The window for claiming your share of a $15 million settlement is closing if you have been a Cash App user since 2018. The claim submission date is November 18, 2024. This settlement stems from a class-action lawsuit alleging that Cash App Investing and its parent company, Block Inc., failed to adequately protect user data, leading to unauthorized account access.
Background of the Settlement
The lawsuit centers on two significant incidents:
- 2022 Data Breach: A former employee accessed account data without permission, affecting approximately 8.2 million current and former users.
- 2023 Unauthorized Access: An unauthorized user gained access to some Cash App accounts using recycled phone numbers linked to those accounts.
Plaintiffs also accused Block and Cash App Investing of failing to implement necessary security measures and adequately address customer complaints regarding unauthorized transactions. While the companies deny any wrongdoing, they agreed to the $15 million settlement to resolve the litigation.
Eligibility Criteria
You may be eligible for a portion of the settlement if:
- You were a user of Cash App and/or Cash App Investing between August 23, 2018, and August 20, 2024.
- Your account was accessed without your permission.
- You experienced unauthorized or fraudulent withdrawals or transfers during the specified period.
How to Submit a Claim
To claim your share, follow these steps:
- Visit the Settlement Website: Access the official settlement website to find detailed information and the claim form.
- Complete the Claim Form: Provide the necessary information, including details of unauthorized access or transactions.
- Submit Documentation: Attach third-party documentation supporting your claim, such as account statements, police reports, or other relevant records.
- Meet the Deadline: Ensure your claim is submitted by November 18, 2024, at 10:59 p.m. PT.
Potential Compensation
Eligible claimants can receive:
- Losses incurred out of pocket as a result of illegal account access can reach $2,500.
- Reimbursement for lost time, calculated at $25 per hour, up to a maximum of three hours ($75).
- Compensation for documented transaction losses due to unauthorized account events.
The exact amount each claimant receives will depend on the number of valid claims submitted and the total losses documented.
Final Approval and Payment Timeline
A final approval hearing for the settlement is scheduled for January 13, 2025. If the court approves the settlement, payments will be distributed thereafter. The exact timeline for disbursement has not been specified.
Broader Implications
This settlement underscores the importance of robust data security measures in the digital age. As financial transactions increasingly move online, companies must prioritize user data protection to maintain trust and prevent unauthorized access. For users, this case serves as a reminder to monitor account activity regularly and report any suspicious transactions promptly.
Don’t miss this opportunity to claim your share of the settlement if you’re eligible. Act now to ensure your claim is submitted before the November 18 deadline.
