Lots of people have been researching whether the Plaid Inc. settlement is legit or not after receiving an email informing them that they are entitled to a payout from a class-action lawsuit. Did you also receive this email? If so, we’ve got good news for you because the Plaid settlement is legit!
What is the Plaid settlement?
Plaid has technology that allows people to connect their bank accounts to around 5,000 different popular apps, including payment apps, savings apps, and crypto apps. Some of these apps include Venmo, Coinbase, Wells Fargo, and American Express.
According to the FAQ on the Plaid Settlement’s website, the litigation came about because it was alleged that the Plaid Link service was designed to have the same look and feel as users’ bank account log-in screens, making them think they were logging into their bank account. Obviously, they weren’t logging into their bank accounts, and they were providing their usernames and passwords to Plaid.
Although Plaid has agreed to pay a settlement of $58 million, the FAQ also states that “Plaid denies any wrongdoing and all of the allegations in the lawsuit; no court or other entity has made any findings against Plaid nor any determination that the law has been violated.”
For more information regarding the lawsuit, including how to claim your share of the settlement, click here.
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