Lawsuit filed against Scalable Capital

In October, it became known that user data had been stolen. Now the first consumer advocates are filing a lawsuit against the financial start-up.

The European Society for Data Protection (EuGD) has filed a lawsuit against the robo-advisor Scalable Capital. According to Gründerszene, this is about claims for damages from affected customers. In mid-October, the Munich-based fintech start-up Scalable Capital announced that it had fallen victim to a so-called inside hack. According to the report, copies of IDs, contact details, account numbers and other sensitive data of 30,000 customers were stolen. The thieves are apparently trying to offer the data on the Internet. There are also reports of attempts at blackmail, writes Capital.

It is said that 800 customers have already contacted EuGD. A further 200 have registered with Kedapro's lawyers. Kedapro also intends to file a lawsuit soon, reports Gründerszene. Those affected can register online with both providers and have their claims checked. In the best-case scenario, EuGD expects to receive up to 5,000 euros in compensation per victim. With 1,000 customers already registered, that would be five million euros in damages for Scalable Capital.