The Cash App. Block, Inc settlement has been, for lack of a better word, settled, and now those affected by the actions of the company can finally exhale and only worry about the amount that they will receive in compensation for damages.

Cash App’s popularity has skyrocketed over the last decade along with the rise of cybersecurity and the decline of cash use, becoming a go-to for millions in the U.S. to send and receive money. But with that growth came more eyes on its practices, which is a good thing considering the amount of private information that is stored in these types of Apps.

This lawsuit has shed light on issues that went unresolved for too long, mostly around security and privacy and the interest that was created by the App’s use allowed investigators to discover suspicious activity on several accounts, unauthorized transactions, or customers being locked out of their accounts without receiving any help from the company when they complained.

This lawsuit is one of many hitting fintech companies lately, as more people push back against poor handling of their money and data, and with growing concerns about cybersecurity and data leaks, these companies are the prime targets for thieves and hackers, as they not only contain a large amount of personal information on customers that may or may not be secure enough, they also handle a lot of virtual money which can be outright stolen. This is what makes them at the same time very powerful and very dangerous, and why regulating them and punishing them for their mismanagement is important.

The Cash App settlement

Not every Cash App user has been affected by the issues outlined in the lawsuit. In fact, most users have not had any issues with the App and will continue to se it without incident, but there are many that cannot say the same and the settlement has indicated that they are eligible for compensation. However, in order to be able to claim a piece, and affected individual would have to be a U.S. residents and meet at least one of the following conditions:

• Their Cash App or Cash App Investing data was accessed without permission.
• They lost money due to unauthorized transfers.
• They were users of Cash App or related services during the eligibility period (August 23, 2018, to August 20, 2024).
• They tried to resolve account problems during that time but got nowhere.

If you meet these criteria, you could be eligible to a piece of the pie. The settlement was reached for a total of $15 million, but the maximum amount that an affected individual will be able to get is $2,500, and that would only be for those who have been affected by the account freezes or unauthorized transaction and will greatly depend on how many of the affected people end up being eligible for damages. The amount could go down significantly if there are too many affected individuals that qualify for the settlement money.

The final court hearing for the settlement happened on January 13, 2025. At that point, the deal was officially approved and things started moving forward, which means that any supporting documentation for your claim had to be submitted by that date, and that any other documents that an affected user may have missed are no longer taken into account.

Payouts from the settlement are projected to be distributed in late 2025, following the completion of the claims review process. Until then, individuals who filed a claim can monitor the status of their payment through the official settlement site at cashappsecuritysettlement.com, but they should be patient and give those administering the money a few more days.