Plaid ‘stunned’ by TD Financial institution trademark swimsuit, denies allegations

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The fintech agency Plaid is denying trademark infringement and false promoting allegations introduced by TD Financial institution in a lawsuit this week.

Plaid executives stated they’d been in talks with TD Financial institution “for fairly a while” over the problems and had been caught off-guard by the formal swimsuit. In a complaint filed in federal court on Wednesday, TD accused the information aggregator of utilizing the financial institution’s colour scheme and emblem to “dupe” prospects into offering their usernames and passwords to Plaid, which makes use of these credentials to gather customers’ transaction knowledge and promote the knowledge to 3rd events.

“We had been stunned by TD Financial institution’s choice to file swimsuit within the midst of our good-faith discussions, that are nonetheless ongoing,” Plaid stated in an announcement Friday. “Plaid just isn’t utilizing TD Financial institution’s logos in an unfair method.”

TD, which is the U.S. unit of Canada’s Toronto-Dominion Financial institution, stated in its lawsuit that it first raised the issues with Plaid in April and was unable to achieve a decision earlier than turning to the courts.

Plaid stated its “position and involvement are made clear and our move helps shoppers guarantee they choose the appropriate account to hyperlink to their apps,” in response to the corporate’s assertion. A number of different corporations have raised complaints about Plaid’s alleged misrepresentation and storing of delicate data outdoors of banks’ safe servers.

“We’ve been working with TD for fairly a while, and are upset that they resorted to litigation and false allegations — Plaid is publicly recognized for by no means promoting or renting shoppers’ private data,” Plaid stated.

TD Financial institution is in search of $2 million for every kind of service Plaid has bought utilizing the financial institution’s logos, together with different damages.

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