Under the proposed settlement Plaid will provide substantial relief to Class Members. It includes a $58 million non-reversionary cash fund, an injunctive relief that resolves the fintech company’s alleged misconduct.
The injunctive relief includes a requirement for the fintech company to implement “certain changes to the design of its standard interface,” to be more transparent to consumers by providing “fulsome disclosures,” and “delete transactional banking data for
consumers whose apps did not request that data.”
“This proposed nationwide class action settlement resolves claims against Plaid for
invasion of privacy/intrusion into private affairs, unjust enrichment, deceit, and violations of California Constitution (Article I, Section I) and California’s Anti-Phishing Act of 2005
(“CAPA”), Cal. Bus. & Prof. Code § 22948 et seq…,” according to the parties.
In a blog post, Plaid reiterated its commitment to consumers’ privacy. The fintech company once again denied the allegations against it.
