Kentucky to get slice of national CashApp settlement
FRANKFORT — Kentucky’s General Fund is getting a nearly $400,000 deposit thanks to a national $45 million CashApp/Block settlement.
Kentucky’s slice of the settlement is $556,445.47, according to a Wednesday judgement. After attorney fees of $183,626 for the attorney general, $372,819 heads to the state general fund.
Attorney General Russell Coleman was part of a multi-state coalition to sue Block, alleging it “misrepresented CashApp’s safety and insurance coverage, failed to honor refund protections and wrongfully froze innocent users’ accounts.” CashApp is an app that lets its users digitally transfer money, among other things.
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The Wednesday court filing said that the company “denies any wrongdoing and the allegations in the Complaint, and no part of this Judgment shall constitute evidence of any liability, fault, or wrongdoing by Block.”
A company spokesperson said in a statement that “Cash App has made significant investments in consumer protection, customer service and compliance in order to safeguard and serve the tens of millions of Americans who rely on Cash App to meet their banking and credit needs.”
“We share the commitment of the attorneys general to addressing industry challenges and continue to invest in operations and technology to promote a safe and healthy financial ecosystem,” the spokesperson said.
Coleman, meanwhile, said his office is “proud to protect Kentucky consumers from predatory businesses.”
“We are helping to make Kentuckians whole and putting into place safeguards that will help prevent Kentuckians from falling victim to fraud in the future,” said Coleman.