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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 …

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