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 fraud protections and business practices.
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Where it stands
Block Inc. is finalizing a $45 million settlement agreement with multiple states. The probe into the company centered on allegations of inadequate fraud protections and misleading business practices associated with the Cash App platform.
Coverage from outlets including Reuters, Forbes, and local news stations like WBRC and KOMO highlights that the settlement involves various state-level payouts, including $21.8 million for Washington, $3 million for Oregon, and nearly $1 million for Michigan. Forbes notes that the state-led action occurs as the CFPB involvement remains limited.
Future developments will involve the distribution of these funds to the states involved in the agreement. Coverage does not yet specify the timeline for these payments or the specific operational changes Block Inc. may be required to implement under the terms of the settlement.
Synthesized by headlinez.news from the headlines below under a strict no-invention contract. ✓ fact-checked: all claims supported by sources Updated 43d ago.
The reporting (7)
- Alabama part of $45 million multistate settlement with Cash App parent company Block WBRC · 46d ago
- Cash App owner Block Inc. hit with $21.8M in Washington settlements over fraud claims KOMO · 46d ago
- Oregon to receive $3 million in settlement with Cash App parent company over fraud claims KATU · 46d ago
- Jack Dorsey’s Block To Pay $45 Million Fine As States Step In For Withering CFPB Forbes · 46d ago
- Michigan to get nearly $1M in multimillion-dollar settlement over misleading practices on Cash App ClickOnDetroit | WDIV Local 4 · 46d ago
- Utah part of $45M settlement with company behind Cash App KSL.com · 46d ago
- Cash App parent settles states' probe over fraud protections for $45 million Reuters · 46d ago
Answered
What is the total value of the settlement?
The settlement totals $45 million.
Which company is involved?
Block Inc., the parent company of Cash App, is the entity involved in the settlement.
What were the primary allegations?
The states investigated the company over issues regarding fraud protections and allegedly misleading business practices.
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