(Toronto) TD Bank’s U.S. subsidiary settled a lawsuit against a data aggregator it accused of using its logo to trick its users into submitting personal data that could then be monetized.
In a New Jersey court order, Judge Renee Marie Bumb said the TD versus Plaid case was dropped and both parties were ordered to cover their own costs.
Documents filed before the order show that the bank requested that the case be dropped because it was settled “out of court.”
The case began in October, when TD filed a lawsuit accusing Plaid of creating a user interface for financial services applications that violates the bank’s trademarks, logos and the green color associated with the bank.
The bank argued that Plaid’s interface “tricked” consumers into believing they were entering personal information into TD Bank’s platform.
Plaid denied attempting to trick users into giving out personal information and said it was caught off guard when the bank filed its lawsuit, as it had been working to resolve the issue with TD for some time.