Fintech Co. Yodlee Accused Of Privacy Violations

By Rachel O'Brien (August 26, 2020, 3:59 PM EDT) -- Yodlee users have sued the financial data aggregator in California federal court for allegedly collecting and selling highly sensitive banking data from tens of millions of users in secret, accusing the software company of maintaining a "grossly inadequate approach to data security."

New Jersey resident Deborah Wesch filed the proposed class action Tuesday, alleging California-based Yodlee Inc. and its parent company, Envestnet Inc., violate users' privacy rights and several state and federal laws by collecting and selling data without their knowledge or consent.

The complaint cites unspecified reports that allege Yodlee is "mishandling" the highly sensitive data by distributing it in...

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