Fintech Giant Plaid Agrees To Pay $58M To End Privacy Suit

Law360 (August 6, 2021,  6:35 PM EDT) -- Plaid Inc. has agreed to pay $58 million to finish a proposed class motion lawsuit accusing the monetary providers firm of unlawfully accessing the private banking knowledge of customers of standard apps like Venmo and Coinbase with out their consent, with attorneys for the customers looking for as much as $14.5 million in charges.

Proposed phrases of a settlement filed in California federal court docket late Thursday name for the San Francisco-based firm — whose software program helps join app customers with their financial institution accounts — to arrange a $58 million money fund to compensate customers throughout the nation whose financial institution accounts Plaid accessed utilizing login info obtained...
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