Plaid Data Privacy $58M Class Action Settlement

Update:

• This class action settlement is paying out $35.97 as of Nov. 18, 2022.
• Congratulations to everyone who filed a claim and got paid!

EDITOR’S NOTE: This content has been sponsored and edited for clarity in collaboration with the sponsor.

Plaid Inc. has agreed to pay $58 million to end class action lawsuit claims that it violated data privacy laws.

The settlement benefits any U.S. resident who owns or owned one or more “financial accounts” accessed by Plaid, or for which Plaid obtained their login credentials, between Jan. 1. 2013, and Nov. 19, 2021, and the Class Member was a U.S. resident at the time.

For purposes of this settlement, “financial accounts” refers to any checking, savings, loan, or other account at a financial institution that Plaid accessed using the user’s login credentials and connected to a mobile or web application enabling payments or other money transfers, or for which a user provided financial account login credentials to Plaid via Plaid Link.

Plaintiffs in the Plaid data privacy class action lawsuit alleged the company acted improperly when it obtained users’ financial account login information.

Plaid Inc. works with more than 5,500 fintech partners, according to its website, powering consumer-facing apps and other services. Some of the more popular apps that use Plaid include Chime, Venmo, and Stripe, among others.

While the exact amount of each Class Member’s payment has not yet been determined, each Class Member filing a valid claim will receive an equal proportionate share of the $58 million settlement fund after attorneys’ fees and other expenses have been deducted.

Each Class Member may file one claim.

In addition, Plaid must also delete certain data from its systems, inform Class Members of the ability to use Plaid Portal to manage connections and delete data, minimize the data the company stores, and take other measures.

A final approval hearing in the Plaid data privacy settlement will take place May 12, 2022.

The deadline for Class Members to object to or exclude themselves from the settlement is March 4, 2022.

Claim forms must be submitted no later than April 28, 2022.

Who’s Eligible

Any U.S. resident who owns or owned one or more “financial accounts” accessed by Plaid, or for which Plaid obtained their login credentials, between Jan. 1. 2013, and Nov. 19, 2021, and the Class Member was a U.S. resident at the time.

Potential Award

TBD.

Proof of Purchase

No proof of purchase required.

Claim Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

04/28/2022

Case Name

In re: Plaid, Inc. Privacy Litigation, Case No. 4:20-cv-03056-DMR in the U.S. District Court for the Northern District of California

Final Hearing

05/12/2022

Settlement Website

PlaidSettlement.com

Claims Administrator

In re: Plaid, Inc. Privacy Litigation
c/o Settlement Administrator
1650 Arch Street, Suite 2210
Philadelphia, PA 19103
855–645–1115
Questions@PlaidSettlement.com

Class Counsel

Rachel Geman
LIEFF CABRASER HEIMANN & BERNSTEIN LLP

Shawn M. Kennedy
HERRERA KENNEDY LLP

Christopher J. Cormier
BURNS CHAREST LLP

Defense Counsel

Michael G. Rhodes
Whitty Somvichian
Kyle C. Wong
Lauren J. Pomeroy
Ellie Barczak
COOLEY LLP