In recent times, there has been a buzz surrounding a substantial settlement involving Cash App, a popular mobile payment service.The lawsuit stems from a significant data breach that occurred in December 2021, affecting millions of users.

With $15 million on the line, Cash App users who have been affected by this breach are now wondering, “Is the Cash App settlement real?”

This article delves into the details of the Cash App settlement, providing comprehensive information on the legitimacy of the claim, eligibility criteria, and how to submit a claim. We will also answer frequently asked questions to ensure you have all the information you need to make an informed decision.

Is The Cash App Settlement Real? Complete Guide

Understanding the Cash App Settlement

In December 2021, Cash App, owned by Block Inc., experienced a data breach that resulted in the unauthorized release of sensitive user information. This breach impacted 8.2 million current and former Cash App Investing customers. The compromised data included personally identifiable information (PII), such as names, brokerage account numbers, and portfolio values. The lawsuit alleged that Cash App and Block Inc. failed to exercise reasonable care in safeguarding consumer information, leading to this breach.

To resolve the claims, a class-action lawsuit was filed against Cash App and Block Inc. As a result, a settlement of $15 million was agreed upon to compensate affected users. This settlement is intended to cover various types of losses that users may have incurred due to the data breach, including out-of-pocket expenses, lost time, and transaction losses.

What Does the Settlement Cover?

The $15 million settlement is designed to compensate users for several types of damages:

• Out-of-Pocket Losses: Users who suffered financial losses directly related to the data breach can submit a claim for reimbursement. This may include expenses incurred due to fraudulent transactions, identity theft, or other related costs. Eligible users can receive up to $2,500 for documented out-of-pocket losses.
• Lost Time: Users who spent time dealing with the aftermath of the data breach can also claim compensation. This includes time spent addressing fraudulent transactions, contacting customer support, or monitoring accounts for suspicious activity. Users can claim up to three hours at a rate of $25 per hour, amounting to a maximum of $75 for lost time.
• Transaction Losses: If a user experienced monetary losses that were not reimbursed by Cash App or any third party, they could file a claim for these transaction losses. This may include unauthorized withdrawals or transfers from their Cash App accounts.

Eligibility Criteria for Filing a Claim

Not all Cash App users are eligible to file a claim. To qualify for the settlement, users must meet specific criteria:

1. Account Ownership: Users must have had an active Cash App account between August 23, 2018, and August 20, 2024. This timeframe covers the period during which the data breach occurred.
2. Unreimbursed Losses: Users who have already been reimbursed by Cash App, Block Inc., or a third party for their losses are not eligible to file a claim. The settlement is intended for users who have not yet received compensation for their losses.
3. Proof of Loss: Users must provide documentation to support their claims. This may include bank statements, receipts, or other evidence showing that they suffered financial losses due to the data breach.
4. Single Claim Submission: Users should submit only one claim form. If they have multiple Cash App accounts, they should list all relevant accounts and claims on a single form.

How to File a Claim

Filing a claim for the Cash App settlement is a straightforward process, but it requires careful attention to detail. Here’s how users can submit their claims:

1. Visit the Settlement Website: Users should begin by visiting the official Cash App settlement website at https://cashappsecuritysettlement.com/submit-claim. This website provides all the necessary information and resources for filing a claim.
2. Complete the Claim Form: Users must fill out the claim form provided on the website. This form requires users to provide their personal information, details of their Cash App account(s), and a description of the losses they incurred.
3. Upload Supporting Documentation: Users must upload any supporting documents that validate their claims. This may include proof of unauthorized transactions, receipts for out-of-pocket expenses, or records of time spent addressing the breach.
4. Submit the Claim by the Deadline: The deadline for submitting a claim is November 18, 2024. Users must ensure that their claims are submitted by this date to be considered for reimbursement.

Is The Cash App Settlement Real (FAQs)

1. Is the Cash App Settlement Real?

Yes, the Cash App settlement is real. It is the result of a class-action lawsuit filed against Cash App and Block Inc. for failing to protect user data adequately. The $15 million settlement aims to compensate users who suffered losses due to the December 2021 data breach. If you meet the eligibility criteria, you can file a claim to receive compensation.

2. How Do I Know If I’m Eligible for the Settlement?

To be eligible for the Cash App settlement, you must have had an active Cash App account between August 23, 2018, and August 20, 2024. Additionally, you should not have been reimbursed by Cash App, Block Inc., or any third party for your losses. You must also provide documentation to support your claim.

3. What Types of Losses Can I Claim?

Users can claim three types of losses: out-of-pocket expenses, lost time, and transaction losses. Out-of-pocket expenses may include costs related to identity theft or fraudulent transactions. Lost time compensation is available for users who spent time dealing with the breach, and transaction losses cover unreimbursed monetary losses.

4. Can I File Multiple Claims If I Have More Than One Cash App Account?

No, users should submit only one claim form, even if they have multiple Cash App accounts. All relevant accounts and claims should be listed on a single form to avoid complications.

5. What Documentation Do I Need to Submit a Claim?

Users must provide documentation to support their claims. This may include bank statements, receipts, or other records that demonstrate the financial losses incurred due to the data breach. Documentation is crucial for validating your claim and receiving compensation.

6. How Much Compensation Can I Expect to Receive?

The amount of compensation you receive will depend on the type and extent of your losses. Out-of-pocket losses can be reimbursed up to $2,500, while lost time can be compensated at $25 per hour, up to three hours. Transaction losses will be reimbursed based on the actual amount lost, provided you have not been previously compensated.

7. What Is the Deadline for Filing a Claim?

The deadline for submitting a claim is November 18, 2024. It is essential to file your claim by this date to be considered for reimbursement. Late submissions will not be accepted, so make sure to complete and submit your claim form on time.

Conclusion

The Cash App settlement represents a significant opportunity for affected users to receive compensation for the losses they incurred due to the December 2021 data breach.

With $15 million allocated for reimbursements, eligible users can file claims for out-of-pocket expenses, lost time, and transaction losses.

It is crucial to act promptly, as the deadline for submitting claims is November 18, 2024.

If you believe you qualify for the settlement, we encourage you to visit the official settlement website, gather the necessary documentation, and submit your claim as soon as possible. Don’t miss out on your chance to receive the compensation you deserve.