Wealthsimple has advised that all affected clients were notified directly via email by September 5, 2025.
Slater Vecchio LLP has filed a proposed class action lawsuit against Wealthsimple Inc., Wealthsimple Investments Inc., and Wealthsimple Technologies Inc. (collectively, “Wealthsimple”), alleging that a significant data breach exposed highly sensitive personal and financial information of some of Wealthsimple’s Canadian customers.
The lawsuit alleges that the breach resulted from a supply-chain attack on a software package supplied to Wealthsimple by a third-party vendor. As a result of the breach, it is alleged that sensitive information – including names, addresses, Social Insurance Numbers, account numbers, government-issued identification, and IP addresses – was accessed and stolen.
A class action is a legal case through which one person makes a claim to the Court on behalf of a similarly situated class of people who have the same or a similar legal claim. A class action seeks to hold a defendant or defendants responsible for their conduct that affects each member of the class by resolving issues that are common to the class in the same legal proceeding, instead of each class member bringing a claim individually.
The individual who first files the claim must ask the Court for permission to proceed as a class action. If permission is granted (referred as “authorized” in Quebec, and “certified” in all other Canadian provinces) and the case may proceed as a class action, the Court will appoint an individual as “Representative Plaintiff” to represent the best interests of the class during the litigation and will define the class group. Each person who meets the criteria of the class group is considered a “Class Member”.
The proposed class seeks to represent all Canadians whose information was accessed in the breach, with a subclass for Canadians who suffered direct harm – such as financial losses, identity theft, or fraud – tied to the misuse of their compromised data.
