On July 20, 2022, U.S. District Judge Donna M. Ryu of the Northern District of California issued an order granting final approval to a $58 million settlement of the 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.
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
Reuters reports that FinTech firm Plaid Inc. has agreed to pay $58 million to settle allegations that it improperly obtained and profited from user bank account credentials and personal financial information. The company also agreed to change certain of its business practices, according to public filings made in California.
Litigation ordered to move forward against financial services startup company Plaid, accused of acquiring customer banking credentials without permission
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,