The Cash App Security settlement was finalized last year, the class members were said to file the claim form before the deadline of 18 November 2024. The final hearing was held recently on 13 Jan 2025, the claimants now await the settlement payout.
The class action lawsuit against Cash App/ Investing and Block Inc. was settled with a settlement fund of $15 million, the claimants who have filed the claim form will receive compensation from this fund. The claimants wondering about the Cash App Payout date can check the expected date and other relevant details here.
Cash App Settlement Lawsuit Payout Date
The lawsuit was filed against Cash App Investing and Block Inc. alleging the defendants have failed to protect the user’s data which led to unauthorized events to their Cash App account or to other accounts associated with the cash account.
The plaintiffs claim the defendants, the cash app investing employee, accessed the Cash app account without permission in 2022 and unauthorized users accessed the Cash app account in 2023. The defendants have denied any wrongdoings and proposed to settle the class action lawsuit with a $15 million settlement fund.
With the proposal, the class members were given the deadline of 18 Nov 2024 to file the claim form. The valid claimants would receive the cash app settlement payout after the final hearing which was held on 13 Jan 2025. Now that the cash app settlement has the final approval, the claimants can expect the payment in 90 days or 180 days.
If there is no appeal against the Court order, the payment will be disbursed without any issue till June or July 2025. The date can be extended based on the number of claims and other factors, hence the claimant should check the settlement website as the administrator will update about the payment distribution on the official website.
What’s the Cash App Settlement Payout?
According to the Cash App Security settlement agreement, the claimants will receive the payout based on their claim that has been made in the claim form. The administrator will first use the $15 million fund to cover the following expenses:
- Attorney’s Cost and expenses
- Settlement Administration cost and expenses
- Awards for the class representatives
- Other expenses
After the administrator deducts the above expenses from the settlement fund, the remaining fund will be used to disburse the following claimant award to the valid claimants:
- Out-of-Pocket Losses: The class members who have experienced out-of-pocket losses due to the cash app security issues, and submit the claim form with proper documentation proving the loss can receive up to a $2500 payout.
- Lost time Payout: The class members can also receive the lost time payout if they have claimed for the time they have lost in dealing with the cash app security issue and mitigate the risk of the cash app unauthorized event can receive the reimbursement for 3 hours at a rate of $25 for each hour.
- Transaction losses payout: The cash app users who have faced any transaction loss due to the cash app security issue and unauthorized access to the cash app account during the class period can expect the reimbursement of the money they have lost in the security issues.
If after the Cash app settlement payout disbursement to the class member, the administrator still has some money left in the net settlement fund, the administrator will send the remaining funds equally to all the class members through pro rata distribution.
What makes you eligible to receive the Cash App Settlement payout?
The cash app settlement payout will made to people who meet the class member following eligibility criteria and filed the claim before the deadline:
- You are/ were the customer of the Cash App/ Cash App investing or any of its subsidiaries, affiliates, or other entity, and your Cash App account was accessed or information was obtained through some third party without your consent during the class period, 23 August 2018 to 20 August 2024.
- If you have faced any unauthorized withdrawals, fraudulent activating or transfer of funds through your Cash App account or any account linked to the Cash App account during the class period, you will be a class member of the settlement.
What will the payment method be to receive the Cash App settlement payout?
The class members will receive the Cash App settlement payout through the payment method they have selected in the claim form, if not you will receive the payment via physical check. The settlement administrator has allowed the following payment method for the Cash App Security settlement payout:
- Venmo
- Zelle
- Virtual Prepaid card
- Physical Check
The claimants who have changed any of the information of the payment method they have selected in the Cash app claim form must report the changes to the administrator to receive the payment when the distribution begins.
What to do to edit the claim form information?
It’s the claimant’s responsibility to report the changes in their mailing address, email address, or any payment method information to receive the Cash App settlement payout on time. According to the settlement website, the claimants can update the information through the following ways:
- You can call the Cash App Security Settlement administrator at 1 866 615 9740 settlement number during business hours and update about the changes.
- You can also write to the settlement administrator with proper documentation to the following postal address:
- Cash App Security Settlement Administrator
- 1650 Arch Street, Suite 2210
- Philadelphia
- PA 19103
The Cash App Security settlement claimants should know the settlement has got the final approval, so this year they will definitely receive the payout based on their claimant award.