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 company European Society for Data Protection (EuGD) has filed a lawsuit against the robo-advisor Scalable Capital. This is supposed to be about claims for damages from affected customers, writes Gründerszene. 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 data, account numbers and other sensitive data of 30,000 customers were stolen. Apparently, the thieves are trying to offer the data on the Internet. There are also reports of blackmail attempts, writes Capital.

EuGD is said to have already been contacted by 800 customers. 200 more have registered with Kedapro's lawyers. Kedapro also plans to file a lawsuit soon, reports Gründerszene. With both providers, affected parties can register online and have their claims reviewed. EuGD expects up to 5,000 euros in damages per victim in the best case. With the already 1,000 registered customers, that would be five million euros in damages for Scalable Capital.