The Cash App Settlement 2024 is a result of a $15 million agreement to address security lapses that affected users between 2018 and 2024.
Allegations against Cash App and its parent company, Block, Inc., included insufficient security measures leading to data breaches and unauthorized account access. Eligible users can now claim financial compensation for damages, losses, and time spent addressing these issues.
This settlement not only provides monetary relief to affected users but also highlights the importance of stronger security protocols for financial platforms. Here’s a breakdown of what you need to know, including eligibility criteria, compensation details, and deadlines.
What Is the Cash App Settlement 2024?
The Cash App settlement addresses allegations that the company failed to implement adequate security measures, resulting in two major breaches:
- 2022 Incident: A former employee of Cash App Investing accessed customer data without authorization.
- 2023 Incident: Accounts were compromised due to recycled phone numbers, exposing sensitive information.
The settlement aims to compensate affected users while requiring Cash App to strengthen its security protocols. Users can claim compensation for financial losses, time spent resolving issues, and additional damages.
Who Is Eligible for the Cash App Settlement?
To qualify for compensation under the Cash App Settlement 2024, you must meet the following criteria:
- Customer Status: You were a Cash App or Cash App Investing user between August 23, 2018, and August 20, 2024.
- Impacted by Breach: You experienced unauthorized account access or financial loss due to the security breaches.
- Proof of Loss: You must provide evidence of financial losses, out-of-pocket expenses, or time spent resolving issues.
Eligible individuals can receive compensation for verified losses, including up to $2,500 for damages, $25 per hour for up to three hours of time spent addressing the breaches, and transaction-related losses.
Compensation Details and Fund Allocation
The settlement fund of $15 million will be distributed as follows:
| Compensation Type | Details | Maximum Amount |
|---|---|---|
| Out-of-Pocket Expenses | Costs like credit monitoring or identity theft protection | $2,500 |
| Lost Time Compensation | $25 per hour for time spent resolving issues, up to three hours | $75 |
| Transaction Losses | Financial losses due to unauthorized activities | Verified Amount |
| Legal Fees and Administration | Settlement fund allocation for legal and administrative costs | Varies |
If the number of claims exceeds the total settlement amount, payouts may be prorated.
How to File a Claim
To receive compensation, follow these steps:
- Verify Eligibility: Confirm that you meet the criteria outlined above.
- Gather Documentation: Collect evidence, such as receipts for identity theft services or records of financial losses.
- Submit Claim Form: Complete the claim form online through the official Cash App settlement portal.
- Meet Deadline: Ensure your claim is submitted by November 18, 2024.
- Update Contact Information: Keep your contact details current to receive updates and payments.
For assistance, the Cash App Settlement Administrator can provide guidance.
Important Deadlines
- Claim Filing Deadline: November 18, 2024
- Payment Distribution: Expected by early 2025, depending on claim verification and fund allocation.
The Cash App Settlement 2024 offers a pathway for affected users to recover losses and seek compensation for time and expenses related to security breaches. Eligible users should act promptly to file claims before the deadline and ensure all necessary documentation is submitted.
This settlement serves as a reminder of the importance of robust security measures in safeguarding financial information. Don’t miss the opportunity to claim your share of the $15 million fund!
FAQs
The settlement resulted from security breaches in 2022 and 2023 that exposed user data and accounts to unauthorized access.
Eligible claimants can receive up to $2,500 for out-of-pocket expenses, $25 per hour for time spent, and additional compensation for verified losses.
The deadline to submit a claim is November 18, 2024.
Claims can be filed online through the official settlement portal provided by Cash App.
Payments may be prorated if the total claims exceed the $15 million settlement fund.
