Plaid to Pay $58 Million to Users of Venmo, Robinhood, and More

Users turned to the internet to find out if the emails they received were legitimate or not. There is a chance that you could be owed money from the recent $58 million class action settlement.

Plaid allows users to connect their bank accounts to thousands of different apps, from mobile banking and savings apps to business services and payment apps. When I wrote this article, I used Plaid to function in one of my go-to apps. Thousands of apps rely on Plaid, including Venmo, American Express, Capital One, and Wells Fargo.

A class action lawsuit was brought by users who claimed that the company obtained their bank login information and gathered more data than was necessary.

According to the complaint, the company designed its Plaid Link interface to have the look and feel and their bank accounts login screens, which led them to enter their usernames and passwords. The usernames and passwords were given to Plaid. The app they were using, Plaid, obtained more financial information and data than it was authorized to.

The allegations have been denied by Plaid. The court has not ruled on whether the company is guilty of what it is accused of.

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The statement on the settlement's website says that the court or other entity has made no findings against Plaid.

How do you know if you are owed money? If you used an app that relied on Plaid to connect to your bank account, there is a good chance you will be paid. Considering the number of apps that use Plaid and the time period covered in the complaint, it is not likely that you will get a lot of money.

It is easy to find out if your app used Plaid. You can search for apps and services on the settlement website. You may have received a notice by mail or email that you are part of the affected class. You have to submit a claim form before April 28, 2022.

I would check my inbox to make sure the notice didn't get sent accidentally. I would look to see if my financial apps show up on the website. You might not get a lot of money out of this, but free money is free money.