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Plaid's $58 million privacy settlement scrutinized by US magistrate judge

By Amy Miller ( September 30, 2021, 22:04 GMT | Insight) -- Plaid’s $58 million privacy settlement appears to provide “significant relief,” US Magistrate Judge Donna Ryu said at a preliminary approval hearing. But Ryu still wants lawyers to provide additional information about how they estimated the size of the settlement class, and how much money individuals could actually receive. If approved, the deal will resolve allegations that Plaid, a financial-technology startup that connects users' bank accounts to payment apps like Venmo and Stripe, violated customers’ privacy by accessing and selling their banking information without permission. Additional details about Plaid’s $58 million privacy settlement were requested by a US magistrate judge at a preliminary approval hearing today....

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