In August 2025, the Canadian Investment Regulatory Organization (CIRO) identified a cybersecurity breach that compromised the personal information of approximately 750,000 Canadian investors. CIRO sent notification letters to affected investors advising them that some of their personal information had been exposed in the incident.
The Superior Court of Quebec has now authorized a class action to facilitate a proposed national settlement for Canadians affected by the breach. CIRO has agreed to the proposed settlement without admitting liability. In a hearing set for January 14, 2027, the Court will consider whether to approve the settlement.
Affected investors should pay close attention to what happens next. Notice of the proposed settlement must be published by November 10, 2026, and will provide important details about the settlement and investors’ rights. Investors will have until December 15, 2026, to opt out of the settlement. Those who do not opt out will be bound by the settlement if it is approved.
FAIR Canada encourages impacted investors to carefully review the Notice when it becomes available and consider what the proposed settlement means for them.