Under the settlement, a maximum sum of nearly C$201 million ($157.31 million) would be set aside to pay eligible users who file a claim, the company said.
The agreement would have to be submitted to the Superior Court of Quebec for approval, Desjardins said, adding that every individual affected by the breach would be eligible to file a claim.
In June 2019, Desjardins had announced that unauthorized use of internal data by an employee led to a leak of personal information including social insurance numbers, addresses and details of banking habits for many of its customers.
($1 = 1.2777 Canadian dollars)
(Reporting by Niket Nishant in Bengaluru; Editing by Ramakrishnan M.)
