Air Canada has reached a settlement with Brink’s over the theft of approximately $20 million in gold and cash from the airline’s cargo facility at Toronto Pearson International Airport in 2023.

The stolen shipment arrived from Zurich on April 17, 2023 and included roughly 400 kilograms of gold and 53 kilograms of banknotes. Investigators allege an individual presented a fraudulent air waybill at Air Canada’s cargo facility and was given the shipment, which was then taken from the airport.

Brink’s later sued Air Canada, arguing the airline failed to adequately secure the cargo. A Federal Court ruling limited Air Canada’s liability to just over $18,000 under the Montreal Convention because the value of the shipment had not been formally declared for carriage. Brink’s appealed the decision, seeking substantially greater compensation.

Air Canada confirmed in August that the appeal has now been discontinued after the parties reached a confidential settlement. The financial terms were not disclosed. Criminal proceedings connected to the Pearson heist are continuing separately in Ontario.

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Originally published on Canadian Fraud News.