Block reaches $45 million multistate settlement over Cash App safety claims

Block, Inc. (NYSE: SQ) has reached a $45 million bipartisan multistate settlement with the New Jersey Attorney General Jennifer Davenport and the Division of Consumer Affairs over allegations that the company misled consumers about the safety of its Cash App platform.

The settlement also reaffirms Block's commitment to distribute between $75 million and $120 million to compensate consumers nationwide, as part of a separate settlement with the Consumer Financial Protection Bureau.

Under the terms of the multistate settlement, Block has agreed to implement and maintain responsible practices to address the issues raised in the allegations.

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