TD’s U.S. subsidiary reached an undisclosed agreement with San Francisco-based Plaid over a lawsuit filed last October that accused the fintech of infringing on the bank’s trademark, logos and colour scheme. (The Canadian Press)

Talking point: The lawsuit highlights the divide between banks and fintechs over the use of customer data—a dispute that is playing out in Canada now, with differing perspectives around how to implement open banking. In this case, TD claimed that Plaid tricked customers into thinking they were using the bank’s platform by using its logo as part of its service; Plaid, which has been weighing a large expansion into Canada, denied the allegations. Canadian banks have opposed proposals that would force them to share data with third parties, often arguing that customer information could be compromised. Meanwhile, fintechs have accused banks of hoarding customer data to stave off competition. On Thursday, TD beat profit estimates and raised dividends after a pandemic-related ban on bank stock buybacks and dividend hikes expired.