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...

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