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

By Ben Kochman (August 6, 2021, 6:35 PM EDT) -- Plaid Inc. has agreed to pay $58 million to end a proposed class action lawsuit accusing the financial services company of unlawfully accessing the personal banking data of users of popular apps like Venmo and Coinbase without their consent, with attorneys for the consumers seeking up to $14.5 million in fees.

Proposed terms of a settlement filed in California federal court late Thursday call for the San Francisco-based company — whose software helps connect app users with their bank accounts — to set up a $58 million cash fund to compensate users across the country whose bank accounts Plaid accessed using login information obtained...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!