{"id":189814,"date":"2025-10-04T16:52:13","date_gmt":"2025-10-04T16:52:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/189814\/"},"modified":"2025-10-04T16:52:13","modified_gmt":"2025-10-04T16:52:13","slug":"wealthsimple-class-action-lawsuit","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/189814\/","title":{"rendered":"Wealthsimple class action lawsuit"},"content":{"rendered":"<p class=\"c-paragraph\">Canadians who use the online investment management app Wealthsimple could be part of a class action against the company.<\/p>\n<p class=\"c-paragraph\">Law firm Slater Vecchio LLP has taken the first step with a class-action lawsuit proposal against Wealthsimple, in light of a<a href=\"https:\/\/help.wealthsimple.com\/hc\/en-ca\/articles\/40752002620571-An-Important-Security-Update-For-Our-Clients\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/help.wealthsimple.com\/hc\/en-ca\/articles\/40752002620571-An-Important-Security-Update-For-Our-Clients\"> recent data breach<\/a> which took place Aug. 30 and was publicly disclosed by the company in early September. <\/p>\n<p class=\"c-paragraph\">\u201cThat sensitive information \u2013 including names, addresses, Social Insurance Numbers, account numbers, government-issued IP addresses \u2013 was accessed and stolen,&#8221; the law firm claimed <a href=\"https:\/\/slatervecchio.com\/docs\/pr\/wealth-simple-data-breach-press-release-09-26-2025-en.pdf\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/slatervecchio.com\/docs\/pr\/wealth-simple-data-breach-press-release-09-26-2025-en.pdf\"> in a filing<\/a> <\/p>\n<p class=\"c-paragraph\">Justin Giovannetti, an associate lawyer with Slater Vecchio, tells CTVNews.ca that at this stage, it\u2019s critical for people who\u2019ve been impacted by the breach to come forward and share with the firm what happened to them.<\/p>\n<p class=\"c-paragraph\">\u201cWe want to learn about the potential effects of this data breach,\u201d he said. \u201cGoing forward, there is potential harm to these people.\u201d<\/p>\n<p class=\"c-paragraph\">The proposed class-action lawsuit says it will represent people across Canada whose information was obtained in the breach, with a subclass for Canadians who\u2019ve suffered direct harm, such as financial losses, identity theft or fraud, linked to the misuse of their compromised data. <\/p>\n<p class=\"c-paragraph\">According <a href=\"https:\/\/help.wealthsimple.com\/hc\/en-ca\/articles\/40752002620571-An-Important-Security-Update-For-Our-Clients\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/help.wealthsimple.com\/hc\/en-ca\/articles\/40752002620571-An-Important-Security-Update-For-Our-Clients\">to a statement<\/a> on their website, Wealthsimple has offered people impacting by the breach credit monitoring for two years.<\/p>\n<p class=\"c-paragraph\">Giovannetti says that Wealthsimple has instructed those impacted by the breach to enroll in credit monitoring through Equifax, and that they have until Nov. 30 to sign up. <\/p>\n<p class=\"c-paragraph\">The firm says that\u2019s insufficient, since it\u2019s for a limited time. <\/p>\n<p class=\"c-paragraph\">\u201cIf I\u2019m a fraudster, I\u2019m going to go into my calendar and set a reminder for two years from now,\u201d he said. \u201cPeople who don\u2019t have the opportunity to access these services between now and Nov. 30, it appears from Wealtsimple\u2019s notice that they will not be free after that time.\u201d<\/p>\n<p class=\"c-paragraph\">Those impacted by the breach can send their details and contact information through <a href=\"https:\/\/slatervecchio.com\/class-action\/wealthsimple-data-breach-class-action\/\" rel=\"nofollow noopener\" target=\"_blank\">the firm\u2019s website<\/a>. <\/p>\n<p class=\"c-paragraph\">Giovannetti added that the class-action lawsuit will move on to a certification hearing for approval or dismissal, which could take a number of years. <\/p>\n<p class=\"c-paragraph\">In an emailed statement to CTVNews.ca, Wealthsimple said they believe the claims in the lawsuit are without merit and they will defend themselves vigorously.<\/p>\n<p class=\"c-paragraph\">\u201cImmediately upon discovering the data security incident, we acted quickly to stop it,\u201d the statement read. \u201cWe notified all impacted customers and offered complimentary credit and dark web monitoring as well as identity theft protection and insurance. We take the privacy of our clients very seriously and remain focused on supporting them.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Canadians who use the online investment management app Wealthsimple could be part of a class action against the&hellip;\n","protected":false},"author":2,"featured_media":127204,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[712,45,49,48],"class_list":{"0":"post-189814","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-apple-news","9":"tag-business","10":"tag-ca","11":"tag-canada"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/189814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=189814"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/189814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/127204"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=189814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=189814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=189814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}