Plaid's $58 Million Privacy Deal Gets Early Sign-Off

By Ben Kochman (November 24, 2021, 6:53 PM EST) -- A $58 million deal settling claims that fintech company Plaid Inc. unlawfully accessed app users' personal banking data without getting consent is a "fair and adequate compromise" given the uncertainty of consumers winning at trial, a California federal judge said.

U.S. District Judge Donna M. Ryu has given preliminary approval to a settlement reached in August between Plaid and a proposed class of users of popular apps like Venmo and Coinbase whose bank account data Plaid accessed after Jan. 1, 2013.

Out of a potential class of 98 million people, between 1% and 4% are expected to make a claim, and...

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