Desjardins Settles Class Action Lawsuit To Make Data Breach Issues Go Away

A few years back I wrote about a far from trivial data breach involving Canadian Bank Desjardins. The source of the leak was a bad actor that was inside the company. Or put another way, a Desjardins employee. That’s pretty bad and illustrates that the bank was asleep at the switch. Now that lapse is going to cost the bank a couple of hundred million dollars:

The agreement, which is subject to approval by the Quebec Superior Court, would allow eligible individuals who were affected by the privacy breach that came to light in June 2019 to receive a payment.

The settlement applies to members and former members as well as clients and former clients of the financial co-operative who have held Desjardins credit cards or financing products.

Desjardins says there’s no need for people to contact them before the agreement is approved and a claims process begins.

Plaintiff law firms Siskinds Desmeules and Kugler Kandestin say the agreement provides compensation for loss of time related to the personal information breach, as well as compensation for identity theft.

It also provides members Equifax credit monitoring service coverage for five years, and an extension by at least five years of the other protective measures implemented by Desjardins following the breach.

Details of the settlement are available at www.desjardinssettlement.com or by calling 1-888-886-7164.

This should serve as a lesson to companies who handle personal identifiable information. You need to make sure that it is under tight controls or it will cost you a lot. Both in terms of your reputation and in dollars and cents.

Leave a Reply

%d bloggers like this: