Class Action Alleges Visa-Acquired Co Was ‘Data Plumbing’ Venmo, Cash App & More

Regulation

June 25, a new class action was filed in California against fintech startup Plaid, which was acquired by Visa for $5.3 billion earlier this year. The plaintiffs allege that Plaid violated privacy and data protections by accumulating and monetizing financial transactions of millions of users.

The complaint alleges that the company accumulated this data by “data plumbing” popular services like Venmo, Stripe, Square’s Cash App and Robinhood. It purports that Plaid knew:

“Every dollar you deposit or withdraw, every dollar you charge or pay to your credit card, and every dollar you put away for retirement, within hours after you make the transaction. Imagine this includes every book or movie ticket or meal you purchase, every bill you pay to a doctor or hospital, and every payment you make (or miss) on your mortgage, student loan or credit card bill.”

Cointelegraph will update this article as more information becomes available.

Products You May Like

Articles You May Like

DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs
While Washington dithers, Wyoming and other US states mine for crypto gold
RUNE soars after Multichain capital reveals large position
Exchange listings and NFT boom back Enjin’s (ENJ) 52% rally to a new high
The United Arab Emirates chase crypto and blockchain adoption

Leave a Reply

Your email address will not be published. Required fields are marked *