Cash App parent settles states' probe over fraud protections for $45 million
Block Inc., the parent company of Cash App, has reached a $45 million multistate settlement regarding allegations of inadequate fraud protections.
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The brief
Block Inc. is settling a multistate investigation concerning its handling of fraud claims and user protections on the Cash App platform. The resolution involves a total of $45 million in payments to various participating states. Coverage from outlets including Reuters, Forbes, and local news sources like WBRC, KOMO, and KATU highlights that individual states are receiving varying portions of the total sum.
Specific allocations include $21.8 million for Washington, $3 million for Oregon, and nearly $1 million for Michigan. The reports also note that Alabama and Utah are participating in the agreement. Future developments will involve the distribution of these funds to the states involved in the probe.
Coverage does not yet specify the timeline for payment disbursement or the exact operational changes Block Inc. may be required to implement regarding its fraud prevention protocols.
Synthesized by PULSE from the headlines below under a strict no-invention contract. ✓ fact-checked: all claims supported by sources Updated 89d ago.
Quick answers
What is the total value of the settlement?
The settlement is valued at $45 million.
Which company is the subject of the settlement?
Block Inc., the parent company of Cash App, is the subject of the settlement.
What were the primary allegations against the company?
The allegations centered on fraud protections and misleading practices on the Cash App platform.
Coverage (7)
- Alabama part of $45 million multistate settlement with Cash App parent company Block WBRC · 91d ago
- Cash App owner Block Inc. hit with $21.8M in Washington settlements over fraud claims KOMO · 91d ago
- Oregon to receive $3 million in settlement with Cash App parent company over fraud claims KATU · 91d ago
- Jack Dorsey’s Block To Pay $45 Million Fine As States Step In For Withering CFPB Forbes · 91d ago
- Michigan to get nearly $1M in multimillion-dollar settlement over misleading practices on Cash App ClickOnDetroit | WDIV Local 4 · 91d ago
- Utah part of $45M settlement with company behind Cash App KSL.com · 91d ago
- Cash App parent settles states' probe over fraud protections for $45 million Reuters · 91d ago
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