Venmo Plaid Data Privacy Settlement

Plaid Inc. agreed to a $58 million class action settlement resolving allegations that it collected more financial information than users intended and obtained bank login credentials through its Plaid Link interface without adequate disclosure. Plaid denied the allegations and any wrongdoing. The court did not decide which side was right.

The Settlement Class generally included United States residents who owned a financial account that Plaid accessed using login credentials and connected to a mobile or web app, or who provided financial account login credentials to Plaid through Plaid Link, between January 1, 2013 and November 19, 2021. The settlement covered connections through approximately 5,000 apps and services and was not limited to Venmo.

The claim deadline was April 28, 2022. The court granted final approval on July 20, 2022, and payments began in November 2022. According to the official post-distribution accounting, each valid claimant received $35.97.

A second distribution was determined to be economically impractical. The remaining funds were distributed to the court-approved Privacy Rights Clearinghouse and Consumer Reports in October 2023. This settlement is closed and no new claims can be filed.