If you’re a Cash App user affected by the 2021 data breach, time is running out to claim your share of the $15 million settlement. Cash App users who suffered financial losses or experienced unauthorized access due to this breach have until November 18, 2024, to file a claim.
Here’s what you need to know about eligibility, compensation amounts, and how to file.
Details of the Cash App Settlement
In a class-action lawsuit, Cash App Investing and Block Inc. agreed to settle for $15 million after a former employee accessed user data without authorization.
The data breach affected approximately 8.2 million users, exposing sensitive information, including brokerage account details, full names, and portfolio values.
The settlement provides affected users with an opportunity to claim reimbursement for financial losses and time spent dealing with the breach. Depending on individual circumstances, eligible users can receive up to $2,500 for out-of-pocket losses, reimbursement for up to three hours of lost time at $25 per hour, and compensation for any unreimbursed monetary losses related to the breach.
| Settlement Amounts | Description |
|---|---|
| Up to $2,500 | For out-of-pocket expenses related to the data breach |
| $25 per hour (up to 3 hours) | Compensation for time lost due to the breach |
| Unreimbursed Monetary Losses | Reimbursement for transaction losses not previously refunded |
Eligibility for Filing a Claim
To qualify, Cash App users must meet specific requirements:
- Account Holder: You must have held an account on August 23, 2018, and maintained it until August 20, 2024.
- Unreimbursed Losses: Only users who have not received prior reimbursement from Cash App, Block Inc., or a third party are eligible to file a claim.
Types of Claims You Can Submit
Depending on your situation, there are three primary types of claims Cash App users can submit for compensation:
- Out-of-Pocket Losses: If you incurred expenses because of the data breach, you may claim up to $2,500 with documentation.
- Lost Time: You can receive reimbursement for time lost addressing unauthorized access or dealing with security issues. Up to three hours may be compensated at $25 per hour, totaling $75.
- Transaction Losses: If you experienced unreimbursed monetary losses due to fraudulent transactions, you can submit a claim to recover those amounts.
Filing a Claim for Multiple Accounts
For users with multiple Cash App accounts, it’s essential to include all relevant account details in a single claim form. Submit one comprehensive form listing all your associated accounts and claim information to streamline the process and avoid errors.
How to Submit Your Claim
Filing a claim for compensation is straightforward:
- Visit the Settlement Website: Go to the official Cash App settlement website and complete the claim form by 2 AM ET on November 19, 2024.
- Prepare Supporting Documentation: For claims related to out-of-pocket losses or transaction losses, make sure you have documentation ready to upload.
- Submit and Wait: After filing your claim, a judge is expected to make a final decision on the settlement approval by December 19, 2024. If the settlement is approved, eligible users will receive their payments in accordance with the distribution timeline set by the court. If not, payment may be delayed but could potentially result in an increased payout.
Important Security Reminders for Cash App Users
Data breaches underscore the importance of safeguarding your personal information and monitoring your financial accounts. Cash App users should take these additional steps to protect their information:
- Enable Two-Factor Authentication: Add an extra layer of security to your account.
- Regularly Review Transactions: Monitor your account activity and report suspicious transactions immediately.
- Update Passwords: Regularly update your passwords to secure your account.
For affected Cash App users, this settlement provides a chance for compensation for the breach’s impact. Be sure to submit your claim before the November deadline to secure any potential reimbursement.
