Eligible claimants can get a maximum payout of $2,500.00 and a minimum of $25 under the Cash App settlement. However, this amount can be reduced or increased on a pro rata basis. Cash App is a widely used peer-to-peer money transfer platform and it faced allegations of negligence in securing users data.
The payout of this settlement is likely to arrive in late 2025 after the appeal phase and verification of claim forms. This lawsuit is a result of two major breaches in 2022 and 2023 which exposed user’s personal data, account details, and made fraudulent transactions.
Cash App Settlement Payout Per Person
The Cash App Settlement is a resolution of class action due to the data breach. The total settlement agreed fund is $15 million which is intended to compensate affected users who have experienced unauthorized access or fraudulent transactions.
This net settlement fund is used to pay for various claims such as out-of-pocket expenses, time spent, and other related damages after the deductions of attorneys’ fees and costs, a Service Payment for the Class Representative and Settlement administration costs. Here, you can check the per person cash app settlement payout.
- For Out-of-Pocket Claims: Class members who have submitted claim form for out-of-pocket expenses with the third-party supporting documentation which verifies that your Cash App account or Cash App Investing account has been affected between August 23, 2018 and August 20, 2024, can receive $2,500.
- For Lost Time: Class members who have spent time addressing issues related to the breaches can get payout based on their time. Eligible members can get $25 per hour for up to 3 hours, totalling $75.
- For Transaction Losses: Class members will also be paid for documented Transaction Losses which were resulted due to an unauthorized account event which occurred between class period.
Individuals have to keep in mind that they can get increased payout in case of remaining net settlement amount or they can receive reduced amounts on a pro rata basis in case of no enough money in the net settlement amount to pay every approved claimant.
Cash App Settlement Payout Eligibility Criteria
If you have submitted a claim form and are waiting for the payout of Cash App Settlement, then verify your eligibility from below.
- Individuals who are current or former customers of Cash App and/or Cash App Investing account and they have faced data breaches between August 23, 2018 to August 20, 2024.
- Individuals have experienced breaches which affected their sensitive information and fraudulent withdrawals and transfers of funds during class period.
- Individuals who have filed claims with valid and accurate details by the set deadline are also eligible for payout of this settlement.
Cash App Settlement Payout Date & Methods
The final approval hearing of this settlement was scheduled for 13 January 2025 and now if the appeal phase takes longer to resolve, then the payout time can be unexpected. However, individuals can anticipate their payouts in late 2025 because after the appeal phase there will be verification of claim forms.
Individuals can receive their payouts through electronic ways or paper checks. Electric methods include direct bank transfer or through paypal, venmo, or zelle. Each claimant will receive their payout based on the preferred payment method. The cash app will distribute this settlement payout to rebuild trust among customers.
What can take part in late payout of Cash App Settlement?
One of the most crucial factors which can take part in late payout of Cash App Settlement is the appeal phase. Sometimes, it takes more time to resolve. After the resolution of all appeals, verification of claim forms will happen. In the verification phase, the class administrator can ask you for additional requirements to support the claim form.
You have to respond abruptly for any additional requirement to avoid delays. Then the calculation of funds will occur which can also be a reason for delay in case of high volume of claim forms. If your payout delivery method is paper check then it can also contribute to late payment arrival.
Electronic payout ways are safe, faster and secure because it does not contain the risk of being stolen, missing, or lost. Class members who are worried about the status of their claim, can ask from the settlement administrator by calling 1-866-615-9740. Staying connected with the official settlement website can be beneficial to get updates about payout date.