(NEXSTAR) — Have you used Cash App since 2018? You may be eligible to get a share of the $15 million settlement agreed to by Block Inc. (which owns Cash App) after being sued for negligence following two data breaches.
According to the class action lawsuit, Block and Cash App Investing were “negligent and in breach of their other obligations to users” in 2022. A former employee accessed account data without authorizationIn a 2022 filing with the U.S. Securities and Exchange Commission, Block said: Approximately 8.2 million Inform current and former users about this incident.
The company was negligent again the following year when “unauthorized users” accessed some Cash App accounts using recycled phone numbers linked to the accounts, according to the lawsuit. The plaintiffs also accuse Block and Cash App Investing of failing to implement steps to secure the accounts after those incidents and “failing to adequately resolve customer complaints about unauthorized or fraudulent transactions.”
Block and Cash App Investing have denied any liability or wrongdoing in the lawsuit. Agreed The $15 million settlement amounted to Website It was established for reconciliation.
Who is eligible for this settlement?
Settlement Website To tell You may be eligible if:
- You are or have been a user of Cash App and/or Cash App Investing.
- Your account has been accessed without permission.
- Between August 23, 2018 and August 20, 2024, unauthorized or fraudulent withdrawals or transfers were made on your account.
How much can I get?
If you meet the criteria above, you can file a claim for up to $2,500 for “out-of-pocket losses” incurred during the specified time period, the settlement website explains.
However, you will need to provide “third-party documentation” that links to a “data security incident, unauthorized account event, or failure to resolve an error” in your Cash App or Cash App Investing account.
You can also file a claim seeking compensation for lost time (in this case, three hours, capped at $25 per hour, up to a total of $75) and compensation for recorded trading losses due to a “fraudulent account event.” In the latter case, you’ll need to submit at least one of three options: a copy of the notice of the fraudulent account event, a copy of the police report related to the fraudulent account event, or documentation proving your account was accessed without authorization.
For more information about available payment rewards, here.
What is the deadline to submit a claim?
The invoice is onlinemust be submitted by November 18, 2024. You may also print and mail the claim form.
No matter how many Cash App accounts you have, you only need to submit one claim.
If you don’t want to be included in the settlement or want to contest the settlement, you must mail written notice by November 1st.
If you don’t opt out, you will be considered for the settlement, but you will need to submit a claim to receive payment.
When will the settlement be paid?
As of August 6, the date on which the settlement will be paid has not yet been announced.
The settlement website lists a final approval hearing date as December 16, 2024, though it warns that this date could change “without further notice.”
If the settlement agreement is approved by the court, payments are likely to be made shortly thereafter.
