Some eligible Cash App customers may receive as much as $2,500 from a $15 million class-action settlement tied to an alleged data breach.
The lawsuit followed an alleged 2021 incident that exposed the personally identifiable information of roughly 8.2 million current and former Cash App Investing customers, according to USA Today, which cited the class-action complaint filed in 2022.
Cash App, parent company Block Inc. and the plaintiffs reached an agreement in March 2024. However, neither Cash App nor Block admitted wrongdoing or any violation of the law as part of the settlement, USA Today reported.
According to the settlement website, payments are expected to go out sometime this month to qualifying users who submitted claims before the deadline.
To qualify, individuals needed to report authorized or fraudulent withdrawals or transfers involving their Cash App accounts between Aug. 23, 2018, and Aug. 20, 2024. Claims had to be filed by Nov. 18, 2024.
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Eligible claimants could request reimbursement for documented out-of-pocket losses of up to $2,500. Covered damages may include money lost through transactions, as well as time spent addressing the breach, with time-related compensation limited to three hours at $25 per hour.
The settlement website states that claims submitted after the November 2024 deadline will not be considered.
Although the $15 million settlement is substantial, the fund must also cover attorneys’ fees, administrative expenses and other costs before payments are distributed among approved claims.
Launched in 2013, Cash App is a mobile finance service that functions as a digital wallet. Users can send and receive money, invest in stocks and Bitcoin, apply for loans and file taxes, according to USA Today.
Cash App is not a bank, but it offers features including an interest-earning savings account and a debit card that can be used for purchases and ATM withdrawals.
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