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TD Bank Personal Data Settlement:
- Who: TD Bank has settled a lawsuit with Plaid, a financial services company and data aggregator.
- What: The lawsuit accused Plaid of trademark infringements that duped customers into giving away their personal data.
- Where: The settlement occurred in New Jersey court.
TD Bank has settled a lawsuit it brought against data aggregator Plaid in which the San Francisco-based company was accused of infringing on TD’s trademark to dupe consumers into handing over personal data.
TD spokeswoman Lynsey Wynberg and Plaid spokeswoman Claudia Lo confirmed to The Canadian Press that a settlement was reached but declined to share its terms.
New Jersey Judge Renee Marie Bumb said that the case had been dismissed and both parties had been ordered to cover their own costs after TD requested dismissal due to the companies settling the matter “amicably.”
TD sued Plaid in October alleging that the financial services company created a user interface for financial services applications that infringed on the bank’s trademarks, logos and green color scheme.
According to The Canadian Press, the bank argued that Plaid’s interface “dupes” consumers into believing they are entering personal information into TD Bank’s trusted platform. Plaid could then monetize that data, TD alleged.
Plaid Has Denied Allegations That It “Duped” TD Bank Customers
Plaid denied the allegations and said it was caught off-guard by the lawsuit as it had already been working with the bank to resolve the issue.
This isn’t the first time Plaid has faced a lawsuit accusing trademark infringement. In August, the financial services company agreed to pay $58 million to settle a lawsuit accusing it of accessing consumers’ private data on Venmo and Coinbase without their consent.
In the class action lawsuit filed in May 2020, plaintiffs accused Plaid of setting up a login page that mirrored the look and feel of the login screens of their own bank accounts.
Have you ever used Plaid? Tell us your experience in the comments section below!
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One thought on TD Bank Reaches Settlement With Data Aggregator Accused of Trademark Infringement
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