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Simplii Settlement
December 15, 2020
8:22 am
COIN
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What does this mean in plain English?

Does it mean I will receive compensation if I do nothing?

December 15, 2020
10:26 am
hwyc
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Sorry I don't what you're talking about in plain English

December 15, 2020
11:17 am
COIN
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hwyc said
Sorry I don't what you're talking about in plain English  

I guess you haven't received the email and/or you are not entitled to compensation.

Let's wait and see what other members say.

December 15, 2020
1:15 pm
Winnie
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COIN said
What does this mean in plain English?

Does it mean I will receive compensation if I do nothing?  

It would be nice, if you would provide some more information and ask questions later.

But, anyways, I will answer your question.

If you will do nothing, you will receive $192.80 or $120.50 directly deposited to your Simplii Financial account and possible additional $185.50, if you had an unauthorized transaction in your Simplii Financial account.

If you are no longer a client of Simplii Financial, you will receive an email from Simplii Financial asking you to confirm your mailing address, following which you will receive a cheque from Simplii Financial via mail.

If you want to opt out of the Class Action, you can do that before February 15, 2021. In this case, you will not receive anything from Simplii Financial, but you will have freedom to sue Simplii Financial and ask for much more money. Whatever Simplii Financial will pay you more depends how successful will be your lawsuit.

December 15, 2020
1:40 pm
rhvic
Victoria, BC
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I have been a Simplii client since they started, and I have no clue what this is about. Someone want to enlighten us?

December 15, 2020
1:48 pm
Winnie
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rhvic said
I have been a Simplii client since they started, and I have no clue what this is about. Someone want to enlighten us?  

Simplii Financial Class Action has been settled.

In 2018, a class action was commenced against CIBC in respect
of a data breach occurring on May 27, 2018 that affected certain clients of Simplii Financial, a division of CIBC.

The Defendant (CIBC) has identified 10,101 of its clients whose personal information was affected by the data breach.
The $1,769,425.00 to be paid by the Defendant will, net of legal fees, be distributed to the Class Members.

December 15, 2020
3:38 pm
rhvic
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Thanks Winnie!

December 15, 2020
3:39 pm
COIN
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Apologies, I had assumed (perhaps incorrectly) that every eligible Simplii client had received the same email that I did so no need to say more.

"If you will do nothing, you will receive $192.80 or $120.50 directly deposited to your Simplii Financial account and possible additional $185.50, if you had an unauthorized transaction in your Simplii Financial account."

I think I should receive $192.80 plus $185.50 for a total of $378.30. Should I call Simplii and/or the lawyers to confirm my entitlement? I think I'll call Simplii anyway.

December 15, 2020
5:02 pm
COIN
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I called Simplii. After a 30 minute wait, a human came on the line. He wasn't actually familiar with the email so he checked with someone else and came back on. He said I am probably in Group 1 but wasn't sure and somebody will let me know in the fullness of time what is my entitlement.

December 16, 2020
7:44 am
Bud
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Seems like another class action sham to enrich lawyers and to justify justice employees jobs. I applied for settlement twice two different products got around $10-13 in payout each time.

December 16, 2020
7:55 am
savemoresaveoften
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So if I did not rec such email, then I am not one of the lucky 10,000 who are entitled to compensation ? not fair !

December 16, 2020
8:17 am
AltaRed
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I would think that is an appropriate assumption. Simplii has a lot more than 10,000 customers.

December 16, 2020
8:29 am
Bill
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savemoresaveoften, it's not fair that others were affected by a breach while you were not, so you won that one.

Please write your comments in the forum.