The Quebec Superior Court recently refused to authorize a class action against the Investment Industry Regulatory Organization of Canada (IIROC) after an IIROC employee lost a laptop containing the personal data of approximately 50,000 clients of investment firms.
The lost laptop was protected by a password. However, contrary to IIROC policy, the data on the laptop was not encrypted. The laptop was lost in February 2013, but IIROC did not realize until March 22, 2013 that the information on the laptop included personal data of investment firm clients.
On April 24, 2013, the Petitioner – along with other individuals whose data was on the lost laptop – received a notice from IIROC advising him of the lost laptop, a call-in line to respond to questions, and of the offer of a free alert service with Equifax Canada for 6 years to reduce the potential of fraud.
Clyde & Co – October 22, 2014.
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