Cash App customers have one final opportunity to claim compensation from a $15 million class action settlement related to security breaches and unauthorized transactions. The deadline to file claims is fast approaching—November 18, 2024, so eligible users should act quickly to receive compensation for their losses.
This settlement stems from allegations that Cash App, and its parent company Block (formerly Square), failed to protect user data adequately. As a result, several users experienced unauthorized account access and fraudulent transactions. While Block and Cash App have denied any wrongdoing, they agreed to this settlement to resolve the matter without the uncertainty and costs of continued litigation.
Eligible customers can receive up to $2,500 for out-of-pocket losses, plus additional compensation for lost time and financial losses due to fraudulent activities.
Key Details of the Cash App Class Action
The class action lawsuit was initiated by plaintiffs Michelle Salinas, Raymel Washington, and Amanda Gordon after security lapses involving Cash App and Cash App Investing. The case centered around several incidents, including:
- A 2022 breach where a former Cash App employee improperly accessed sensitive customer data.
- A 2023 security incident where unauthorized access occurred via recycled phone numbers.
The plaintiffs claim these breaches were due to Cash App’s failure to maintain strong security measures and adequately address customer complaints. The companies have agreed to settle, but deny any liability.
Who is Eligible to Claim?
You may qualify for compensation if you:
- Were a customer of Cash App or Cash App Investing between August 23, 2018 and August 20, 2024.
- Experienced unauthorized access to your Cash App or Cash App Investing account, or fraudulent transactions.
- Encountered unresolved complaints related to your account during this time period.
What Does the Settlement Offer?
The $15 million settlement fund is intended to compensate class members for various types of damages, including:
- Out-of-Pocket Losses: Eligible claimants can receive up to $2,500 for direct financial losses resulting from unauthorized transactions, including costs for credit monitoring, identity theft protection, or any other expenses directly tied to the breach.
- Lost Time: Claimants can also receive $25 per hour for up to three hours of lost time spent dealing with the aftermath of the security incidents.
- Transaction Losses: Reimbursement for documented financial losses directly linked to unauthorized activities, provided those losses have not been reimbursed by other sources.
Pro-Rata Distribution and Claims Process
If the total claims exceed the settlement amount, compensation may be reduced proportionally. If there are surplus funds after all claims are processed, the remaining amount will be either distributed to claimants or donated to charity, as appropriate.
To participate, eligible users must submit their claims by November 18, 2024. The process is simple and can be done online or via mail. Supporting documents such as receipts, bank statements, and reports should accompany each claim.
How to File a Claim
- Check Eligibility: Review the settlement terms to confirm you qualify.
- Gather Documentation: Collect relevant evidence such as bank statements or police reports to support your claim.
- Submit Your Claim: Complete the claim form and submit it online or by mail before the deadline
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