If you’re a Cash App user, you might be entitled to a portion of a $15 million settlement from Block, Inc., the app’s parent company. This settlement comes after a class action lawsuit that claimed there were unauthorized transactions on the platform. This lawsuit is part of a broader trend of legal challenges that fintech companies are facing over issues related to how they handle user accounts and rights.
Eligible Cash App Users Could Receive Compensation from $15 Million Fund
This lawsuit against Cash App involves fraudulent charges and unauthorized account freezes, affecting millions of users through several data breaches. Despite these security and privacy issues, Cash App has grown to become one of the top peer-to-peer payment platforms in the U.S. over the past decade.
The $15 million fund is meant to compensate users who experienced unauthorized activity on their accounts or whose accounts were frozen without a proper resolution. The settlement aims to cover any damage to their reputation, emotional distress, or financial losses incurred due to these issues.
Details on the Cash App Settlement Payouts
The largest payout a claimant can receive from this settlement is $2,500. The deadline for submitting a claim was November 18, 2024, with all necessary forms needing to be filed by that date. The final hearing for the lawsuit took place on January 13, 2025.
Claimants had to provide proof of the issues, like account statements, showing they were impacted by the unauthorized freezes or transactions.
Settlement Funds to Be Distributed by End of 2025
Settlement payments are expected to be distributed by the end of 2025, once all claims have been processed and approved. Claimants can monitor the status of their payments on the settlement website, cashappsecuritysettlement.com.
Criteria for Receiving a Payout from the Cash App Settlement
To qualify for a payout, claimants must be U.S. residents and meet one of the following conditions:
- Unauthorized access: This includes cases where data from Cash App or Cash App Investing accounts, along with sensitive personal information, was accessed and disclosed without permission.
- Fraudulent transactions: This category covers incidents where funds were illegally withdrawn or transferred from users’ Cash App accounts, as reported by the customers.
- User status: This applies to individuals who have utilized any of Cash App’s services or those of its affiliated investment entities.
- Resolution issues: This is for users who faced challenges in resolving account issues over a period from August 23, 2018, to August 20, 2024.
Tracking Your Settlement Payment
The court gave its final approval for the settlement on January 13, 2025. While the exact date of payout distribution has not been announced, eligible claimants are expected to receive their payments by the end of 2025, either through direct deposit or by check. In the meantime, claimants can:
- Select your payment method carefully: Opting for direct deposit may result in faster receipt of funds compared to a check.
- Exercise patience: Allow four to five business days for processing before reaching out to the settlement administrator.
For more information on this settlement, visit the Cash App Security Settlement website. Additionally, you can discover other class action settlements you may be eligible for, 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.