TD Bank Reaches Settlement With Plaid Accused of Trademark Infringement
TD Bank settled a lawsuit it lodged against data aggregator Plaid, alleging that the San Francisco-based company infringed on TD’s trademark in order to deceive consumers into providing personal data.
Settlement Reached Amicably
Lynsey Wynberg, TD’s spokesperson, and Claudia Lo, Plaid’s spokesperson, confirmed to The Canadian Press that a settlement had been reached but declined to disclose its terms.
Judge Renee Marie Bumb of New Jersey stated that the lawsuit had been dismissed, and the parties were ordered to shoulder their own costs after TD demanded dismissal based on the companies’ friendly resolution.
In October, TD sued Plaid, alleging that the financial services company designed a user interface for financial services applications that violated the bank’s trademarks, logo, and green color scheme.
Plaid Denies it “Duped” People
The Canadian Press reports that TD Bank said that Plaid’s interface “dupes” clients into believing they are submitting private information into TD Bank’s trusted platform. Plaid would then be able to monetize the data, TD asserted.
Plaid denies the allegations and stated that the Plaid Trademark Lawsuit caught it off guard, considering it had already been dealing with TD bank to resolve the matter.
Plaid has been sued in the past for trademark infringement. In August, the company agreed to pay a $58 million settlement to address a lawsuit alleging that it wrongfully accessed clients’ private data on Venmo and Coinbase.
Plaintiffs accused Plaid of designing a login page that looked and felt identical to the login screens of their bank accounts in a lawsuit filed in May 2020.
Editor’s Note on Plaid Trademark Settlement With TD Bank Finalized:
This article is written to inform you of the settlement reached between TD Bank and Plaid over allegations that the data aggregator “duped” the bank customers. We also recommend you the TD Bank Overdraft Charges Lawsuit.
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