Proposed National Settlement Reached in CIRO Cyber Incident Class Action

Ovadia v. Canadian Investment Regulatory Organization Superior Court of Québec, file no. 500-06-001422-258

MONTREAL, Nov. 10, 2026 /CNW/ -- On September 22, 2026, the Superior Court of Québec authorized the bringing of this class action against the Canadian Investment Regulatory Organization ("CIRO") for settlement purposes only on behalf of the following national class:

All persons in Canada whose personal or financial information was held by Defendant [CIRO] and was compromised in the Cyber Incident which began on or about August 6, 2025, and who were sent an email or letter from Defendant [CIRO] informing them of such Cyber Incident.

The parties to this class action have reached a proposed national settlement (the "Settlement Agreement"), which applies to Class Members across Canada, subject to obtaining the approval of the Superior Court of Québec and the dismissal, permanent stay, or discontinuance of the putative class proceedings which have been filed in the Supreme Court of British Columbia. While CIRO denies all allegations and liability in respect to the Plaintiff's claim and any liability in the Cyber Incident, the proposed settlement is intended to provide additional relief and compensation to affected individuals, subject to Court approval.

Under the terms of the Settlement Agreement, CIRO has agreed to pay a total of CAD $8,300,000.

If the settlement is approved, Class Members may request two additional years of credit monitoring, identity protection services, and identity theft insurance from either Equifax Canada or TransUnion, or both, from CIRO, claim reimbursement of documented expenses or losses up to CAD $10,000, and receive an equal share of the amount set aside for claims requiring no documentation. Payments may be reduced proportionally if approved claims exceed the funds available.

A settlement approval hearing before the Superior Court of Québec will be held on January 14, 2027, at 9:30am at the Montreal courthouse (1 Notre-Dame Street East), room 2.08 (or another room to be determined by the Court thereafter), or via Microsoft Teams.

If you wish to exclude yourself (opt-out) from the class action, you will not be entitled to participate further in the class action, or to share in the distribution of funds received as a result of the Settlement Agreement, if approved. To exclude yourself, you must send an opt-out form no later than December 15, 2026, to the Clerk of the Superior Court of Québec.

If you disagree with the Settlement Agreement, but you do not wish to opt out of the class action, you can object to or comment on the Settlement Agreement by delivering a written submission on or before December 15, 2026, sent to the Settlement Administrator in accordance with the proposed Settlement Agreement.

Class Members who do not opt out of the class action (and proposed Settlement Agreement) will have to make a claim at a later date, if the settlement is approved, in order to receive compensation. You have nothing to pay in order to participate in this class action and proposed settlement.

For more information

Settlement Website: www.CIROSettlement.ca 

Settlement Administrator – Concilia Services Inc.
Toll-free: 1-866-617-5770
Email: [email protected]
Mailing address: 5900 Andover Avenue, Suite 1, Montreal, Québec H4T 1H5

Class Counsel – Lex Group Inc., Mtre David Assor
Phone: [phone], ext. 101
Email: [email protected] 

Please do not contact CIRO or the Judges of the Superior Court.

SOURCE Concilia Services Inc.