Do you use apps like Robinhood, Venmo, and Coinbase? You might be owed some money

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Plaid, a financial service that many apps use to link your bank account, has become the target of a new lawsuit.

Apps like Robinhood, Venmo, Coinbase, and more use the service to link customer bank accounts for deposits and withdrawals. The company has recently settled a lawsuit that might require it to pay you some money.

First reported by Fast Company, Plaid has settled a class-action lawsuit to the tune of $58 million. The company will be required to make a payment to any consumers that have linked their bank account with the service, which is used by more than 5,500 different applications.

The settlement website says that the company had been gathering “more financial data than was needed” from users. Additionally, the lawsuit accused Plaid of creating log-in pages that mimicked a user’s bank account to harvest users’ credentials.

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The company has said that it has done nothing wrong. But it will still have to foot the $58 million bill. Plaid says the lawsuit affects tens of millions of users by this. So individual payments will likely only be a few dollars each.

Affected users should have already received an email notification directing them to file a claim. If that’s the case, you’ll need to head over to this page to file your claim. People have until April 28, 2022, to submit their claims.

You can still file a claim if you think you’ve been affected but haven’t received an email by heading to the same page and choosing the “Click Here” option.

If you think this lawsuit settlement applies to you, you can use this search tool on the company’s website to see exactly which apps use Plaid.

The settlement might not result in huge payouts for individuals, but hopefully, it will stop the company from collecting any unnecessary data in the future.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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