Two of Canada’s biggest banks could have to pay up to $23 million in order to settle class-action lawsuits from victims following a big hack that happened in 2018.
Indeed, it was recently reported that the Ontario Superior Court Justice had approved the settlement and disbursement of money 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.
Yet, this is not all that the banks have to pay. The 2018 attacks had quite an important impact on these financial institutions, with BMO having to cover $6.85 million in fraudulent electronic money transfers, and CIBC covered $1.78 million for money stolen from 1,200 Simplii customers.
Moreover, BMO also spent around $5.45 million on credit monitoring and identity protection for just under 17,000 of its victims, while CIBC did the same.
It was also found out that the criminal charges against the two supposed perpetrators of the attacks are still before the courts in Quebec.