Cash App $15 Million Settlement: Are You Eligible for Compensation?
Cash App users now have an opportunity to claim compensation from a $15 million settlement following allegations of security negligence. The lawsuit accused Cash App’s parent company, Block, and its investment platform, Cash App Investing, of failing to protect user data, leading to unauthorized transactions and account breaches. While the companies deny any wrongdoing, they have agreed to the settlement to resolve the matter without going to trial.
Who Can Claim Compensation?
You may qualify for compensation if:
- You used Cash App or Cash App Investing between August 23, 2018, and August 20, 2024.
- Your account or personal information was accessed without authorization.
- You experienced unauthorized transactions or had complaints about fraudulent activity that were not properly addressed.
Eligible customers can claim up to $2,500 for out-of-pocket losses, reimbursement for time spent resolving issues, and compensation for financial transaction losses.
What Happened?
This settlement stems from a class action lawsuit led by plaintiffs Michelle Salinas, Raymel Washington, and Amanda Gordon. The legal battle highlighted two major security breaches:
- 2022 Breach: A former Cash App Investing employee accessed sensitive user data without authorization.
- 2023 Unauthorized Access: Users reported account breaches caused by recycled phone numbers.
The plaintiffs argued that these incidents were a result of inadequate security protocols and poor responses to customer complaints, leading to financial and personal losses.
Settlement Benefits Explained
The $15 million settlement fund will cover various types of compensation:
Out-of-Pocket Losses
Claimants can receive up to $2,500 for expenses like:
- Credit monitoring or identity theft insurance.
- Fees for freezing or replacing credit cards.
- Bank fees related to the incidents.
Lost Time
You can be reimbursed for up to three hours of lost time at $25 per hour, for tasks like contacting customer support or resolving disputes.
Transaction Losses
Documented financial losses caused by unauthorized account activities may also be reimbursed.
If the total claims exceed the settlement fund, payments will be reduced proportionally. If there’s leftover money after payouts, it will either be redistributed among claimants or donated to charity.
How to File a Claim
To claim your share of the settlement, follow these steps:
- Check Eligibility: Ensure you meet the criteria for compensation.
- Gather Evidence: Collect documents like receipts, bank statements, or correspondence proving your losses.
- Submit Your Claim: Complete the claim form online or by mail before the deadline on November 18, 2024. Include all required documents to support your claim.
This settlement highlights the importance of data security and customer protection in the financial technology sector. For affected users, it offers a chance to recover losses and seek closure for the inconvenience caused. At the same time, it serves as a reminder for companies to prioritize robust security measures to prevent future incidents.
For more information or assistance with the claim process, contact the Cash App Security Settlement Administrator. Make sure your contact details are up-to-date to avoid delays in receiving your compensation.
