Plaid’s $58 Million Privacy Settlement Gets Early Approval (1)

A $58 million deal settling claims fintech company Plaid Inc. violated users’ privacy was preliminarily approved by a California federal judge.

The settlement sum is “fair and adequate,” Magistrate Judge Donna M. Ryu wrote in an order filed Nov. 19 in the U.S. District Court for the Northern District of California.

Plaid did not sell consumer data as alleged in the lawsuit, and the company appreciates the court’s “well-reasoned” order granting approval to the settlement, a Plaid spokesperson said.

“Though the lawsuit does not accurately portray Plaid’s practices or commitment to consumer privacy, the Company believes it is the best ...