Emerson Firm Announces Investigation Regarding Alleged Mishandling of Personal Financial Data By Data Aggregator Yodlee, Inc.

Saturday, 12. September 2020 02:45

HOUSTON, Sept. 11, 2020 (GLOBE NEWSWIRE) -- Emerson Firm, PLLC (“Emerson”), a law firm in Houston, Texas, announces that it is continuing its investigation regarding the alleged mishandling of individuals’ personal financial data by Yodlee, Inc. (“Yodlee”).  One of our colleagues recently filed a class action complaint on behalf of individuals whose financial information was collected and stored by the fintech app Yodlee.  The defendants are Yodlee and Envestnet, Inc. (“Envestnet”).  Yodlee is aa subsidiary of Envestnet which provides unified wealth management technology and products to financial advisors and institutions. Their flagship product is an advisory platform that integrates the services and software used by financial advisors in wealth management.

Yodlee is one of the largest financial data aggregators in the world. Its business focuses on selling highly sensitive data, such as bank balances and credit card transaction histories, to advertisers, investors, researchers, and other third parties. Yodlee's software is designed to act as an intermediary to connect bank accounts to apps such as PayPal; however, users are not informed that Yodlee gathers their information, or that Yodlee stores their information long after using it to facilitate the connection. Reports have revealed that Yodlee is mishandling the data by distributing it in unencrypted plain text files. As a result, class members are at risk for fraud and identity theft. 

If you are a person in California or elsewhere in the U.S. whose accounts at a financial institution were accessed by Yodlee using login credentials obtained through Yodlee's software incorporated in a mobile or web-based fintech app that enables payments or money transfers then you may be affected.  If you are concerned about your rights in this situation, please contact plaintiffs’ counsel, Emerson, via e-mail to John G. Emerson (jemerson@emersonfirm.com) or at the following toll-free number: 800-551-8649.

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