On November 19, 2021, Judge Donna M. Ryu of the United States District Court for the Northern District of California issued an order granting preliminary approval to a proposed $58 million settlement of multidistrict litigation brought by Lieff Cabraser on behalf of consumers accusing FinTech firm Plaid Inc. of improperly obtaining and profiting from user bank account credentials and personal financial information.

As part of the proposed settlement, Plaid has also agreed to implement significant business practice changes designed to remediate alleged privacy violations, improve user control over private login information and financial data, and safeguard user privacy going forward.

Lieff Cabraser partner Rachel Geman, who represents the plaintiffs in the action, stated, “We are pleased that the Court has granted preliminary approval to the proposed settlement, and we look forward to the reaction of the class as they consider the significant injunctive and monetary relief to be made available here.”

A final approval hearing is scheduled for May of 2022.

Learn more about the Plaid Financial Privacy Violations Class Action.

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