The Cash App class action lawsuit has reached a notable milestone, promising a $15 million settlement to address claims of security negligence. Plaintiffs alleged that Cash App Investing failed to safeguard user data, enabling unauthorized access and transactions. While the company denies any wrongdoing, it agreed to the settlement to avoid prolonged litigation.
Qualified users may receive up to $2,500 for their losses, including fraudulent transactions between August 23, 2018, and August 20, 2024. The last date to submit claims was November 18, 2024, and with the payment date approaching, eligible users should prepare for potential payouts.
Cash App Class Action Settlement Payment Date
The court approved a final hearing for the Cash App settlement, which is set for January 13, 2025. Payments are expected to be disbursed within 9 to 12 months following this hearing. Based on previous class-action cases, eligible claimants can anticipate receiving their payouts by late 2025 or early 2026, assuming no delays in processing.
To be eligible for the payment, claimants must have filed their claims by November 18, 2024, with appropriate documentation. The settlement ensures compensation for unauthorized transactions, unresolved complaints, and data breaches associated with Cash App services.
Eligibility Criteria for the Settlement
To qualify for the Cash App settlement, claimants must meet one or more of the following conditions:
- Data Breach Impact: Your account details were accessed without consent during the specified eligibility period.
- Fraudulent Transactions: You experienced unauthorized withdrawals or transfers from your account.
- Unresolved Complaints: Cash App failed to resolve an issue with your account or associated financial accounts.
Supporting documentation, such as police reports, transaction records, or official correspondence, is necessary to validate claims. These documents substantiate losses and demonstrate efforts to address the issues.
How to Claim Up to $2,500
Eligible claimants could receive compensation based on the following:
- Out-of-Pocket Losses: Up to $2,500 for documented financial losses, including unauthorized transactions.
- Lost Time Compensation: Up to $75 (at $25 per hour for up to three hours) for time spent addressing issues.
- Other Documented Losses: Reimbursement for missed opportunities or other verifiable impacts caused by security lapses.
Documentation Requirements
To maximize your claim, you’ll need:
- Police reports or incident reports linking the issue to Cash App.
- Receipts or bank statements showing unauthorized transactions.
- Correspondence with Cash App regarding unresolved complaints.
Timeline for Payment
With the final hearing scheduled for January 13, 2025, the following timeline can be expected:
- Final Hearing: January 13, 2025.
- Payment Processing: Starts after final court approval (approximately 9 to 12 months).
- Payout Date: Likely between late 2025 and early 2026.
Claimants who submitted complete documentation can expect smoother processing. Incomplete claims or disputes could delay individual payments.
Claim Submission Process
The claim submission period ended on November 18, 2024. Eligible claimants who filed within this period were required to:
- Submit a claim form online or via mail.
- Attach supporting documents for each claim category.
- Ensure forms were postmarked by the deadline.
Those opting out of the settlement or filing objections had separate deadlines ending on November 1, 2024.
What to Expect Next
Eligible claimants should monitor their email or mail for updates from the settlement administrator. Payments will be made via checks or electronic transfers, as indicated during the claim submission process. Stay informed by visiting the official website or contacting the settlement administrator for updates.
By adhering to the timelines and ensuring accurate documentation, claimants can secure their rightful compensation from the Cash App class action settlement. With the payment date approaching, now is the time to verify your eligibility and stay updated on the process.