If you’ve had a Cash App account in the past six years or so, be careful. You could be entitled to thousands of dollars as a result of a class action settlement. Earlier this year, the company offered a $15 million settlement following two security incidents. If you are eligible to make a claim, you can do so within a few weeks.
Cash App said the first related breach occurred in December 2021, when a former employee downloaded a report containing information about more than 8 million users. This includes your name, brokerage account number, and, in some cases, the holdings and value of your investment portfolio. Cash App announced the incident in April 2022.
The consolidated class action complaint alleges that Cash App and parent company Block failed to take sufficient security measures to prevent further data breaches. This involved Cash App’s person-to-person payment service. According to the plaintiffs, “in 2023, unauthorized users used recycled phone numbers to access certain Cash App accounts,” and the complaint alleges that Cash App and Block were involved in both the infringement and fraudulent transactions. It was alleged that the complaint was improperly handled.
Cash App and Block have denied any wrongdoing, The New York Times reported. They argue that the settlement is not an admission of liability.
If you had a Cash App account between August 23, 2018 and August 20 of this year, you may be eligible to make a claim. The proposed settlement would cover up to $2,500 in out-of-pocket costs resulting from the violation and up to three hours worth of lost time at $25 per hour. People who have suffered financial losses and have not yet been reimbursed can also claim for their damages.
If you plan to file a claim through the Settlement Website, you must do so by November 19th at 2 a.m. ET. A final court hearing in the case is scheduled for Dec. 16.
