Cash App $15M settlement payments are coming: Here's who qualifies and how much to expect
FILE - The Cash App logo appears on the screen of a smartphone in Reno, United States, on Nov. 30, 2024. (Photo by Jaque Silva/NurPhoto via Getty Images)
Cash App users who filed claims for a data and security breach settlement two years ago may finally start seeing those payments…
Cash App $15 million settlement
By the numbers:
Cash App and its corporate parent, Block Inc., will dole out up to $2,500 for out-of-pocket losses and give other reimbursement to eligible users under the terms of the settlement it reached in the consolidated case Salinas, et al. v. Block, Inc. and Cash App Investing, LLC.
The settlement amounts to a total of $15 million for legal fees, settlement administrative costs and valid user claims, according to a court filing.
2021 data and security breach
The backstory:
The lawsuit claimed, among other things, that Cash App and Block were "negligent and breached other obligations to users when a former Cash App Investing employee accessed account data without permission" a few years ago and "when an unauthorized user accessed certain Cash App accounts in 2023 using recycled phone numbers that were linked to the accounts," according to the settlement administration website.
The other side:
Neither Cash App nor Block have admitted to any wrongdoing.
Who is eligible for a payout?
Why you should care:
Cash App users who had unauthorized or fraudulent withdrawals or transfers between August 23, 2018, and August 20, 2024, were eligible to file claims, according to the settlement website.
The deadline to officially file a claim was on Nov. 18, 2024.
The Source: Information for this article was taken from previous reporting by FOX Local, the Salinas, et al. v. Block, Inc. and Cash App Investing, LLC settlement website, and FOX Business. This story was reported from San Jose.