10. The court also approved the appointment of Concilia Services Inc. as the proposed settlement’s administrator and set a deadline of Dec. 15 for class members to opt out of the proposed settlement.
According to the court’s decision, the claim alleges that the regulator was negligent in protecting private information and failed to immediately notify those affected by the breach, and it seeks both compensatory and punitive damages.
Following settlement discussions and private mediation under a former judge, a preliminary settlement was reached back in May, and a final deal was achieved on Sept. 11, the decision said.