In response to significant data breaches and unauthorized account access incidents, Cash App and its parent company, Block Inc., have agreed to a 15 million classaction settlement. This settlement aims to compensate affected users with payments of up to 2,500 each. The final approval hearing took place on January 13, 2025, and, barring any appeals, payments are expected to begin in late 2025 or early 2026.
Who Is Eligible?
You may be eligible for compensation if you meet the following criteria:
You were a Cash App or Cash App Investing user between August 23, 2018, and August 20, 2024.
Your account or personal information was accessed without authorization, or you experienced unauthorized or fraudulent withdrawals or transfers.
You encountered issues with error resolution in your Cash App or linked financial accounts.
To qualify, you must provide documentation supporting your claim, such as bank statements, receipts, or correspondence related to the unauthorized activity. citeturn0search5
Compensation Details
Eligible claimants can receive:
Up to 2,500 for outofpocket expenses, including costs related to identity theft, credit monitoring, or unreimbursed fraudulent transactions.
25 per hour for up to three hours maximum of 75 to compensate for time spent addressing issues related to the breaches.
If the total amount of valid claims exceeds the settlement fund, payments will be adjusted proportionally. citeturn0search3
Claim Submission Deadline
The deadline to submit a claim was November 18, 2024. Claims submitted after this date are not eligible for compensation. citeturn0news12
Payment Timeline
Following the final approval hearing on January 13, 2025, and assuming no appeals are filed, payments are anticipated to be distributed between late 2025 and early 2026. citeturn0search0
Background of the Settlement
The settlement addresses allegations that Cash App and Block Inc. failed to adequately protect user data, leading to unauthorized access and fraudulent transactions. Notably, a former employee accessed sensitive user information in 2022, and in 2023, recycled phone numbers linked to Cash App accounts were exploited. citeturn0search3
While the companies have denied any wrongdoing, they agreed to the settlement to resolve the claims and have committed to enhancing their cybersecurity measures to prevent future incidents. citeturn0search7
Next Steps
If you submitted a claim before the deadline, monitor the official settlement website cashappsecuritysettlement.comhttps:cashappsecuritysettlement.com for updates on the payment process. Ensure your contact information is current to receive any communications regarding your claim.
For further assistance, you can contact the settlement administrator at:
Phone: 18666159740
Mail: Cash App Settlement Administrator, P.O. Box 58220, Philadelphia, PA 19102
This settlement underscores the importance of robust data security measures in the digital finance industry and serves as a reminder for users to remain vigilant in monitoring their financial accounts.