Block, Inc., the parent company of Cash App, has agreed to a $15 million settlement due to a class action lawsuit over unauthorized transactions on its platform. This case is part of a broader trend where fintech companies are increasingly being held accountable for not upholding consumer rights and data security.
Entitlement to a Portion of a $15 Million Settlement for Affected Cash App Users
The lawsuit against Cash App centers around fraudulent charges and wrongful account suspensions, impacting millions due to several data breaches. Despite these security concerns, Cash App has become one of the top peer-to-peer payment services in the U.S. over the past decade.
The settlement aims to compensate those affected by unauthorized activities or unjust account freezes, covering damages to their reputation, emotional distress, or financial losses due to these security lapses.
Settlement Payouts: What Claimants Can Expect
Claimants can receive up to $2,500 from the settlement. The deadline for submissions was November 18, 2024, and the final hearing to close the lawsuit occurred on January 13, 2025. Claimants had to provide supporting documents, such as account statements, to prove their cases.
Settlement Disbursements Scheduled For Late 2025
Distribution of the settlement funds is expected by the end of 2025 after thorough evaluation of all claims. Claimants can monitor the status of their payments through the official settlement website, cashappsecuritysettlement.com.
Eligibility Criteria for the Cash App Class Action Settlement
To qualify for a payout, claimants must be permanent U.S. residents and meet one of the following conditions:
- Unauthorized access: This includes any unauthorized access and disclosure of data from their Cash App or Cash App Investing accounts, along with sensitive personal information.
- Fraudulent transactions: This covers unauthorized withdrawals and transfers from their Cash App account, as reported by users.
- User status: This applies to individuals who have utilized any of Cash App’s services or those of its affiliated investment services.
- Resolution issues: This is for users who faced challenges in resolving account issues from August 23, 2018, to August 20, 2024.
Timeline and Methods for Receiving Payments
Following the court’s final approval on January 13, 2025, the exact payout date has not been announced yet. Eligible claimants should expect their payments by the end of 2025 either via direct deposit or check. Meanwhile, claimants can:
- Verify your chosen settlement method: Decide whether you prefer to receive your funds through direct deposit for faster access or via mailed check.
- Exercise patience: Allow four to five business days for processing before reaching out to the settlement administrator.
For additional details, visit the Cash App Security Settlement website. You can also explore other class action settlements that might be relevant to you, like the Visa and Mastercard case.
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Calvin Baxter is an economic analyst specializing in the evolving US labor market. He leverages real data to provide you with concrete recommendations and help you adjust your professional strategies.