Paul Sofio v. OCRCVM (IIROC), 2014 QCCS 4061 (under appeal) - The Quebec Superior Court refuses to authorize a class action where the loss of personal data did not result in fraud or identity theft.
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.
Download the full update above to read more.