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Some Cash App users could receive money in connection with a proposed settlement for a class action lawsuit against the company if they make claims.
Cash App and its parent company Block Inc. will pay up to $2,500 for cash losses and provide other reimbursements to eligible users under the terms of a proposed settlement reached in the consolidated case Salinas et al. v. Block, Inc. and Cash App Investing, LLC.
The proposed settlement totals $15 million for legal and administrative fees and legitimate user claims, according to a court filing.
The Cash App logo is seen on a smartphone screen in Athens, Greece on February 22, 2024. (Nikolas Kokovlis/NurPhoto via Getty Images / Getty Images)
Applicants seeking to receive a payment from Cash App must be “current or former customers of Cash App and/or Cash App Investing or any of its affiliates, parent companies or subsidiaries, and your personal information, Cash App account or Cash App Investing account was accessed or obtained without your authorization, or if any other unauthorized or fraudulent withdrawals or transfers of funds occurred from or to a Cash App account or linked financial account from August 23, 2018 through August 20 of this year,” the settlement’s administrative website states.
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Claims from these individuals must be submitted online or by mail no later than November 18.
The proposed settlement arose from a consolidated lawsuit that alleged, 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 several years ago” and “when an unauthorized user accessed certain Cash App accounts in 2023 using reused phone numbers associated with the accounts,” according to the settlement administration’s website.
The agreement did not include any admission of wrongdoing by Block and Cash App. They “have denied and continue to deny that they were at fault and continue to deny that they are liable to plaintiffs or the Settlement Class for any amounts,” the proposed settlement states.
Individuals may choose not to participate in the Settlement and reserve the right to take legal action on the same issues in the future by sending the Settlement Administrator written notice of their desire to opt out.
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The deadline for exclusion from the settlement is earlier: November 1st. This date serves as the deadline for customers who also wish to object in writing.
The Cash App logo is seen on a smartphone screen in Athens, Greece on July 1, 2024. (Nikolas Kokovlis/NurPhoto via Getty Images / Getty Images)
Those filing a claim must submit certain documentation to receive up to $2,500 for out-of-pocket expenses and transaction losses. The Settlement Administration website details the required documentation.
Those affected can claim $25 per hour for lost time. However, this only applies for a maximum of three hours.
The District Court for the Northern District of California is currently scheduled to rule on the proposed settlement at a hearing in mid-December.
Cash App has been around for over a decade. The platform reported 57 million monthly active transactions in June.
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