If you had your bank account information accessed by fintech company Plaid between January 2013 and November 2021, you may be eligible for a payout from a class action settlement. Plaid allegedly collected bank login credentials to gather financial data without adequate disclosures or consent.
A $58 million settlement was reached in November 2021, but claimants are still waiting on their payments.
If you’re short on time, here’s a quick answer to your question: The claims administrator expects to issue settlement payments in early 2023, likely by March or April. The exact timing depends on the court’s final approval and how many claims are submitted.
What Was the Plaid Class Action Lawsuit About?
The Plaid class action lawsuit revolved around allegations that the company accessed financial data without obtaining proper consent from its users. Plaid is a popular financial technology company that connects consumers’ bank accounts to various apps and services.
It acts as an intermediary between financial institutions and third-party apps, allowing users to securely share their financial data for budgeting, investing, and other purposes.
Plaid Accessed Financial Data Without Consent
In the lawsuit, it was claimed that Plaid violated user privacy by accessing their financial data without obtaining clear and informed consent. The plaintiffs argued that Plaid’s practices were in violation of various consumer protection laws and regulations.
They expressed concerns about the unauthorized access to sensitive financial information, such as bank account numbers, transactions, and balances.
Lawsuit Filed in California
The Plaid class action lawsuit was filed in California, where the company is headquartered. The plaintiffs sought compensation for the alleged privacy violations and requested that Plaid change its data collection and sharing practices.
The lawsuit gained significant attention, as it highlighted the need for stricter regulations and safeguards in the financial technology industry.
Settlement Reached Last Year
In 2020, a settlement was reached between Plaid and the plaintiffs. The terms of the settlement included monetary compensation for affected users and changes to Plaid’s data handling practices. While the exact payout timeline may vary, it is expected that eligible users will receive their compensation in the near future.
For more information on the Plaid class action lawsuit and its settlement, you can visit www.plaidsettlement.com.
What Does the Settlement Provide?
The Plaid settlement, which has been approved by the court, provides several key provisions to class members affected by Plaid’s practices. These provisions aim to compensate and protect the interests of the affected individuals.
Up to $29 per class member
One of the main benefits of the settlement is that class members will be eligible to receive compensation of up to $29 each. This amount is intended to reimburse individuals for any harm or losses they may have experienced as a result of Plaid’s actions.
The exact amount each class member will receive will depend on various factors, such as the number of valid claims submitted and the total settlement amount.
Total settlement amount of $58 million
The settlement reached between the parties involves a total amount of $58 million. This significant sum reflects the seriousness of the allegations against Plaid and the impact it had on the affected individuals.
It is an indication of the commitment to ensuring that those who were harmed are appropriately compensated for their losses.
Plaid required to change practices
Aside from the financial compensation, the settlement also requires Plaid to change its practices. This is an important aspect of the settlement as it aims to prevent similar issues from arising in the future and to protect the privacy and security of individuals’ financial information.
Plaid will be required to implement measures and safeguards to ensure that proper consent is obtained from users and that their data is handled in a secure and transparent manner.
This settlement is a significant step towards holding Plaid accountable for its actions and ensuring that affected individuals receive compensation for any harm they may have suffered. It also serves as a reminder to companies to prioritize consumer privacy and security in their operations.
When Will Settlement Checks Be Mailed Out?
If you are eagerly awaiting your settlement check from the Plaid Settlement, you may be wondering when you can expect to receive it. While the exact timing can vary, there are a few factors that can give us an idea of when these payments will be mailed out.
Court approval process takes time
Before settlement checks can be mailed out, the court must first approve the settlement agreement. This process can take some time as the court carefully reviews the terms of the settlement to ensure it is fair and reasonable for all parties involved.
Once the court approves the settlement, the next steps can proceed.
Claims period closed January 2023
The claims period for the Plaid Settlement closed in January 2023. This means that all eligible individuals who wished to participate in the settlement had to submit their claims by that deadline. Now that the claims period has closed, the administrators of the settlement can begin the process of reviewing and processing the claims.
Payments expected by March/April 2023
While it is difficult to pinpoint an exact date for when the settlement checks will be mailed out, based on similar settlements in the past, it is reasonable to expect that payments will be made within the next few months.
In some cases, settlements can take longer to process, but it is typically in the best interest of all parties involved to distribute the settlement funds as soon as possible.
It is important to note that this timeline is an estimation and may be subject to change. For the most accurate and up-to-date information regarding the payout of the Plaid Settlement, it is recommended to visit the official website of the settlement or consult with your attorney if you have legal representation.
What Steps Should You Take to Get Your Payment?
Before taking any steps towards receiving your payment from the Plaid settlement, it is important to confirm your eligibility. Visit the official Plaid settlement website to check if you meet the criteria for receiving compensation.
The website will provide detailed information about the requirements and qualifications.
Submit claim form if you haven’t already
If you are eligible for the Plaid settlement, the next step is to submit your claim form if you haven’t already done so. The claim form is a necessary document that will allow you to receive your payment. You can find the claim form on the official settlement website.
Fill out the form accurately and provide any requested supporting documents to ensure a smooth processing of your claim.
Update address if moved recently
If you have recently moved, it is crucial to update your address to ensure that your payment reaches you without any issues. You can update your address by contacting the Plaid settlement administrator or through the official settlement website.
Providing accurate and up-to-date contact information is essential to receive your payment in a timely manner.
Remember, these steps are crucial to ensure that you receive your payment from the Plaid settlement. By confirming your eligibility, submitting the claim form, and updating your address if necessary, you can maximize your chances of receiving your compensation without any delays.
What If You Have More Questions?
If you have more questions about the Plaid settlement and when you can expect to receive your payout, there are a few resources you can turn to for assistance. Here are two options:
1. Visit the Official Settlement Website
One of the best places to find answers to your questions is the official settlement website. This website is dedicated to providing information and updates about the Plaid settlement, including important dates and details about the claims process.
On the official settlement website, you can find a comprehensive FAQ section that addresses common questions and concerns. You may even find the answer to your question without having to contact anyone directly.
To visit the official settlement website, simply go to www.plaidsettlement.com in your web browser.
2. Call the Claims Administrator Phone Number
If you prefer to speak with someone directly, you can call the claims administrator phone number. The claims administrator is responsible for handling all inquiries related to the Plaid settlement and can provide you with specific information about your individual claim.
To find the claims administrator phone number, refer to the contact information provided on the official settlement website. Be prepared to provide your claim number or any other relevant details when you call to ensure a smoother and more efficient conversation.
Remember, the claims administrator is there to assist you and answer any questions you may have. Don’t hesitate to reach out for help if you need it.
If you believe your financial data was improperly shared by Plaid, keep an eye out for your settlement check in the mail in early 2023. The claims administrator aims to issue payments by March or April. Check the settlement website for the latest updates on timing.
With court approval, claimants will finally receive compensation after years of waiting.