Cash App Class Action Settlement 2024: Expected Payment Date for $2500

Last month, Cash App users had the chance to claim compensation from a $15 million settlement related to claims of insufficient security measures. Allegations suggested that Block and Cash App Investing were negligent, leading to unauthorized access and transactions. While the companies denied any fault, they settled to avoid the costs and uncertainties of litigation.
Customers who experienced unauthorized account access, fraudulent transactions, or were unhappy with how their complaints were handled between August 23, 2018, and August 20, 2024, were eligible to claim compensation up to $2,500 for out-of-pocket losses, as well as additional compensation for time lost and transaction losses.

The lawsuit highlighted incidents like a security breach by a former Cash App Investing employee in 2022 and unauthorized account access through recycled phone numbers in 2023. Plaintiffs argued these incidents occurred due to Cash App’s failure to uphold robust security protocols and adequately address customer complaints.
To be eligible for compensation, you must be a current or former Cash App or Cash App Investing customer, experienced unauthorized access to your personal or account information, and faced unauthorized transactions or errors in the handling of your accounts between August 23, 2018, and August 20, 2024.

The settlement offers various compensations, including coverage for attorneys’ fees, service payments to class representatives, and direct compensation to eligible members. This includes up to $2,500 for out-of-pocket losses, reimbursement for up to three hours of lost time, and recovery of documented transaction losses.
If claims exceed the Settlement Fund, payments will be adjusted proportionally. Conversely, if funds remain after all claims, they will be distributed among claimants or donated to charity. Claims had to be submitted by November 18, 2024.

The Court ordered certain deadlines and rescheduled the final hearing to January 13, 2025. Payments are expected to follow after 9 to 12 months post-final hearing confirmation. For more information, claimants can contact the Cash App Security Settlement Administrator. This settlement aims to address the alleged security issues at Cash App and offers compensation to affected users while highlighting the importance of robust security and customer service in digital finance.