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Some Cash App users may be eligible to receive money if they file claims in connection with a proposed settlement of a class action lawsuit filed against the company.
Under the terms of a proposed settlement reached in the consolidated lawsuits, Salinas, et al. v. Block, Inc. and Cash App Investing, LLC, Cash App and its parent company, Block Inc., will pay up to $2,500 for out-of-pocket losses and provide other reimbursements to eligible users.
According to court documents, the proposed settlement would cover litigation costs, administrative costs and legitimate user claims totaling $15 million.
The Cash App logo appears on a smartphone screen in Athens, Greece on February 22, 2024. (Nicholas Kocovlis/NurPhoto via Getty Images/Getty Images)
According to the settlement administration website, claimants seeking payment from Cash App must be “current or former customers of Cash App and/or Cash App Investments, or any of their affiliates, parent companies or subsidiaries, who have alleged that your personal information, Cash App account, or Cash App Investments account was accessed or obtained without your authorization, or that there was an unauthorized or fraudulent withdrawal or transfer of funds between Aug. 23, 2018 and Aug. 20 of this year, or that there was a failure to resolve errors in your Cash App account or linked financial accounts.”
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These individual claims must be submitted online or by mail by November 18th.
The settlement stems from a consolidated lawsuit that includes allegations that Cash App and Block were negligent and breached other obligations to users when a former Cash App Investing employee accessed account data without authorization several years ago, and that “unauthorized users accessed certain Cash App accounts in 2023 using reused phone numbers linked to the accounts,” the settlement administration website said.
The agreement does not include any admissions of wrongdoing by Block or Cash App. “The companies have denied, and continue to deny, that they were negligent, and will not be liable to Plaintiffs or the Settlement Class for any amounts,” the settlement states.
People can choose not to participate in the settlement and retain their right to bring future legal action over the same matter if they notify the settlement administrator in writing of their desire to be excluded.
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The deadline to opt out of the settlement is earlier, on November 1. That date is also the deadline for customers who want to challenge the settlement.
The Cash App logo appears on a smartphone screen on July 1, 2024 in Athens, Greece. (Nicholas Kocovlis/NurPhoto via Getty Images/Getty Images)
Those who file claims will receive up to $2,500 for out-of-pocket expenses and will need to submit certain documentation to receive money for trading losses. Settlement Management Website Detail the documentation requirements.
Affected parties may claim $25 per hour for lost time, up to a maximum of three hours.
The United States District Court for the Northern District of California is currently scheduled to rule on the settlement at a hearing in mid-December.
Cash App has been around for over a decade, and in June the platform reported 57 million monthly transactions.
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