Suit filed to protect TD’s U.S. customers and brand from Plaid's unauthorized use of TD's name, logos and trademarks
TD Bank, America's Most Convenient Bank®, today issued the following statement related to a lawsuit filed by Toronto-Dominion Bank in U.S. District Court, District of New Jersey, against data aggregator Plaid. In its lawsuit, TD states that Plaid has engaged in trademark infringement and false advertising through its unlawful use of TD's name, trademarks and logos when consumers use Plaid's product to link consumers' bank accounts and financial data to third-party fintech and payment apps.
"After repeated attempts to work through these issues with Plaid, TD is taking legal action to protect our customers and our brand," said Greg Braca, President and CEO, TD Bank, America's Most Convenient Bank®. "Plaid's intentional, unauthorized use of TD's name, trademarks and logos is deceptive. By mimicking TD's login screen, Plaid creates the false impression that consumers are engaging directly with TD Bank or entering their banking credentials into TD's secure digital and mobile app platforms or a platform authorized by TD, when that is not the case."
Braca continued: "At TD Bank, we believe that transparency is vital when consumers are using Plaid's product and third-party financial apps. TD's customers have a right to know who they are sharing their account and financial information with, and how their personal information will be used."
In its lawsuit, TD is asking the court to order Plaid to cease and desist its unauthorized use of TD's name, trademarks and logos when providing its services.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.
Vice President, Corporate Communications Manager