Approved claimants in a class-action settlement involving Cash App and its parent company, Block Inc. (NYSE: XYZ), are expected to receive compensation during October 2026.
The official settlement website, updated in late September, states that the review of claim deficiencies and appeals is complete and that distributions to approved claims will be issued this month.
The case, titled Salinas, et al. v. Block, Inc. and Cash App Investing, LLC (Case No. 22-cv-04823 in the US District Court for the Northern District of California), resolved allegations that the companies were negligent and failed to meet obligations to users.
The claims centered on two security incidents: one disclosed by Cash App Investing in April 2022 involving a former employee’s unauthorized access to account data, and another disclosed by Block in October 2023 in which an unauthorized party accessed certain accounts linked to recycled phone numbers.
The lawsuit also addressed alleged unauthorized or fraudulent withdrawals and transfers, as well as issues with complaint and error-resolution processes for Cash App accounts and linked accounts between August 23, 2018, and August 20, 2024.
Block and Cash App Invest...