SAN FRANCISCO—Consumers may be eligible for a payout from Plaid if they use financial apps like Venmo, Credit Karma, or Robinhood.
Plaid recently 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, WDBJ reported.
The lawsuit accused Plaid of collecting “more financial data than was needed from users.”
Plaid connects consumers’ bank accounts to financial apps.
The lawsuit also alleged the company obtained users’ bank login information via the Plaid Link, “which had the look and feel of the user’s own bank account login screen.”
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