Residents who have used Cash App, the popular mobile payment service operated by Block Inc., formerly known as Square Inc., may be eligible for a financial boost as the company prepares to issue payments following a recent class-action settlement. The lawsuit, which centers around allegations of insufficient data security measures, has reached a resolution that compellingly favors consumers.
In 2018, the service faced scrutiny after a data breach compromised the personal information of numerous users. Plaintiffs in the lawsuit accused Cash App of failing to provide adequate security to protect their data, which ostensibly led to unauthorized transactions and financial losses.
Under the terms of the settlement, Cash App has committed to improving its security practices in addition to providing monetary compensation to affected users. The agreement proposes a settlement fund of $20 million from which individual claims will be paid.
Eligible individuals who had a Cash App account between January 1, 2013, and August 24, 2021, are potential beneficiaries of the settlement. Those who believe they were adversely affected by the breach may file a claim to receive a portion of the settlement fund, with payments to claimants going as high as $2,500 depending on the extent of their data breach damages.
Submitting a valid claim involves completing a claim form available on the settlement website by the specified deadline. Full details and instructions for submitting a claim can be found on this platform. Claims must be postmarked or submitted online no later than the designated date, which is 90 days from the finalized settlement announcement.
The process of verifying the claims will commence immediately after the submission deadline passes, aiming to ensure that all claims are thoroughly reviewed for eligibility and accuracy. Claimants can expect to receive payment via check or electronic transfer, depending on their selected method of reimbursement, after all claims have been processed.
Expectations must be managed regarding the timeline for receiving payments. Payment disbursement is projected to occur within a specific timeframe following full claims processing, which might extend several months depending on the volume of claims and completion of all verification protocols.
While the settlement marks a significant stride towards compensating users, it is also a clear mandate for Cash App and similar entities to strengthen their data protection measures, signaling to other corporations the importance of robust cybersecurity practices to prevent such breaches in the future.
For those seeking more information or needing to submit a claim related to the Cash App settlement, additional resources and contact details are available on the official settlement website.
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