If you use an online payment or financial app such as Venmo, American Express, Robinhood, Coinbase, Chime, or Credit Karma, you may be eligible for part of a $58 million settlement.
To link your bank account to payment apps, a company called Plaid acted as an intermediary, allowing you to log in using your online banking credentials. This company has been the subject of a class action lawsuit accusing it of collecting “more financial data than necessary” from customers.
Plaid did not have to admit any wrongdoing as part of the settlement.
“The allegations raised in the lawsuit do not reflect our practices,” a Plaid spokesperson said. CBS. “We help consumers securely connect their financial accounts to the apps and services they rely on. As Plaid has evolved from back-end infrastructure for developers to providing front-end solutions, we have become an industry leader in consumer privacy practices. We don’t, and we have never sold data.”
If you logged into an app that uses Plaid between January 1, 2013 and November 19, 2021, you may be eligible for a portion of the settlement. Don’t expect too much money, because Plaid is used by over 5,500 apps with over 98 million users.
You can check if you are eligible and file a claim on Plaid’s settlement website. You have until April 28, 2022 to submit a claim.