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Some of Cash App’s users could have money coming their way in connection to a proposed settlement for a class action lawsuit filed against the company if they file a claim.
Cash App and its corporate parent, Block Inc., will dole out up to $2,500 for out-of-pocket losses and give other reimbursement to eligible users under the terms of a proposed settlement it reached in the consolidated case Salinas, et al. v. Block, Inc. and Cash App Investing, LLC.
The proposed settlement amounts to a total of $15 million for legal fees, settlement administrative costs and valid user claims, according to a court filing.
The Cash App logo is displayed on a smartphone screen in Athens, Greece, on February 22, 2024. (Nikolas Kokovlis/NurPhoto via Getty Images / Getty Images)
Claimants looking to get a payment from Cash App must be a “current or former customer of Cash App and/or Cash App Investing, or any of its affiliates, parents or subsidiaries, and your personal information, Cash App account, or Cash App Investing account was accessed or obtained without your authorization, or if you otherwise had unauthorized or fraudulent withdrawals or transfers of funds to or from, or a deficiency in the resolution of an error in a Cash App account or any linked financial account from August 23, 2018 through” Aug. 20 of this year, the settlement administrative website said.
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Claims by such individuals must be filed — online or by mail — no later than Nov. 18.
The proposed settlement arose out of a consolidated lawsuit that claimed, 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” a few years ago and “when an unauthorized user accessed certain Cash App accounts in 2023 using recycled phone numbers that were linked to the accounts,” according to the settlement administration website.
The agreement did not include any admission of wrongdoing on Block and Cash App’s part. They “have denied and continue to deny that they were at fault and further deny that they are liable to Plaintiffs or the Settlement Class for any amounts,” the proposed settlement said.
People can choose not to participate in the settlement and retain the right to take future legal action on the same issues if they send the settlement administrator written notification of their desire for exclusion.
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The deadline for exclusion from the settlement is sooner: Nov. 1. That date serves as the cut-off for customers who want to write an objection to it too.
The Cash App logo is being displayed on a smartphone screen in Athens, Greece, on July 1, 2024. (Nikolas Kokovlis/NurPhoto via Getty Images / Getty Images)
Those filing a claim must include certain documentation to obtain up to $2,500 for out-of-pocket expenses and to get money for transaction losses. The settlement administrative website details the documentation requirements.
Affected parties can seek $25 per hour for lost time. That only applies for a maximum of three hours.
The District Court for the Northern District of California is currently scheduled to decide on the proposed settlement during a mid-December hearing.
Cash App has been around for over a decade. The platform reported 57 million monthly transacting actives in June.
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