South Dakota will receive $410,946 as part of a $45 million multistate settlement with Block, Inc., the parent company of Cash App, Attorney General Marty Jackley announced.
The settlement resolves allegations that Block misled users about Cash App’s security and failed to adequately protect customers from fraud. Jackley said the company promoted Cash App as a safe alternative to traditional banking while fraud on the platform increased and consumer protections fell short. The agreement includes South Dakota and 45 other states.
South Dakota’s share of the settlement will support the Attorney General’s Consumer Protection Division and future consumer-protection efforts.
South Dakotans who believe they may be eligible for compensation can file claims through the CFPB and Cash App settlement websites. https://www.consumerfinance.gov/enforcement/actions/block-inc/ and https://cashappcfpbsettlement.com/.
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