Cash App closes million-dollar legal settlement: When will the $2,500 payments arrive?
Millions of Cash App customers who were victims of a security breach may be eligible to receive up to $2,500 in compensation for harm inflicted upon them.
Although Block Inc and Cash App denied any wrongdoing, they settled a class action lawsuit agreeing to pay $15 million in damages. The companies were accused of negligence and breaching security obligations with customers.
In 2022, a former employee had accessed the company’s account data despite not being employed by the company anymore. The company was forced to inform over 8.2 million users about what happened. Those affected may be eligible to receive up to $2,500 in compensation for the harm inflicted upon them.
Eligibility requirements for receiving a chunk of the settlement
The settlement was approved by the court on 13 January 2024 and the deadline to file a claim to receive a portion of the $15 million settlement was 18 November 2024. Claimants had to meet the following requirements to submit a compensation claim:
- You had to be a user of Cash App Investing and/or Cash App
- Your account had to be accessed without your permission
- Your account experienced fraudulent withdrawals or transfers between August 23, 2018 and August 20, 2024.
For full details about the settlement you can visit the Cash App settlement website.
Claimants that were impacted by the data security breach and experienced out-of-pocket losses due to unauthorized account activity or issues related to a deficiency in resolving an error related to the incident between August 2018 and August 2024 are entitled to receive up to $2,500.
Additionally, they could claim reimbursement for up to three hours of lost time at a rate of $25 per hour. As well as reimbursement for any documented transaction losses arising from an unauthorized access of their account.
An official payment date for the compensation has not been announced yet, but are expected to go out before the end of 2025. For those that need more information, they can contact the settlement administrator at 1-866-615-9740.
Or you can reach out in writing either by mail to Cash App Security Settlement Administrator, 1650 Arch Street, Suite 2210, Philadelphia, PA 19103 or via email to info@cashappsecuritysettlement.com.
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