The Toronto-Dominion Bank has filed a lawsuit in the U.S. District Court for the District of New Jersey against the data aggregator, Plaid of trademark infringement, and false advertising.
The plaintiff alleges that the defendant is unlawfully using the bank’s name, trademarks, and logos when Plaid’s fintech clients use its technology and services to link bank accounts and financial data to their financial and payment apps.
The plaintiff reportedly said that the defendant created a user interface that uses the Bank’s trademark, logos, and green color scheme to mimic the bank’s actual login page into deceiving customers into believing they are imputing their sensitive details in the bank’s trusted and secure platform.
The plaintiff reportedly accused the defendants of storing the login information on Plaid’s servers and mining it for transaction history and other information that can be sold to third parties.
The plaintiff alleges that the infringement has caused lots of damages, tarnishment of the bank’s brand and reputation, unfair competition, and public confusion.
TD is seeking monetary compensation, including up to $2 million in statutory damages for each type of service sold, offered for sale or distributed by the defendant under the TD marks, no less than $75,000 in actual damages; and punitive damages in an amount to be determined.
The case is ongoing.
THE TORONTO-DOMINION BANK v. PLAID INC.
|Judge:||Renee Marie Bumb|
|Court:||California Central District Court|
|Nature of Suit:||Trademark|
|Case Filed:||Oct 14, 2020|