In a major win for users of the popular payment platform Cash App, a $15 million settlement has been reached in a class-action lawsuit. This case addresses multiple security breaches that left user accounts vulnerable. If you’ve used Cash App, you could be eligible to receive up to $2,500 in compensation. Here’s what you need to know to claim your share.
What Led to the Settlement?
The lawsuit highlighted significant security failures by Cash App and its parent company, Block Inc. Two key incidents prompted the case:
- 2022 Breach: A former employee accessed sensitive user information, compromising over 8 million accounts.
- 2023 Breach: Exploited recycled phone numbers allowed unauthorized access to user accounts.
While Cash App denied any wrongdoing, the company opted to settle to avoid prolonged litigation.
Am I Eligible to File a Claim?
To qualify for a payout, you must meet these criteria:
- Active Account: You must have used Cash App or its investing platform between August 23, 2018, and August 20, 2024.
- Unauthorized Access: Your account must have been affected by fraud, such as unauthorized transactions or withdrawals, during that period.
How to File Your Claim
Filing your claim is simple and can be done entirely online. The deadline for submission was November 18, 2024, but if you’ve already filed, here’s what to expect:
- Complete the Form: Use the official settlement website to submit your details.
- Provide Proof: Upload evidence such as bank statements or receipts showing unauthorized activity or expenses related to credit monitoring.
What Compensation Can You Receive?
Approved claims will result in the following payouts:
- Out-of-Pocket Losses: Up to $2,500 for financial losses that weren’t reimbursed.
- Lost Time: Up to $75 for time spent dealing with issues related to unauthorized access (at $25 per hour).
When Will You Get Paid?
The settlement awaits final court approval, with a hearing scheduled for January 13, 2025. If approved without appeals, payouts are expected to begin by late 2025 or early 2026.
Next Steps for Claimants
Keep an eye on the official settlement website for updates and make sure your contact details are current. Payments will be processed promptly once the approval process is finalized.
This case is a reminder of the importance of strong cybersecurity measures and staying vigilant about your account’s safety. If you’ve experienced unauthorized transactions, act now to claim your rightful compensation!
