August 7th 2024.
Cash App, the popular electronic money-transferring platform, has recently announced a new $15 million settlement that could potentially result in payouts of up to $2,500 for its users. The parent company, Block Inc., has agreed to the settlement following allegations of negligence after two data breaches occurred on the app, compromising the personal information of its users.
According to a class action lawsuit, Block and its subsidiary Cash App Investing were found guilty of being “negligent” and failing to fulfill their obligations to users when a former employee accessed account data without permission in 2022. This ultimately resulted in a data breach that affected approximately 8.2 million current and former Cash App users.
In addition, the lawsuit also alleges that Block was negligent in 2023 when someone unauthorized was able to access Cash App accounts using recycled phone numbers that were linked to previous accounts. While Block, Cash App, and Cash App Investing have denied any wrongdoing, they have agreed to the $15 million settlement.
If you are eligible for the settlement, you may have previously or currently used Cash App or Cash App Investing, had your account accessed without permission, or experienced unauthorized bank withdrawals or transfers between Aug. 23, 2018, and Aug. 20, 2024. Those who qualify can submit a claim for up to $2,500 for any out-of-pocket losses during this time period. However, to do so, you will need to provide third-party documentation that confirms your connection to the data security incident.
In addition to the reimbursement for out-of-pocket losses, eligible users can also receive compensation for lost time, up to $75, with a cap of $25 an hour for three hours. They can also be reimbursed for any documented transaction losses caused by an unauthorized account event. To qualify for this, users must submit a copy of a notification of an unauthorized account event, a copy of a police report related to the event, or a document proving that their account was accessed without their permission.
Only one claim can be filed per Cash App user, and all claims must be submitted by Nov. 18, 2024, either online or by mail. Users who wish to opt out of the settlement must submit a written notice by Nov. 1, but they are still required to submit an official claim to receive the payout.
The date of the settlement payments has not yet been disclosed, but the final approval hearing is scheduled for Dec. 16, 2024. This date is subject to change without notice, according to the website created for the settlement. Hopefully, this settlement will bring justice to the affected users and hold the responsible parties accountable for their negligence.
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