Cash App Settlement Payout Per Person: How much are you likely to get?

Cash App Settlement Payout Per Person: The Cash App Settlement is about two types of data breaches which happened in 2022 and 2023. The claim filing deadline has been passed by 18 November 2024 and now each qualifying class member is waiting for payout. It’s important to know that no payout will be issued before the final approval hearing which will be held on 13 January 2025. 

The total payout of this settlement which will be distributed among eligible claimants is $15 million and three types of settlement payout includes $2,500 for out-of-pocket, $25 per hour for up to 3 hours time lost, and one for transactional losses. These payout can be expected in 2025 after the appeal phase resolvement. 

Cash App Settlement Payout Per Person

The cash app settlement is based on two data breaches which happened in 2022 and 2023. This class action lawsuit is about the access of sensitive data of Cash App Investing without authorization by a former employee in 2022. 

The second data breach which in 2023 was about the unauthorised user access to the Cash App accounts using recycled phone numbers linked to those accounts. The plaintiffs have raised concern about the security measures and mishandling of the company. 

The Cash App and its parent company, Block, Inc has agreed to pay $15 million to resolve this settlement and the payout portion will be provided only to those who meet eligibility criteria and have submitted claim forms by the deadline which was 18 November. The per person payout amount of this settlement is discussed below.

• Out-of-Pocket Losses: If individuals have faced any type of unauthorised or fraudulent withdrawals or transfers of funds from their Cash App account between Aug. 23, 2018 to Aug. 20, 2024, and they have submitted valid claim form, then they are eligible to receive up to $2,500. 
• Lost Time: Individuals who have submitted valid claim forms for lost time will be eligible to receive $25 per hour in dealing with data breaches for up to three (3) hours. 
• Transactional Losses: Individuals will be eligible to receive payout for documented transactional losses that they have faced between Aug. 23, 2018 to Aug. 20, 2024, if they claimed for it. 

When will I receive my portion of Cash App Settlement?

The payout of any settlement is distributed after the final approval and you all know the final approval hearing of this settlement will be held on January 13, 2025 at 9:30 a.m. PT via teleconference. If the settlement is approved, then the payout distribution will start after resolving the appeal phase. 

The appeal phase of settlement is expected to take almost one year to resolve and you can expect your cash app settlement payout in late 2025 or in early 2026. There can be several reasons which cause delay in your payout such as number of claimants, volume of claim forms, additional requirements, and the calculation of funds. 

Although, the exact timeline is difficult to predict so you must stay in touch with the official settlement website to get informed details. You can also contact settlement administrators to get information regarding the status of their claim form. 

Cash App Settlement Eligibility Criteria 

The eligibility criteria of Cash App Settlement is crucial to know for those who have participated in this settlement and are waiting for their payouts.

• United States residency is necessary to meet, which means you must be a resident of the U.S. 
• Whether you are a current or former user, if you have faced data breaches between August 23, 2018 to August 20, 2024 and you are a user of Cash App or Cash App Investing, then you qualify for this settlement.
• Individuals who have faced unauthorised access to their cash app without any permission during class periods.
• Individuals who have submitted claim form by the deadline of 18 November 2024 with all requirements will be eligible to receive payout of this settlement.

Why can my Cash App Settlement payout be late?

There can be various reasons for the late payout of Cash App Settlement which are discussed below to check.

Verification and Volume of Claim Forms:

• The claim verification phase of any settlement can take longer time than expected if the claim form volume is high. In the verification process, the settlement administrator verifies whether the claimant has provided accurate information or no fraudulent claim is filed. 

Additional Information:

• Sometimes settlement administrators ask for some additional documentation or information to verify whether you have submitted fraudulent claims or not. The other administrative proceedings can also be a reason for late payout such as data entry, validation, approval of claims, etc.

Calculation of Funds: 

• As you know this settlement is based on three different types of payout including out-of-pocket, transactional losses, and lost time, so the calculation of settlement fund for each eligible claimant can take time and it can be a delay or late payment reason.