Mobile banking app users could get piece of $58M settlement
A company accused of collecting too much of your financial data is being forced to pay big. That could mean you're entitled to settlement money.
Posted — UpdatedA company called Plaid powers some of the most common financial apps found on your phone. Venmo, American Express, Capital One, Ally Financial, Wells Fargo and many more use Plaid.
The California-Based just settled a $58 million dollar class action lawsuit.
The suit accused Plaid of taking more financial data from these apps than was needed.
They’re also accused of mimicking the look and feel of other sites so that users thought they were logging into their bank, but really they were submitting their user names and passwords to Plaid.
A free hot-line has been setup at 855-645-1115. That number provides more information about the suit and can help you figure out if you’re eligible to claim some of the settlement money.
It’s likely that millions of people will become part of this class action and claim money, so don’t expect a huge payout.
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