The Cash App Settlement Payout is expected to be distributed among eligible claimants by the end of 2025. This timeline can be early or late because it thoroughly depends on the required duration to resolve appeals, verify claim form details, and calculate settlement funds for each eligible claimant.
Those who have submitted claim forms by the deadline of 18 November with accurate and valid details will receive a maximum payout of $2,500 for out of pocket losses. Those who have filed claim form for lost time can receive $25 for up to three hours, totalling $75.
Cash App Settlement Payout Date
The Cash App Settlement is about the unauthorized access to the users information which resulted in data breaches, fraudulent transactions, and other security issues. This class action was filed because the company failed to secure users data and it affected various users. To resolve this settlement, the cash app has agreed to pay $15 million.
Those who have filed valid claim forms by the deadline of 18 November 2024 will receive payout of this settlement. The final approval hearing was scheduled for 13 January 2025 so, eligible claimants can expect their payout soon if the appeal phase will not run longer. The expected payout timeline can be late 2025 because the calculation and verification phase of claim firms can take time.
How much eligible claimants will receive through Cash App Settlement Payout?
The total payout amount which will be used to pay administrative costs and claimants payout is $15 million. After the deductions of attorney fee and class representative costs, there will be certain payout amounts for affected users of Cash App.
Out of Pocket Losses:
- All the claimants who have submitted a claim form for Out of Pocket Losses with supporting documents can receive up to $2,500. This payout will be provided to eligible claimants who have faced data breach and other security issues in their Cash App account or Cash App Investing account between August 23, 2018 and August 20, 2024.
Compensation for the Lost Time:
- Claimants can receive compensation for up to three hours of lost time at a rate of $25 per hour, totaling $75. This compensation will cover the time which was spent to deal with the aftermath of the breach, such as contacting customer support, monitoring accounts, and taking steps to secure their information.
Transactional Losses:
- Those who have submitted a claim form for documented Transaction Losses which occurred from August 23, 2018 to August 20, 2024 with a copy of police report, a copy of a notification to Defendants or other required and supporting documents, there will be a payout portion available.
Who is entitled to receive Cash App Settlement Payout?
The eligibility criteria of Cash App settlement is crucial to know for those who have participated in this class action and are now waiting for the payout.
- This settlement targets those individuals who have had an active Cash App account between August 23, 2018, and August 20, 2024.
- Individuals must have experienced unauthorized access to their Cash App account information or faced fraudulent transactions during the specified period.
- Those who have supported their claims with unauthorized transactions, bank statements, receipts, or any other type of evidence will also be eligible to receive payout of this settlement.
- Those who have filed a valid claim form with all the required documents and those who have not excluded themselves from the settlement class by the set deadline will also receive their portion of the settlement fund.
What can be the reasons for the late Payout of Cash App Settlement?
Several below discussed factors can contribute to the late Payout of Cash App Settlement.
- Appeal Phase: Appeal phase is one of the primary reasons behind delay which usually starts after the final approval hearing. This phase sometimes takes more than 1 year to end if there are a high number of appeals to resolve.
- High Volume of Claim Form: If the number of filed claim forms is higher than the review and process of each claim can take longer time. This results in late payout distribution.
- Verification Phase & Additional Requirements: Due to the verification phase and additional requirements (if needed), sometimes payout delays happen. The calculation of a settlement fund also takes time if there are different types of settlement payout.
- Payout Delivery Method: Claimants who have chosen physical check as a payout delivery method will have to wait longer than those who have selected digital payment methods such as direct deposit, Zelle, PayPal, etc.
How can I check the status of Cash App Settlement payout?
The status of Cash App Settlement payout can be checked through contacting Class Administrator at +1-866-615-9740 or by the mail address available at the official website. The class administrator is typically responsible for managing the settlement process, including verifying claims and processing payouts.
Upon contacting class administrator, you will be required to provide certain details about your claim form such as Claimant Unique ID and Confirmation Code. The settlement administrator will tell you about the processing location of your settlement payout, any delay reason and steps to resolve it.