Full Answer
Is there a settlement with Plaid?
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).
Are You entitled to part of Plaid's $58 million payout?
Why it matters: Are you a US resident who uses American Express, Venmo, Robinhood, Coinbase, or other similar financial apps? 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.
What is the final date for Plaid settlement hearing?
According to Top Class Actions, a final hearing is slated for May 12, 2022. It’s expected that about 25 percent of the settlement funds will go to the plaintiffs’ attorneys. Is Plaid publicly traded?
When do I have to submit my plaid claim form?
April 28, 2022 — Claim Forms Must Be Submitted Online By This Date or Postmarked By This Date if Mailed A 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).
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.
Venmo users are eligible for the Plaid settlement
Plaintiffs in the Plaid class action lawsuit claimed that Plaid unlawfully used data obtained on consumers. The company is alleged to have exploited its position to obtain user login information and sell transaction histories.
How can individuals file a claim for the Plaid settlement?
Consumers who can receive a payment from the settlement include users of financial accounts that were accessed by Plaid. Plaid must have accessed one or more of your financial accounts or obtained your login credentials between January 1, 2013, and November 19, 2021. You must also have been a U.S. resident at that time in order to file a claim.
Is Plaid publicly traded?
Plaid has been through some ups and downs, namely with a failed Visa merger in 2021. Plaid isn’t publicly traded, although an IPO is still a possibility. In December 2021, Crunchbase named Plaid as one of 30 startups it deemed likely to go public in 2022. Other fintech firms named in that piece included Klarna, Chime, and Stripe.
