September 19, 2021
  • September 19, 2021
  • Home
  • Bank Mergers
  • Fintech Giant Plaid Agrees to Pay $ 58 Million to End Privacy Lawsuit

Fintech Giant Plaid Agrees to Pay $ 58 Million to End Privacy Lawsuit

By on August 6, 2021 0
Law360 (Aug 6, 2021, 6:35 p.m. EDT) – Plaid Inc. has agreed to pay $ 58 million to end a proposed class action lawsuit accusing the financial services company of illegally accessing the personal banking data of users of popular apps like Venmo and Coinbase without their consent, with consumer lawyers claiming up to $ 14.5 million in fees.

The proposed terms of a settlement filed Thursday night in California federal court call on the San Francisco-based company – whose software helps connect app users with their bank accounts – to set up a cash fund of $ 58 million to compensate users across the country whose Plaid bank accounts accessed using obtained login credentials …

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas, and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of prosecution, etc.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, requests, etc.
  • Create personalized alerts for specific case articles and topics and more!