New Data Theft Class Action by Users of Venmo, Stripe, and Other Payment Platforms Against Plaid Alleges Violations of Data Privacy Laws

Plaid Financial Privacy Suit

As reported by Law360 (subscription), Lieff Cabraser has filed a class action lawsuit in federal court in California alleging that financial tech start up Plaid Inc. stole Venmo and Stripe users’ personal banking data and sold that data to third party apps without the users’ consent in violation of federal and state privacy laws. Plaid, which recently agreed to be acquired by global payments behemoth Visa for $5.3 billion, provides third-party bank account authentication services for several well-known payment and investment apps, including Venmo, Coinbase, Square’s Cash App, and Stripe. [Read more…]