Plaid must pay $58 million to users of Venmo, Credit Karma and other apps

(Gray News) - You may be eligible for a payout from Plaid if you use financial apps like Venmo, Credit Karma, or Robinhood.

Plaid, a financial technology company, settled a class action lawsuit and has agreed to pay $58 million to all consumers with a linked bank account to any of its approximately 5,000 client apps between Jan. 1, 2013 and Nov. 19, 2021.

The lawsuit accused Plaid of collecting “more financial data than was needed from users.” Plaid has denied any wrongdoing.

Plaid connects consumers’ bank accounts to financial apps.

The lawsuit also claimed that the company obtained users’ bank login information via “Plaid Link,” “which had the look and feel of the user’s own bank account login screen,” according to the settlement website.

Some users may have already received a settlement notice by mail or email. If you did not receive a notice, but know you have used Plaid, you may still be a class member and eligible to submit a claim.

The deadline to file a claim is April 28.