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The most recent development is that Cash App and its parent company Block Inc. have agreed to pay a $15 million settlement following several major security breaches. The settlement is intended to compensate users who were affected by unauthorized access to their accounts.
Background of the Violation
The first major incident occurred in December 2021, when it was revealed that a former employee had illegally downloaded reports. It contained sensitive user information and could have affected more than 8 million users. Then, in 2023, another security breach occurred when an unauthorized user accessed Cash App accounts using recycled phone numbers associated with those accounts.
The vulnerabilities allowed funds to be publicly released and transferred without authorization, raising serious concerns about the security measures of Cash App and Block Inc.
Settlement Overview
The class-action lawsuit, which ultimately ended in a settlement, was filed on behalf of all users whose personal information or accounts were accessed without authorization between August 23, 2018 and August 20, 2024. In response, Cash App also pledged to strengthen its security protocols to prevent future breaches.
Who is eligible?
If you are a current or former Cash App user and you experienced unauthorized or fraudulent activity on your account during the specified period, you may be eligible to participate in the settlement. Eligibility criteria include:
- Personal information of users is accessed without authorization.
- People who have experienced unauthorized transactions or withdrawals.
- Who is having problems resolving errors related to the violation.
How to file a claim
To file a claim, eligible users must submit a claim through the settlement’s official website. It is important to do so. Before the deadline of November 18, 2024The claims process may require documentation such as police reports or bank statements to support claims of unauthorized access or loss.
Types of compensation available
The agreement provides for various types of compensation to suit the different impacts suffered by users:
- Out-of-pocket expenses: This includes the costs of unauthorized transactions and fees incurred to protect personal financial information. These fees are similar to those for credit monitoring services or obtaining a new bank card.
- Lost time: Compensation for time spent addressing the effects of the violation is $25 per hour, up to a maximum of three hours.
- Trading losses: Direct monetary loss due to unauthorized transactions that is not reimbursed by Cash App, other financial institutions, or insurance companies.
Expenses and Pro-rata Adjustments
Maximum compensation available for each valid claim USD 2,500However, if the total amount of all valid claims exceeds the $15 million fund, individual payouts will be adjusted down proportionally. This means the more people who file, the less each person might receive.
Opting out and legal rights
If an individual wishes to preserve the right to independently sue Cash App or Block Inc. regarding issues covered by the Settlement Agreement, they must file a November 1, 2024Failure to opt out or file a claim will result in the forfeiture of any compensation under this Settlement Agreement and the right to initiate an independent legal action for breach of contract.
Next steps and deadlines
A final court hearing to approve the Settlement is scheduled for December 16, 2024. Once approved, the Settlement Administrator will begin distributing funds to verified claimants. This timeline underscores the importance of timely filing of claims and correct documentation to ensure eligibility for compensation.
For more details on how to file a claim or to learn about the full range of your legal options under this settlement agreement, please visit Cash App Settlement Official WebsiteThis resource provides comprehensive information and necessary forms to help you complete the claims process efficiently.
Posts Cash App announces $15 million settlement First appeared in Daily Profile.
Posts Cash App announces $15 million settlement First appeared in Daily Profile.
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