Cash app settlement lawsuit
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A class-action lawsuit against Block, Inc. and Cash App Investing, LLC has led to a $15 million settlement, offering eligible users compensation for financial losses, unauthorized transactions, and data security breaches. If you filed a claim before the November 18, 2024, deadline, you could receive up to $2,500.
Details of the Case
The lawsuit, titled Salinas, et al. v. Block, Inc. and Cash App Investing, LLC (Case No. 22-cv-04823), was filed in the District Court for the Northern District of California. Plaintiffs alleged that Block, Inc. and Cash App Investing were negligent, misrepresented security measures, and failed to meet their obligations to users regarding data protection.
The lawsuit centered around two main incidents:
1. Data Security Breach: In April 2022, Cash App Investing disclosed a data breach where sensitive user information was compromised. This breach led to unauthorized access to accounts, putting millions at risk.
2. Fraudulent Transactions: Block, Inc. was also accused of inadequate complaint and error resolution processes, allowing fraudulent transactions to go unresolved and leaving users financially vulnerable.
Despite these claims, both Block and Cash App Investing have denied wrongdoing, stating that they have implemented robust security measures and that the lawsuits are based on unsubstantiated allegations.
Eligibility for Settlement Compensation
The settlement covers users affected by fraudulent activities, data breaches, and security issues from August 23, 2018, to August 20, 2024. Compensation includes:
1. Out-of-Pocket Losses: Up to $2,500 for verified financial losses.
2. Lost Time Compensation: $25 per hour for time spent resolving fraud issues, capped at $75 for three hours.
3. Transaction Losses: A share of the settlement for verified transaction losses with supporting documents like police reports or bank statements.
When Will the Settlement Payouts Arrive?
According to Michigan Veterans, eligible claimants can expect payments between mid- to late-2025. However, the exact timeline may vary depending on court proceedings and administrative processing.
How to Check Your Settlement Status
1. Contact the Settlement Administrator: Call +1-866-615-9740 with your Claimant ID and Confirmation Code.
2. Visit the Official Settlement Website: Stay updated on claim approvals and payout schedules.
3. Monitor Your Email: Watch for communications from the settlement administrator regarding your payout.
4. Track Your Bank Account: If you opted for direct deposit, PayPal, or Zelle, regularly check for incoming funds.
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Naman Trivedi author
Naman is a copy editor at Times Now, with over three years experience in covering US News, politics, global affairs, sports, and other domains. Apart …View More
