Slater Vecchio LLP Files Class Action Against Wealthsimple Over Alleged Data Breach

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.

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.

“Canadians entrust their most private financial details to institutions like Wealthsimple with the expectation that those details will be protected with the highest level of security,” said Anthony Vecchio, K.C., partner at Slater Vecchio LLP. “When that trust is broken, individuals are left vulnerable to fraud and identity theft. This action is about protecting Canadians and ensuring that financial institutions treat data security as the serious obligation it is.”

Canadians who may have been affected can submit their name, contact details, and indicate whether they received a breach notification from Wealthsimple at: slatervecchio.com/class-action/wealthsimple-data-breach-class-action.