Eligible Cash App users could soon begin receiving $2,500 in their pockets as part of a whopping $15 million law suit settlement over a data breach.
The mobile financial platform was slapped with a lawsuit after the alleged 2021 breach resulted in the “unauthorized public release of the personally identifiable information of 8.2 million current and former Cash App Investing customers,” USA Today reported, citing the class-action suit filed in 2022.
Cash App, its parent company Block Inc. and the lawsuit’s plaintiffs agreed to the settlement in March 2024 — but neither company admitted to any violations of the law, the publication reported.
Payments from the $15 million settlement are expected to be distributed sometime this month to users who filed a claim before the deadline two years ago, according to the settlement website.
Users who experienced authorized or fraudulent withdrawals or transfers from their Cash App accounts between Aug. 23, 2018 and Aug. 20, 2024 had to have filed a claim for damages before Nov. 18, 2024 to be eligible.
Impacted individuals could seek reimbursement for out-of-pocket losses of up to $2,500 — including loss of funds from transactions and lost time spent on the data breach, capped at up to three hours at $25/hour.
No claims filed after the November 2024 deadline will be accepted, according to the settlement website.
The $15 million settelment, while sizeable, covers legal fees and settlement administrative costs in addition to valid user claims.
Cash App, launched in 2013, is a mobile financial platform that works like a “digital wallet” for users to send a receive money, invest in Bitcoin and stocks, apply for loans and file taxes, according to USA Today.
While it is not a bank, the platform offers an interest-earning savings account and a Cash App debit card for users to make purchases and ATM withdrawals.
