**Cash App Responds to Security Concerns with $15 Million Settlement, Claim Deadline Approaching**

In response to allegations of insufficient security measures, Cash App is offering its customers the chance to claim compensation from a $15 million settlement. The settlement stems from accusations against Block and Cash App Investing, which were alleged to have been negligent in protecting user data. This purported negligence is said to have resulted in unauthorized access to accounts and transactions, as well as poor handling of customer complaints. Despite denying any wrongdoing, the companies opted for a settlement to sidestep the potential unpredictability and costs of litigation.

Customers affected by unauthorized account access, fraudulent transactions, or unsatisfactory responses to their complaints between August 23, 2018, and August 20, 2024, are eligible to claim up to $2,500 for out-of-pocket losses. Additional compensation can also be sought for lost time and transaction losses. The deadline for submitting claims is November 18, 2024.

The litigation was initiated by plaintiffs Michelle Salinas, Raymel Washington, and Amanda Gordon, who cited serious security breaches. In 2022, a former employee of Cash App Investing allegedly accessed sensitive user data without proper authorization. The following year, additional breaches occurred when unauthorized individuals accessed accounts through recycled phone numbers. The plaintiffs argued that these incidents were a result of deficient security protocols and inadequate responses to customer grievances.

A portion of the settlement fund is allocated to cover attorneys' fees, legal costs, and service payments to class representatives, as well as administrative expenses associated with the settlement. A significant part of the remaining funds is designated for direct compensation to class members who submit valid claims. Besides the $2,500 for out-of-pocket expenses, claimants can receive compensation for up to three hours of lost time at $25 per hour. Financial losses directly resulting from unauthorized activities are also covered, provided they are documented and haven't been compensated by Cash App or other financial institutions.

In the event that the total valid claims surpass the Net Settlement Amount, payments to claimants will be proportionally reduced. Conversely, surplus funds will either be redistributed among claimants or donated to an appropriate charity, depending on the remaining amount.

Eligible class members must submit a claim form, available both online and in paper, by November 18, 2024. Supporting documentation, such as receipts and police reports, must be included to validate claims.

This settlement is a pivotal move to address the alleged security failings at Cash App, offering a means for affected users to achieve financial redress and resolution. It also highlights the urgent need for more stringent security measures and responsive customer service within the digital finance sector.