Full Answer
Could you be entitled to part of a $58 million Plaid settlement?
If so, you could be entitled to part of a $58 million payout from Plaid, the result of a class-action lawsuit settlement that claimed the company collected an excessive amount of user data. The name might not be familiar, but Plaid connects many of the world's largest fintech services to consumers' bank accounts.
When will the Plaid class action settlement be approved?
Final approval was granted for this class action settlement on July 20, 2022. EDITOR’S NOTE: This content has been sponsored and edited for clarity in collaboration with the sponsor. Plaid Inc. has agreed to pay $58 million to end class action lawsuit claims that it violated data privacy laws.
How much does it cost to settle a class action lawsuit?
The judge also ruled that the considerable cost for multiple attorneys on this lawsuit required paying a fee of $11 million. In November, the federal court preliminarily approved the settlement. Out of the approximately 98 million eligible class members, five submitted timely objections.
How many clients does Plaid have?
It boasts a client list of over 5,500 apps and is used by tens of millions of people in North America. Fast Company writes that Plaid faced a class-action lawsuit over allegations it gathered "more financial data than was needed."
How much will I get from Plaid?
The named claimants will get $5,000 each. Any money left over will be donated to two nonprofits. The larger issue for Plaid is the agreement on its policies going forward.
How much will I get from the Bank of America settlement?
What does the Settlement provide? Bank of America has agreed to establish a Settlement Fund of $27.5 million from which Settlement Class Members will receive payments or Account credits. The amount of such payments or Account credits cannot be determined at this time.
How does Plaid get paid?
Plaid makes money by charging a variety of fees for connecting and using its service. The company operates on a freemium business model. Founded in 2012, Plaid has risen to become one of the world's most valuable FinTech companies. It is currently being valued at $13.4 billion.
What is the largest settlement ever paid out?
The 1998 Tobacco Master Settlement Agreement is also the biggest civil litigation settlement in US history. At USD246 billion, it is unlikely to be beaten any time soon. The case was brought against all the major tobacco companies by more than 40 US states.
How much will I get from the Morris vs Bank of America settlement?
A North Carolina federal judge has granted final approval to a $75 million settlement between Bank of America and a class of customers while also authorizing a $25 million award for the lead attorneys who litigated the class' claims that the bank improperly charged overdraft and other fees to customers whose accounts ...
Where is my Bank of America settlement check?
Class members can expect settlement awards to be received by April 30, 2022. To view your check status, click here. Questions? Contact the Settlement Administrator at 1-855-654-0890.
How many banks is Plaid connected to?
Institution coverage Authenticate accounts from ~11,500 banks and credits unions in the U.S.
What banks work with Plaid?
Plaid delivers reliable and easy integration to thousands of bank APIs so that you can seamlessly power your Fintech innovationAlly Bank.Discover.Fifth Third Bank.Huntington Bank.KeyBank.M1 Finance.Mos.Navy Federal Credit Union.More items...
Who are plaids customers?
Plaid has over 5,500 customers, including PayPal Holdings (PYPL), Robinhood Markets (HOOD), SoFi Technologies (SOFI), and Coinbase (COIN).
What happens if you win a civil suit?
When you "win" a civil case in court, the jury or judge may award you money damages. In some situations the losing party against whom there is a judgment (also known as a debtor), either refuses to follow the court order or cannot afford to pay the amount of the judgment.
What is the most someone has ever sued?
Former Washington, D.C., Administrative Judge Roy Pearson made headlines in 2007 when he sued a local dry cleaner, claiming it had lost a prized pair of pants he planned to wear on his first day on the bench in 2005. Pearson initially asked for $67 million but later reduced that to $54 million.
Who has had the biggest lawsuit in history?
$206 billion The largest civil litigation settlement in U.S. history occurred in 1998 between the attorneys general of 46 states, Washington, D.C., and five U.S. territories, and the nation's four largest tobacco companies.
What's going on with the Bank of America lawsuit?
Bank of America agreed to pay $8 million to end class action claims it hit customers with multiple fees on the same checks in violation of their account agreements. Plaintiff Steven Checchia filed a motion June 9 in a Pennsylvania federal court, asking a judge to grant approval to the deal.
How much is the Farrell vs Bank of America settlement?
Bank of America NA has agreed to pay $66.6 million to end a putative class action claiming it violated usury laws by charging account holders an additional $35 fee for failing to replenish their overdrawn accounts within five days, according to documents filed in California federal court Tuesday.
What was the outcome of the Blue Cross Blue Shield settlement?
The tentative $2.67 billion settlement was reached in October 2020 after more than 35 Blue Cross Blue Shield health insurance plans, including Highmark, were sued for allegedly violating antitrust laws, according to https://www.bcbssettlement.com, the settlement's official website.
Can my lawyer cash my settlement check?
While your lawyer cannot release your settlement check until they resolve liens and bills associated with your case, it's usually best to be patient so you don't end up paying more than necessary.
Plaid Class Settlement
A Settlement has been proposed in class action litigation against Plaid. Approximately 5,000 mobile and web-based apps use Plaid to enable users to connect the app to the users’ bank accounts. This class action alleges Plaid took certain improper actions in connection with this process.
Who Is Eligible?
You may be a Class Member if you are a United States resident and you connected a financial account to an app between January 1, 2013 and November 19, 2021.
How Much?
The total settlement is for $58M, but the settlement website says they can’t give an estimate until they see how many people file for a claim.
Our Verdict
Most readers of this site have used Plaid multiple times to connect any of dozens of apps to their bank accounts. On the form they ask for the names of the financial institution and app which you used Plaid to connect and leaves room for 8 inputs.
How much is the Plaid settlement worth?
Of the total $58 million, $14.5 million will go to lawyers on the case. The remaining amount will be split up between the up to 98 million people — whoever files a claim. If everyone did, the settlement would be worth about 44 cents apiece. The named claimants will get $5,000 each. Any money left over will be donated to two nonprofits.
How much did Plaid settle?
Plaid has reached a $58 million settlement this week in a class-action lawsuit to address privacy allegations against the company. Plaid admitted no wrongdoing in the settlement, but agreed to a number of terms on how it informs consumers on the data it collects.
What is the larger issue for Plaid?
The larger issue for Plaid is the agreement on its policies going forward. In the agreement Plaid agreed to several things, including providing more details about financial information it collects and operating a portal for consumers to manage their data.
When did plaid link start?
Plaid has previously said that it has been informing consumers of the data it collects on Plaid Link, which first launched in 2015 but has changed substantially since then.
Did Visa buy Plaid?
Plaid agreed to be acquired last year by Visa, but the deal fell through after regulatory opposition — and Plaid went on to raise new funding at a value of $13.4 billion, almost triple what the Visa deal was worth. More recently Plaid, facing legal and regulatory pressures, has been focusing on making itself more accessible to consumers so that they can manage and change their connections between financial companies.
Is Plaid settlement a de facto standard?
While that rule-making is in process and until it is complete, given Plaid's current reach in the industry, the terms of the settlement could become a kind of de facto standard for how fintech companies, banks and aggregators inform consumers about how they're using their financial data.
Does plaid store data?
Plaid also agreed to provide an explanation of its data deletion and retention policies, and to only store data that the user specifically requests or is needed.
What's This Settlement About?
A $58 Million Settlement has been proposed in class action litigation against Plaid Inc. (“Plaid”). Approximately 5,000 mobile and web-based applications (“apps”) use Plaid to enable users to connect the app to the users' bank account (s).
How Do I Qualify?
You may be a Class Member if you are a United States resident and you connected a financial account to an app between January 1, 2013 and November 19, 2021.
What Can I Get?
This Settlement establishes a $58 million Settlement Fund, to be used for cash payments to Class Members who submit valid claims for compensation, after deducting the costs of the settlement administration, court-approved attorneys' fees and expenses, and Service Awards for eleven Class Representatives.
How Do I File a Claim?
Class Members wishing to make a claim must submit a claim form online HERE . The deadline for submitting a claim is April 28, 2022. Only one claim form may be submitted per household.
Plaid Class Settlement
- Plaid Settlement website | FAQ A Settlement has been proposed in class action litigation against Plaid. Approximately 5,000 mobile and web-based apps use Plaid to enable users to connect the app to the users’ bank accounts. This class action alleges Plaid took certain improper actions in connection with this process. The allegations include that Plaid: (1) obtained more financial dat…
Who Is Eligible?
- You may be a Class Member if you are a United States resident and you connected a financial account to an app between January 1, 2013 and November 19, 2021. More specifically, you are a Class Member if you own or owned one or more Financial Accounts that Plaid accessed using your login credentials and connected to a mobile or web-based app that enables payments or ot…
How Much?
- The total settlement is for $58M, but the settlement website says they can’t give an estimate until they see how many people file for a claim.
Important Dates
- April 28, 2022 is the final date to file a claim
- May 12, 2022 is the date of the final hearing
- January 1, 2013 to November 19, 2021 is the time period at issue in this lawsuit
Our Verdict
- Most readers of this site have used Plaid multiple times to connect any of dozens of apps to their bank accounts. On the form they ask for the names of the financial institution and app which you used Plaid to connect and leaves room for 8 inputs. Many of us will have much more than 8, but from the FAQ it seems you won’t get more than a single share in the class settlement; I don’t se…