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2 clusters · 12 sources · 24 days · First seen · Last updated
Block Inc. legal and financial developments
Overview
Block Inc. and its subsidiary Cash App have faced multiple legal and regulatory developments. In October, a $15 million settlement was announced to resolve a class-action lawsuit stemming from a 2021 data breach that allegedly resulted in the “unauthorized public release of the personally identifiable information of 8.2 million current and former Cash App Investing customers.”
By November, the company reached a preliminary settlement with the US Department of Justice to resolve an investigation into its anti-money laundering compliance programs. Block agreed in principle to pay $764 million to address allegations regarding insufficient identity verification and controls, which includes a three-year deferral of criminal charges related to the Bank Secrecy Act.
Despite these legal matters, Block reported strong third-quarter financial results, including a 22% rise in total gross profit to $3.24 billion. The company subsequently raised its full-year 2026 gross profit guidance.
Entities
Cash App · Jack Dorsey · US Department of Justice · Square · Block Inc.
Timeline
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[BUSINESS] 12 sourcesBlock reaches DOJ settlement and raises profit outlook
Block reached a $764 million preliminary settlement with the US DOJ over anti-money laundering controls while raising its full-year profit outlook following strong Cash App growth.
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[BUSINESS] 6 sourcesCash App to distribute $15M settlement following data breach
Cash App and Block Inc. have reached a $15 million settlement regarding a 2021 data breach. Eligible users who filed claims may receive up to $2,500 in reimbursements starting this month.
Sources
blockonomi.com · criptonoticias.com.br · cryptobriefing.com · cryptopolitan.com · dcforecasts.com · neweconomy.jp · pymnts.com · rande-academy.cz · siliconangle.com · spacemoney.com.br · srnnews.com · toray.co.jp