January 21, 2022

Plaid Settlement Email: Scam or Legit $58M Class Action Settlement?

Got the Plaid Settlement Class Action email from Plaid Inc and now searching if it is legit? Search no more. This alert provides enough information about the Class Action Settlement from plaidsettlement.com. Due to the rise in online scams, we provide genuine reviews that help you decide if a platform is scam or legit or worth your time. Do not disclose your details to any platform or pay for any service without checking its authenticity.

What You Must Know About The Class Action Litigation Against Plaid Inc

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). This class action alleges Plaid took certain improper actions in connection with this process. The allegations include that Plaid: (1) obtained more financial data than was needed by a user’s app, and (2) obtained log-in credentials (username and password) through its user interface, known as “Plaid Link,” which had the look and feel of the user’s own bank account login screen, when users were actually providing their login credentials directly to Plaid. Plaid denies these allegations and any wrongdoing and maintains that it adequately disclosed and maintained transparency about its practices to consumers.

Under the Settlement, Plaid has agreed to minimize the data it stores going forward, to delete certain previously retrieved data, and to improve and maintain certain already-implemented enhancements to Plaid Link. Class Members are also able to view and manage the connections they’ve made between their financial accounts and chosen applications using Plaid, and delete data stored in Plaid’s systems by creating a Plaid Portal account, at my.plaid.com.

In addition, the 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. The amount of monetary payments issued to Class Members will depend on the number of valid claims received. In exchange for the benefits the Settlement provides, Class Members will release any and all claims they may have (whether known or unknown) regarding the allegations in the Complaint.

The Court will decide whether to approve the proposed Settlement. If approved, the Settlement will resolve the litigation entitled In re Plaid Inc. Privacy Litigation, Case No. 4:20-md-03056, which is pending before Judge Donna M. Ryu in the Northern District of California.

The class action settlement approval process may take several months, or more if there is an appeal.

Are you entitled to this settlement?

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” (defined in Question 7) that Plaid accessed using your login credentials and connected to a mobile or web-based app that enables payments or other money transfers; or for which you provided Financial Account login credentials to Plaid through Plaid Link; between January 1, 2013 and November 19, 2021.

To confirm whether specific apps or services that connected to your financial account(s) used Plaid for account connections, you can run a search on the SEARCH FOR APP/SERVICE page of this website by visiting https://plaidsettlement.com/search.php.

How to File a Claim

To claim a cash payment, you need to file a claim form. There are two options to file your claim:

(1) File Online: You may fill out and submit the claim form online at www.PlaidSettlement.com. This is the quickest way to file a claim.

(2) File by Mail: Alternatively, you can download a hard copy of the claim form (available on the Important Documents page), or ask the Settlement Administrator to mail a claim form to you by calling 855-645-1115. Fill out your claim form, and mail it (including postage) to: In re Plaid, Inc. Privacy Litigation, c/o Settlement Administrator, 1650 Arch Street, Suite 2210, Philadelphia, PA 19103.

The deadline to file a claim is April 28, 2022 (this is the last day to file online and postmark deadline for mailed claims)

Is it the Plaid Settlement Class Action a Scam?

NO. It is not a scam. It is legitimate. It was listed in the United States District Court for the Northern District of California with Case No. 4:20-md-03056

Reference: https://plaidsettlement.com/

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