FTC Probes Huge Financial Data Broker Yodlee
Envestnet, the largest financial data broker in the country and which owns Yodlee, sells bank and credit card transactions of tens of millions of Americans.
The Federal Trade Commission (FTC) has sought investigative documents from huge financial data seller Envestnet. Envestnet, via a company it acquired called Yodlee, sells the bank and credit card transaction data of tens of millions of Americans to investment and research firms, which show how much people spent and where.
"In February 2020, we received a civil investigative demand from the FTC for documents and information relating to our data collection, assembly, evaluation, sharing, correction and deletion practices," an Envestnet document, filed with the Securities and Exchange Commission (SEC) in February, reads.
On Wednesday, lawyers filed a class action lawsuit against Envestnet and Yodlee in the Northern District of California, seeking damages for Yodlee allegedly selling individuals' data without taking proper security protections and sharing the data in unencrypted files.
https://www.vice.com/en_us/article/k7q53n/ftc-envestnet-yodlee-class-action-lawsuit
#US #FTC #Envestnet #Yodlee #data #broker #lawsuit
Envestnet, the largest financial data broker in the country and which owns Yodlee, sells bank and credit card transactions of tens of millions of Americans.
The Federal Trade Commission (FTC) has sought investigative documents from huge financial data seller Envestnet. Envestnet, via a company it acquired called Yodlee, sells the bank and credit card transaction data of tens of millions of Americans to investment and research firms, which show how much people spent and where.
"In February 2020, we received a civil investigative demand from the FTC for documents and information relating to our data collection, assembly, evaluation, sharing, correction and deletion practices," an Envestnet document, filed with the Securities and Exchange Commission (SEC) in February, reads.
On Wednesday, lawyers filed a class action lawsuit against Envestnet and Yodlee in the Northern District of California, seeking damages for Yodlee allegedly selling individuals' data without taking proper security protections and sharing the data in unencrypted files.
https://www.vice.com/en_us/article/k7q53n/ftc-envestnet-yodlee-class-action-lawsuit
#US #FTC #Envestnet #Yodlee #data #broker #lawsuit
Vice
FTC Probes Huge Financial Data Broker Yodlee
Envestnet, the largest financial data broker in the country and which owns Yodlee, sells bank and credit card transactions of tens of millions of Americans.