Settlement Status: Paid Out
Deadline: Passed
Estimated Payout: $35.97
Proof Required: No
Payment Methods: PayPal / Direct Deposit / Venmo
Settlement Payments
As of November 2022, individuals affected by the Plaid Class Action Settlement have reported receiving payments of $35.97. Check your email, PayPal, and Venmo for notifications regarding these payments.
Second Chance Payments
Consumers who qualified for the initial payout are now receiving notifications via email and mail about a second chance to claim their funds, which can be received through:
- Venmo
- PayPal
- Direct Deposit
If you have any questions, please contact the Plaid Class Action website administrators.
Overview of the Settlement
A $58 million settlement has been distributed to users of Plaid Inc., which connects with approximately 5,000 financial apps. Payments of $35.97 have been reported by consumers in their inboxes, PayPal accounts, and Venmo statements. The class action alleged that Plaid engaged in improper practices related to data collection and user authentication.
Specifically, it was claimed that Plaid:
- Collected more financial data than necessary.
- Acquired users’ login credentials through its interface, “Plaid Link,” which mimicked the appearance of users’ actual bank login screens.
Approval and Payout Details
The settlement received final approval from Judge Donna Ryu of the U.S. District Court for Northern California on November 17, 2022. Over a million consumers submitted claims to receive compensation from the $58 million settlement fund.
What’s Next for Plaid?
The settlement has been approved and payouts are underway for class members who submitted valid claims.
Post-Approval Process
Class action settlements typically take time to process claims and issue payments after final approval. This waiting period allows for any potential appeals. In the case of Plaid, the processing took a matter of months rather than years, which is common in many other class actions.
Payout Details
The $58 million Settlement Fund was established for cash payments to class members with valid claims, after deducting administrative costs, attorneys’ fees, and service awards for class representatives. Each payout was reported to be $35.97.
Claim Filing Information
The deadline to submit a claim was April 28, 2022. After final approval in July 2022.
Please be aware that your claim form will be rejected if it contains fraudulent information. By submitting your information and your sworn statement of its accuracy, you are agreeing to do so under penalty of perjury. Submitting false information not only jeopardizes your claim but also affects others who are genuinely eligible for the settlement. If you are uncertain about your eligibility for this class action settlement, please visit the class action administrator’s website for more information. Note that NoProofClassActions.org participates in the Amazon affiliate advertising program, and this post may include affiliate links, which could result in us earning a commission if you make a purchase through those links.
