Your name could be in the running for a $15 million settlement with Cash App. The app’s owner, Block, Inc., agreed to the huge settlement after being sued by a group of people who said they were scammed by people who used the platform without permission.
Financial technology companies are being sued over consumer rights and how they handle accounts. These companies are having to pay because they did not satisfy their customers.
Affected Cash App customers are in line for a share of a $15 million settlement
Claims against Cash App are mostly about fraudulent charges and account freezes that were not done correctly. Several data breaches also affected millions of people. Cash App has become one of the most popular peer-to-peer payment platforms in the US over the past 10 years, even though users are very worried about their security and privacy.
Claimants in the $15 million settlement are people whose lives were changed by illegal activity or whose accounts were frozen for no good reason or reason at all. The goal is to give Cash App users money back for any damage to their reputations, emotional stress, or money lost because of mistakes in transactions or problems with account security.
How much will claimants be paid out in the Cash App settlement?
People who have a claim will get no more than $2,500 when the settlement funds are given out. The last day to apply was November 18, 2024. By that date, anyone who wanted to make a claim had to fill out and send in a claim form. The last court date for the lawsuit was January 13, 2025.
Account statements and any other proof that the claimants’ accounts were frozen or that they were involved in illegal transactions had to be sent in.
Payments are going out at the end of 2025
When all the claims have been looked at and decided, the settlement payments should be sent out around the end of 2025. On the website for the settlement, cashappsecuritysettlement.com, claimants can keep track of their Cash App class action lawsuit payment in the meantime.
How to qualify for the Cash App class action settlement
All claimants have to be permanent residents of the United States. Claimants also need to meet one of the following criteria to qualify for a payout in the Cash App/Block Inc. settlement:
- Unauthorized access: This is for users whose data from their Cash App account, data from their Cash App Investing account, and sensitive personal information were all accessed and disclosed without authorization.
- Fraudulent transactions: This involves the unauthorized extraction of funds and unlawful transfers from users’ Cash App accounts that were documented by customers.
- User status: This part of the settlement is for people who have used any of Cash App’s services, including any of its sister businesses’ investment services.
- Resolution issues: This is for Cash App customers and financial accounts users who had difficulty resolving account issues between the six years from August 23, 2018, to August 20, 2024.
Payment timeline and status
The court granted the final settlement approval on January 13, 2025. The actual Cash App settlement payout date has not been disclosed, but eligible claimants can expect to be paid towards the end of 2025 either by direct deposit or check in the mail. In the meantime, claimants can:
- Check your settlement method: The method you will choose to receive your settlement amount should be carefully selected. A direct deposit will be quicker than waiting for a check in the mail.
- Be patient: You should allow four to five working days of processing time before contacting the settlement administrator.
To learn more about this settlement, you can go to the website for the Cash App Security Settlement. You can also learn about other class action settlements, like the one between Visa and Mastercard, that you might be able to get.
