Cash App Class Action Settlement 2024: Expected Payment Date for $2500
Last month, Cash App customers were given a chance to receive compensation from a $15 million settlement related to allegations of inadequate security measures. The lawsuit claimed that Block and Cash App Investing were negligent in safeguarding user data, leading to unauthorized access and transactions. Despite denying any wrongdoing, the companies agreed to settle to avoid the uncertainties and expenses of litigation.
Customers who experienced unauthorized account access, fraudulent transactions, or unsatisfactory complaint handling between August 23, 2018, and August 20, 2024, were eligible to claim up to $2,500 for out-of-pocket losses. They could also receive additional compensation for lost time and transaction losses. Claims had to be submitted by November 18, 2024.
The lawsuit highlighted security breaches in 2022 and 2023, involving unauthorized access to sensitive customer data and Cash App accounts. Plaintiffs argued that these incidents were due to Cash App’s failure to maintain strong security protocols and address customer complaints promptly, resulting in financial losses for users.
To be eligible for compensation, you must have been a current or former customer of Cash App or Cash App Investing and experienced unauthorized access to personal information or account data between August 23, 2018, and August 20, 2024.
The settlement covers attorneys’ fees, legal costs, service payments, and direct compensation to valid claimants. Compensation includes up to $2,500 for out-of-pocket losses, reimbursement for lost time at $25 per hour, and compensation for documented financial losses from unauthorized account activities.
If the total claims exceed the Settlement Fund, payments will be reduced proportionally. If there is a surplus, it will be distributed among claimants or donated to charity. The deadline to submit claims was November 18, 2024, with the final hearing rescheduled to January 13, 2025.
Claimants can contact the Cash App Security Settlement Administrator for assistance or updated information. This settlement aims to address security issues at Cash App, provide compensation to affected users, and emphasize the importance of strong security measures in digital finance.
