INDIANA – If you’ve had a Cash App account over the past six years, you may be eligible for a substantial payout from a class-action settlement that could amount to thousands of dollars. Earlier this year, Cash App proposed a $15 million settlement in response to two significant security incidents that compromised user data.
The first breach occurred in December 2021, when a former employee allegedly downloaded reports containing sensitive information on over 8 million users, including their full names, brokerage account numbers, and in some cases, details about their investment portfolios. Cash App disclosed this incident publicly in April 2022.
The consolidated class-action complaint claims that Cash App and its parent company, Block, failed to implement adequate security measures to safeguard users against data breaches. The complaint highlighted a second breach in 2023, where unauthorized users reportedly accessed Cash App accounts using recycled phone numbers. Plaintiffs accused Cash App and Block of mishandling complaints about these breaches and fraudulent transactions.
Despite the allegations, both Cash App and Block have denied any wrongdoing. The New York Times reports that the settlement is not an admission of liability but rather an effort to resolve the complaints.
Eligibility for the settlement includes individuals who held a Cash App account between August 23, 2018, and August 20, 2024. Users can claim up to $2,500 for out-of-pocket costs incurred due to the breaches. Additionally, claimants may receive compensation for lost time, calculated at $25 per hour, for up to three hours. Those who experienced financial losses and have not yet been reimbursed can also file a claim.
It’s important for eligible users to act quickly. Claims must be submitted via the settlement website by 2:00 a.m. on November 19. Following this deadline, a final court hearing regarding the case is scheduled for December 16, 2024
Cash App users are encouraged to check their eligibility and submit claims immediately to ensure they can benefit from this settlement.
