2 Wealthsimple Lawsuits: Are You Eligible for Compensation in the Data Breach or Crypto Fee Case?
Financial technology firm Wealthsimple is currently the subject of two separate class action lawsuits in Canada. The most recent case addresses a significant data security incident, while another case concerning cryptocurrency trading fees has reached a court approved settlement.
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| Image Credits: Wealthsimple |
International news outlets and legal filings confirm that the proposed actions could affect millions of Canadian users of the online investment and trading platform.
Data Breach Class Action: Sensitive Information Allegedly Stolen
Law firm Slater Vecchio LLP has filed a proposed class action suit against Wealthsimple following a data breach that occurred in August 2025 and was publicly disclosed in early September 2025.
The lawsuit alleges negligence in protecting customer data, which was compromised through a supply chain attack involving a third party vendor.
According to the law firm's filing (PDF), the breach exposed highly sensitive personal and financial information belonging to some of Wealthsimple's Canadian clientele.
Compromised Data Alleged in Lawsuit Filings:
- Names
- Addresses
- Social Insurance Numbers (SINs)
- Account numbers
- Government issued identification
- IP addresses
The proposed lawsuit seeks to represent all Canadians whose information was accessed in the breach. A subclass exists for individuals who suffered direct harm, which includes financial losses, identity theft, or fraud tied to the misuse of their compromised data.
The firm argued that Wealthsimple's offer of two years of credit monitoring to affected clients is insufficient, suggesting that a fraudster could simply "go into my calendar and set a reminder for two years from now," said Justin Giovannetti, an associate lawyer with Slater Vecchio, as quoted by CTVNews.ca.
For its part, Wealthsimple has maintained that the claims are without merit and has pledged to vigorously defend itself.
The company issued an emailed statement to CTVNews.ca:
"Immediately upon discovering the data security incident, we acted quickly to stop it. We notified all impacted customers and offered complimentary credit and dark web monitoring as well as identity theft protection and insurance."
Eligibility for the Data Breach Lawsuit
Canadians who believe they were affected by the August 2025 data breach may contact the legal counsel to provide their details and information regarding any resultant harm.
Cryptocurrency Fee Lawsuit: Settlement Reached in Quebec
A separate class action, filed in Quebec, targeted Wealthsimple and Shakepay over allegations of misleading advertising concerning cryptocurrency trading fees.
The suit claimed that advertising services as "commission free" gave the impression that there were no costs for buying or selling crypto, when transaction fees were allegedly hidden within the price spread.
While Wealthsimple initially defended its practices, stating transparency regarding its charges, the company later reached a settlement in the case.
A Wealthsimple spokesperson previously stated regarding the legal action:
"We have always been transparent about what we charge for our services that's our commitment to our clients. This legal action has no merit and we will defend our company against it."
In a subsequent development, the Superior Court of Quebec authorized a settlement with Wealthsimple on May 14, 2025, for the purpose of concluding this specific class action.
Key Settlement Details:
- Settlement Amount: Wealthsimple agreed to pay $750,000.00 CAD to settle the class action.
- Liability: Wealthsimple denies any wrongdoing, and the settlement does not represent an admission of liability.
- Fixed Compensation: The fixed compensation is currently estimated at approximately $3.40 per Class Member, subject to further adjustments.
Steps for Eligible Members in the Crypto Fee Settlement (Quebec Residents)
The settlement pertains primarily to consumers and businesses resident in Quebec who transacted on Wealthsimple's crypto platform between August 1, 2020, and October 17, 2023.
- Automatic Inclusion: Under Quebec law, class members are automatically included in the class action if they fit the class definition. No immediate action is required to participate in the settlement.
- Compensation for Active Clients: Class Members with an active crypto, cash, or chequing account with Wealthsimple will receive their compensation as a cash deposit to their account.
- Compensation for Inactive Clients: Class Members who no longer have an active account must contact class counsel by July 31, 2025, to receive their fixed compensation via Interac e transfer.
- Opt Out Option: Class Members who do not wish to be bound by the settlement had a deadline to opt out by June 17, 2025.
The Court scheduled the settlement approval hearing for June 20, 2025, at the Montreal Courthouse.
