On top of the $58 million payout, the company was forced to change some of its business practices. The lawsuit accused Plaid of collecting "more financial data than was needed from users." It also claimed that the company obtained users' bank login information via its own "Plaid Link" interface, "which had the look and feel of the user’s own bank account login screen," according to the settlement website. While denying any wrongdoing, it agreed to pay $58 million to all consumers with a linked bank account to any of its approximately 5,000 client apps. Plaid, which connects consumer bank accounts to services like Venmo, Robinhood, Coinbase and other apps, was accused of collecting excessive financial data from consumers. Even if you've never heard of a company called Plaid, they may owe you part of a multi-million dollar lawsuit settlement, Fast Company has reported.
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