Executive Summary: Key Legal and Evidentiary Issues

• Court supervision of a cryptocurrency-related class action settlement, including approval, implementation and partial closure as to the Wealthsimple defendants.
• Definition and identification of Quebec-resident class members who paid cryptocurrency trading fees through Wealthsimple’s platform during the specified period.
• Accounting for the $750,000 settlement fund, deductions for class counsel and administration fees, and calculation of per-capita compensation of $3.34 for 128,660 class members.
• Evidentiary confirmation by the settlement administrator and a sworn statement that 128,011 class members actually received direct compensation totaling $427,556.74.
• Treatment of a small residual balance of $2,625.51 from the settlement amount and its allocation under the Regulation respecting the percentage withheld by the Fonds d’aide aux actions collectives.
• Procedural findings that Wealthsimple Financial Corp. and Wealthsimple Investments Inc. fully satisfied their settlement obligations, justifying partial closure of the class action without costs.

Background and facts of the class action

The case arises from a class action brought in Quebec by a representative plaintiff, Shay Abicidan, against several defendants providing cryptocurrency trading services, including Shakepay Inc., Shake Labs Inc., Wealthsimple Financial Corp. and Wealthsimple Investments Inc. The claim targeted fees charged to Quebec residents for the purchase or sale of cryptocurrency (digital currency) using Wealthsimple’s mobile application or website. The affected group was defined as all individuals who completed a transaction using Wealthsimple’s platform while having a listed residential address in Quebec, and who paid fees on crypto trades between 1 August 2020 and 17 October 2023. The action was structured as a class proceeding, with Abicidan acting as representative plaintiff on behalf of this defined class, and the matter proceeded under the supervision of the Superior Court of Quebec. The Fonds d’aide aux actions collectives, which plays a statutory role in class actions in Quebec, was added as an impleaded party.

Settlement agreement with the Wealthsimple defendants

Rather than proceeding to a full trial on liability and damages, the representative plaintiff and the Wealthsimple defendants entered into a settlement agreement dated 8 May 2025. Under this agreement (the “Wealthsimple Settlement”), Wealthsimple Financial Corp. and Wealthsimple Investments Inc. undertook to pay a total settlement amount of $750,000. This figure represented the full global amount to resolve the claims against these two Wealthsimple entities within the class action. On 22 June 2025, the Superior Court approved the Wealthsimple Settlement, confirming that it was appropriate for the defined class. The settlement was expressly entered into on behalf of the class members—those Quebec-based users of Wealthsimple’s app or website who had incurred cryptocurrency trading fees during the specified period—so that they would benefit from the monetary relief without needing to bring individual claims.

Administration of the settlement and distribution to class members

Following court approval, the settlement moved into the implementation and administration phase. After deducting court-approved class counsel fees and the settlement administrator’s fees from the $750,000 settlement amount, a net sum of $430,392.67 remained available for direct compensation to class members. With 128,660 class members identified as eligible, the administrator calculated a uniform distribution of $3.34 per class member. Most of this direct compensation was paid out on 26 September 2025, and a smaller group of 298 accounts received their settlement distributions on 3 October 2025, bringing the main distribution process to completion. For class members who had previously held a Wealthsimple crypto trading account or a Wealthsimple cash account but no longer had an open and active account (“Former Crypto Clients”), the administrator, Concilia Services Inc., issued 71 Interac e-Transfers. Of these, 63 were successfully deposited, with total payments of $210.42. The remaining eight e-Transfers were never completed because they were either cancelled by the relevant class members or expired after the 30-day validity period.

Residual balance and allocation under regulatory framework

Once all feasible distributions to class members were made, the administrator reported that 128,011 class members had received direct payments, for a total of $427,556.74 in aggregate. This left a small residual balance (reliquat) of $2,625.51 from the original settlement amount of $750,000. The handling of such residual funds is governed by Quebec’s regime for class actions and the Regulation respecting the percentage withheld by the Fonds d’aide aux actions collectives. In this case, the Wealthsimple defendants undertook to remit 50% of the residual amount—$1,312.76—to the Fonds d’aide aux actions collectives, in accordance with article 1(1)(a) of that Regulation. The remaining 50%—$1,312.75—was to be donated to MADA Community Centre, a community organisation, also within thirty days of the judgment. These undertakings ensured that no unsettled amount would remain in limbo and that the residual sum would be allocated consistently with the regulatory framework and the public-interest dimension of class actions.

Evidence supporting compliance with the settlement

To support their request for a partial closing judgment, the Wealthsimple defendants filed the report of Concilia Services Inc., dated 7 November 2025, which provided a detailed account of the administration of the Wealthsimple Settlement and the payments made to class members. They also filed a sworn statement of Blair Wiley dated 5 February 2026, confirming the relevant facts regarding the execution of the settlement obligations. The impleaded Fonds d’aide aux actions collectives was duly notified of the application and advised the Court that it had no observations or representations to make, effectively signalling that it did not contest either the figures presented or the proposed allocation of the residual funds. On the basis of this documentation and the applicable provisions of the Code of Civil Procedure, the Act respecting the Fonds d’aide aux actions collectives, and the Regulation governing the percentage withheld, the Court was satisfied that the settlement execution had been properly managed and documented.

Ruling and overall outcome

In its partial closing judgment, the Superior Court granted the application brought by Wealthsimple Financial Corp. and Wealthsimple Investments Inc., expressly declaring that these defendants had fulfilled all of their obligations under the Wealthsimple Settlement previously approved on 22 June 2025. The Court declared that the remaining balance from the settlement amount was $2,625.51 and took note of the defendants’ undertakings to remit half of that balance ($1,312.76) to the Fonds d’aide aux actions collectives and the other half ($1,312.75) to MADA Community Centre, all within thirty days. Upon completion of these final payments, the Court declared the class action partially closed as against the Wealthsimple defendants, bringing their participation in the litigation to an end. No additional court costs were awarded, as the judgment was rendered without costs. Overall, the representative plaintiff and the class members emerge as the successful party in the broader dispute, having secured a $750,000 settlement fund and substantial direct compensation, while this particular decision confirms that the Wealthsimple defendants have fully discharged the financial obligations owed under that settlement and that the modest residual funds have been properly allocated.