OSFI to Review CIBC Faxing Incident

31 Jan ’05

OSFI, the Canadian federal financial regulatory agency, is investigating the recent incident involving confidential client information being faxed by CIBC branches to a junkyard in West Virginia.

(No, I really did just say that.  For more information, see “debacle”.)

David Akin, who’s recently closed his assignment as a Contributing Writer to the Globe and Mail’s Report on Business and moved to Ottawa to join CTV’s Ottawa bureau as a Parliamentary Reporter, has this info about the junkyard operator’s lawsuit against CIBC:

In the meantime, the lawsuit between the West Virginian, Wade Peer, and the bank continues. Mr. Peer finally sued the bank in a court in Maryland. He claims the deluge of faxes forced him to shut down a new business venture he had going and he wants the bank to pay. But the bank, rather than negotiate a settlement with Mr. Peer, seems intent on litigating this as far as it can.

Last week, Mr. Peer’s lawyer was in Toronto and deposed several bank officials. Sources say that the Privacy Commissioner’s investigation, which was nearing completion, has now been extended to consider some of the information that came to light in that deposition.

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