Claim Your Share – Cash App’s $15 Million Settlement Offers Over $2,500 Per Customer

In an unexpected twist, Cash App users could be in line for a financial windfall of more than $2,500 each. This comes in the wake of a substantial $15 million class-action settlement related to a series of data and security breaches at the popular mobile payment platform.

Have you been a victim of unauthorized account access or fraudulent withdrawals from your Cash App account? If so, you may be eligible to file a claim as part of this settlement. This opportunity is available to anyone who had or still has an account with Cash App between August 23, 2018, and August 20, 2024.

Background

The origins of this lawsuit trace back to a 2021 incident, revealed by Cash App in 2022, where a former employee downloaded sensitive user reports without authorization. Adding to the troubles, a subsequent breach was disclosed in 2023, involving an unauthorized party who accessed certain Cash App accounts by using linked phone numbers.

The outcome? A lawsuit alleging that Cash App and its parent company, Block, failed to implement adequate safeguards to prevent unauthorized access to user accounts. The plaintiffs also argue that the company mishandled customer complaints regarding these breaches and fraudulent transactions, leading to this landmark settlement.

Data Security Improvements

In response to these allegations, Cash App and Block have agreed to take steps to bolster their data security protocols. This move is intended to provide better protection for their users and minimize the risk of similar breaches occurring in the future.

Settlement Details

Although Cash App and Block have not admitted to any wrongdoing, they have settled the lawsuit for $15 million. After attorneys’ fees and administration costs are deducted, the remaining funds will be distributed to eligible customers who file claims.

So, what’s the potential payout? While the exact amount each person will receive isn’t set in stone, it could exceed $2,500 depending on the number of claims submitted.

Filing a Claim

If you think you qualify, filing a claim is straightforward. Simply visit the settlement website at www.cashappsecuritysettlement.com. You’ll need to either enter a notice ID and confirmation code from an email or letter, or you can file a claim even if you didn’t receive such a notice.

Don’t procrastinate—there’s a deadline. Claims must be submitted by November 18, 2024, to be considered. The sooner you file, the better your chances of receiving compensation.

Potential Compensation

Were you hit by the data breaches? If so, you could be eligible to claim up to $2,500 to cover out-of-pocket expenses. However, you’ll need to provide third-party documentation to back up your claim, as per the settlement’s requirements.

Eligible Reimbursement Expenses:

• Credit monitoring or identity theft insurance costs.
• Fees for credit reports or credit freezes.
• Costs for canceling or replacing a payment card.
• Expenses from closing and opening a bank account.
• Unrefunded overdraft fees.
• Unrefunded late or missed payment charges.

But that’s not all. You can also claim compensation for up to three hours of lost time, calculated at $25 per hour. This means you could potentially add another $75 to your claim, depending on the time you spent dealing with the aftermath of the breaches.

Your Options

What if the $15 million settlement fund doesn’t cover all claims in full? In that case, payments will be reduced proportionally, so each claimant receives a share of what’s left.

But you’re not locked into this settlement. You have other options:

• Opt Out: Exclude yourself from the settlement before November 1, 2024, if you want to preserve your right to sue or join another lawsuit.
• Object: If you believe the settlement is unfair, you can file an objection with the court by November 1, 2024.
• Do Nothing: You won’t receive any compensation and may lose your right to file a lawsuit later.

Think carefully about which path best suits your needs. The settlement offers a significant opportunity to recover losses from the breaches, but it’s essential to act promptly to ensure your claim is processed.

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