Plaid Inc. agreed to pay $58 Million to settle class-action lawsuit claims alleging that it violated the data privacy laws.
Any U.S. resident who owned or had one or more “financial accounts” that Plaid accessed between Jan. 1 and Nov. 19, 2021, or for whom Plaid obtained their login credentials. The Class Member was a U.S. citizen at the time.
This settlement refers to all checking, savings, loans, and other accounts at financial institutions that Plaid accessed with the user’s login credentials. It can also be connected to a mobile application or web app enabling money transfers or payments, or where Plaid Link-provided login credentials for the financial accounts.
Plaintiffs claimed that the Plaid Data Privacy Class Action lawsuit wrongly obtained financial account login information from users.
According to its website, Plaid Inc. is a partnership of more than 5,500 fintech companies. It powers consumer-facing applications and other services. Plaid is used by many popular apps, including Venmo and Stripe.
Although the exact amount of each Class Members’ payment is not yet known, every Class Member who files a valid claim will be paid an equal share of the $58 Million settlement fund after deducting attorneys’ fees and any other expenses.
Each member of the Class may file one claim.
Plaid must also remove certain data from its systems and inform Class Members about the ability to use Plaid Portal for managing connections and deleting data.
The final hearing on the Plaid data privacy settlement will be held on May 12, 2022.
March 4, 2022, is the deadline for Class Members who wish to object or withdraw from the settlement.
All claims forms must be received no later than April 28, 2022.
Who’s ELIGIBLE?
Anyone who is a U.S. citizen and has one or more “financial accounts” that Plaid can access, or for whom Plaid obtained their login credentials between January. The Class Member was a U.S. citizen at the time.
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
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
from lawyers.buzz https://lawyers.buzz/plaid-settles-class-action-lawsuit/215/
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