A settlement has been reached to resolve class action litigation against Plaid, a financial technology company that provides software allowing consumers to easily connect their bank accounts to thousands of apps used to make payments, transfer money, apply for loans and more.

Plaid was accused of obtaining more information than was needed for the apps to function, including login credentials for users’ financial accounts.

Wrong! As the lawsuit put it, “the typical consumer knows nothing about Plaid,” yet more than 5,000 mobile and web-based apps use its software.

It’s estimated that 98 million consumers are covered by this settlement.

You will have to go to the settlement’s dedicated website and click “submit a claim.”

Alternatively, you can download a hard copy of the form from the website and mail it to the address listed on the site.

Some of the most popular apps that use Plaid are Venmo, Coinbase, Square’s “Cash App” and Stripe, but you may review further examples at Plaid’s company’s website.

You can also run a search on the settlement site to see if the apps you use run Plaid’s software.

Claimants are expected to receive the same amount from the $58 million settlement fund regardless of the number of affected apps they used. Payment amounts cannot be determined at this time as they will depend on how many people submit claims.

You may be covered by the settlement if you’re a U.S. resident and connected one of your bank accounts to an app that used Plaid between January 1, 2013 and November 19, 2021. You can check whether your apps used Plaid’s software by running a search on the settlement site.

Yes. The deadline for filing a claim with the settlement is April 28, 2022.