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CIBC to Compensate Customers for Breach


March 8, 2010

The Canadian Imperial Bank of Commerce will compensate customers whose personal information was mistakenly sent to businesses in the U.S. and Quebec, Bloomberg reports. A Toronto judge approved the deal last week, settling a class-action lawsuit filed by customers whose names, social insurance numbers, account numbers and balances, addresses and signatures were exposed in faxes the bank sent to a Maryland auto accessory manufacturer and a Quebec business. In his decision, Ontario Superior Court Judge George Strathy said that class members' claims are likely to be "fairly modest." CIBC will offer settlements to each individual affected and will pay $100,000 to the Public Interest Advocacy Centre, the report states.
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