76-2 Settlement+Agreement+ (Cash+App)

Case 3:22-cv-04823-AMO Document 76-2 Filed 03/03/24 Page 1 of 25
EXHIBIT 1
to Emert Decl.-
Settlement
Agreement
DocuSign Envelope ID: FCF71564-5D81-4F0B-A4E2-D33C683DD551
CLASS ACTION SETTLEMENT AGREEMENT AND RELEASE
I. Introduction
A. This Settlement Agreement (“Agreement” or “Settlement Agreement”) is hereby

entered into by and among Plaintiffs Michelle Salinas, Raymel Washington, and
Amanda Gordon (“Plaintiffs” or “Named Plaintiffs”) individually and on behalf
of the Settlement Class Members and Defendants Block, Inc. (“Block”) and Cash
App Investing LLC (“Cash App Investing”) (collectively, “Defendants”),
(together, “the Parties”), in the matter Salinas, et al. v. Block Inc., et al., Case No.
22-cv-4823 (N.D. Cal.).
B. This Agreement is intended by the Parties to fully, finally, and forever settle,
compromise, and discharge the Released Claims (as defined below), subject to the
terms of this Agreement, and subject to preliminary and final approval of the Court.
II. Terms of Settlement
A. Definitions
1. “Action” means the civil action Salinas, et al. v. Block Inc., et al., Case No.
22-cv-4823, filed in the U.S. District Court for the Northern District of
California on August 23, 2022, and Gordon v. Block, Inc., et al., Case No.
3:22-cv-6787, filed in the U.S. District Court for the Northern District of
California on November 2, 2022 by Plaintiff Gordon, which is pending
consolidation into Salinas, et al. v. Block Inc., et al.
2. “Agreement” or “Settlement Agreement” means this Class Action

Settlement Agreement and Release, including any exhibits.
3. “Approved Claim” means a timely submitted Claim Form that has been
approved by the Settlement Administrator.
4. “Cash App” means the mobile phone application run by Block that
provides an ecosystem of financial products and services that help
individuals store, receive, spend, save and invest their money.
5. “Cash App’s Counsel” means Aravind Swaminathan and Michelle Visser

of Orrick, Herrington & Sutcliffe LLP.
6. “Claim Form” or “Claim” means, collectively, the form Settlement Class

Members must submit to be eligible for reimbursement of Out-of-Pocket
Losses, Lost Time, and/or Transaction Losses, which is attached hereto as
Exhibit C.
7. “Class Counsel” means:
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David A. Goodwin
GUSTAFSON GLUEK PLLC
Canadian Pacific Plaza
120 South Sixth Street, Suite 2600
Minneapolis, MN 55402
Nicholas A. Migliaccio
Jason S. Rathod
MIGLIACCIO & RATHOD LLP
412 H Street NE
Washington, DC 20002
Gary S. Graifman
Melissa R. Emert
KANTROWITZ, GOLDHAMER & GRAIFMAN, P.C.
135 Chestnut Ridge Road, Suite 200
Montvale, New Jersey 07645
Scott. D Hirsch
SCOTT HIRSCH LAW GROUP
6810 N. State Road 7
Coconut Creek, FL 33073
William B. Federman
FEDERMAN & SHERWOOD
10205 N. Pennsylvania Ave.
Oklahoma City, Oklahoma 73120
8. “Class Representatives” means Michelle Salinas, Raymel Washington,

and Amanda Gordon.
9. “Court” means the United States District Court for the Northern District of
California.
10. “Data Security Incident” or “Data Security Incidents” means the

unauthorized access to certain reports of Cash App Investing by a former
employee of Cash App Investing, disclosed by Cash App Investing in April
2022 and/or the unauthorized access to certain Cash App accounts using
recycled phone numbers that were linked to the accounts disclosed by Block
in September 2023.
11. “Transaction Loss(es)” means:
a. The Settlement Class Member experienced an Unauthorized

Account Event;
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b. The Unauthorized Account Event resulted in a monetary loss that

has not yet been reimbursed;
c. The Unauthorized Account Event that caused the monetary loss

occurred during the period of four (4) years prior to the filing of the
Salinas Complaint (which was filed on August 23, 2022) through
the Notice Date; and
d. The Settlement Class Member has done or does at least one of the
following (all three (3) are not required):
(i) notified Defendants of the Unauthorized Account Event

during the period of four (4) years prior to the filing of the
Salinas Complaint (which was filed on August 23, 2022)
through the Notice Date; or
(ii) filed a police report concerning the Unauthorized Account

Event during the period of four (4) years prior to the filing
of the Salinas Complaint (which was filed on August 23,
2022) through the Notice Date; or
(iii) provides documentation that the Settlement Administrator,

in its sole discretion, determines is sufficient to demonstrate
the occurrence of an Unauthorized Account Event during the
period of four (4) years prior to the filing of the Salinas
Complaint (which was filed on August 23, 2022) through the
Notice Date, which caused the monetary loss claimed.
12. “Fee Award and Costs” means the amount of attorneys’ fees and
reimbursement of litigation costs and expenses awarded by the Court to
Class Counsel.
13. “Lost Time” means time spent in response to a Data Security Incident or
an Unauthorized Account Event or a deficiency in error resolution in
connection with a Cash App or Cash App Investing account.
14. “Net Settlement Fund” means the amount of funds that remain in the
Settlement Fund after funds are paid from or allocated for payment from the
Settlement Fund for the following: (i) Notice and Administrative Expenses;
(ii) Taxes and Tax-Related Expenses; (iii) Service Award Payments
approved by the Court; and (iv) Fee Award and Costs.
15. “Notice Date” is the date Class Notice will be sent via email to all
Settlement Class Members for whom email addresses are available to the
Settlement Administrator, which shall occur within forty-five (45) days of
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entry of an Order granting Preliminary Approval of the Settlement.
16. “Objection Deadline” is the last day on which a Settlement Class Member
may file an objection to the Settlement, which will be thirty-five (35) days
after the Notice Date.
17. “Opt-Out Deadline” is the last day on which a Settlement Class Member
may file a request to be excluded from the Settlement Class, which will be
thirty-five (35) days after the Notice Date.
18. “Out-of-Pocket Losses” means documented out-of-pocket costs or

expenditures that a Settlement Class Member actually incurred that are
fairly traceable to a Data Security Incident, an Unauthorized Account Event,
or a deficiency in error resolution in connection with a Cash App or Cash
App Investing account that occurred during the period of four (4) years prior
to the filing of the Salinas Complaint (which was filed on August 23, 2022)
through the Notice Date, and that have not already been reimbursed by
Block, Cash App Investing, or a third party. Out-of-Pocket Losses may
include, without limitation, the following:
a. costs associated with credit monitoring or identity theft insurance

purchased directly by the Settlement Class Member;
b. costs associated with requesting a credit report;
c. costs associated with a credit freeze;
d. costs associated with canceling a payment card and/or obtaining a

replacement payment card;
e. costs associated with closing a bank account and/or opening a new

bank account;
f. postage fees;
g. long-distance phone charges;
h. express mail;
i. other incidental expenses;
j. unrefunded overdraft and/or overdraft protection fees; and
k. unrefunded late and/or missed payment fees and/or charges.
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19. “Personal Information” means information that identifies, relates to,

describes, is reasonably capable of being associated with, or could
reasonably be linked, directly or indirectly, with a particular Cash App or
Cash App Investing user.
20. “Released Claims” means any and all actual, potential, filed, unfiled,
known or unknown, fixed or contingent, claimed or unclaimed, claims,
demands, liabilities, rights, causes of action, damages, punitive, exemplary
or multiplied damages, expenses, costs, attorneys’ fees and/or obligations,
whether in law or in equity, accrued or unaccrued, direct, individual or
representative, based on any federal, state, local, statutory or common law
or any other law, against the Released Parties, or any of them (“Claims”),
arising out of or relating to actual or alleged facts, transactions, events,
matters, occurrences, acts, disclosures, statements, representations,
omissions or failures to act relating to the security of, access to, or transfers
of information or funds to or from Block or Cash App Investing systems or
a Cash App or Cash App Investing account, or otherwise, including all
Claims (1) that were alleged or asserted against any of the Released Parties
in the Consolidated Class Action Complaint, filed in the Action, on
February 9, 2024; (2) that arise out of the same nucleus of operative facts
as any of the claims alleged or asserted in that complaint; or (3) that arise
out of or relate to (i) the Data Security Incident, (ii) any alleged
unauthorized access to, unauthorized, unintended, or fraudulent
withdrawals or transfers to or from, or alleged deficiency in error resolution
in connection with a Cash App or Cash App Investing account or any linked
financial account, such as linked bank accounts, savings accounts, checking
accounts, credit cards, investment accounts, or (iii) any Released Party’s
response to, investigation of, or resolution of a report related thereto,
including but not limited to any claims under the California Consumer
Privacy Act (“CCPA”), California Privacy Rights Act (“CPRA”),
California Consumer Records Act (“CRA”), California Consumer Legal
Remedies Act (“CLRA”), Electronic Fund Transfer Act (“EFTA”) and its
implementing regulations, Federal Trade Commission Act (“FTC Act”), or
any other state data security or consumer protection statute such as
California’s Unfair Competition Law (“UCL”) and False Advertising Law
(“FAL”) or any other federal or state law relating to unfair, deceptive,
and/or abusive acts or practices, provided such Released Claims are limited
to a period of four (4) years prior to the filing of the Salinas Complaint
(which was filed on August 23, 2022) through the Notice Date.
21. “Released Parties” means Block and Cash App Investing and their past,
present, and future direct and indirect heirs, assigns, associates,
corporations, investors, owners, parents, subsidiaries, affiliates, divisions,
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officers, directors, shareholders, members, agents, employees, attorneys,

insurers, reinsurers, benefit plans, predecessors, successors, managers,
administrators, executors, and trustees.
22. “Releasing Parties” means Plaintiffs and other Settlement Class Members
and their respective past, present, and future heirs, beneficiaries,
conservators, executors, estates, administrators, assigns, agents,
accountants, financial and other advisors, and any other representatives of
any of these persons and entities.
23. “Service Award Payment” means compensation awarded by the Court and
paid to the Class Representatives in recognition of their role in this
litigation.
24. “Unauthorized Account Event” means any event where there was
unauthorized access to, or unauthorized or fraudulent withdrawals or
transfers to or from, a Settlement Class Member’s Cash App or Cash App
Investing account or any linked financial account during the period of four
(4) years prior to the filing of the Salinas Complaint (which was filed on
August 23, 2022) through the Notice Date.
B. Certification of Class Action for Settlement Purposes Only. The Parties agree, for
settlement purposes only, to stipulate to the certification of a “Settlement Class,”
each member of which is a “Settlement Class Member,” defined as follows:
All persons who are current or former customers of Defendants or

any of Defendants’ affiliates, parents, or subsidiaries and who had
their Personal Information, Cash App account, or Cash App
Investing account accessed or obtained without their authorization
or who otherwise had unauthorized, unintended, or fraudulent
withdrawals or transfers to or from, or alleged error in connection
with, a Cash App or Cash App Investing account or any linked
financial account in the period of four (4) years prior to the filing of
the Salinas Complaint (which was filed on August 23, 2022) through
the Notice Date.
Excluded from the Settlement Class are (i) any judge or magistrate judge presiding
over this Action, members of their staff, and members of their immediate families;
(ii) the Released Parties; (iii) persons who properly execute and file a timely request
for exclusion from the Settlement Class; (iv) persons whose claims in this matter
have been finally adjudicated on the merits or otherwise released; (v) counsel for
Defendants; and (vi) the legal representatives, successors, and assigns of any such
excluded persons.
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In the event that, for any reason, the Court does not issue a Final Approval Order
that approves of this Settlement Agreement, then such stipulated class certification
shall become null and void and the Parties shall not be affected in any way by such
prior stipulation or any preliminary certification if the Court enters the Preliminary
Approval Order. The Parties agree that such Order is not in any respect an
adjudication of any fact or issue for any purpose other than the effectuation of this
Agreement; (ii) such Order may not be considered as law of the case or res judicata
or have collateral estoppel effect in this or any other proceeding other than for
purposes of effectuating this Agreement; and (iii) they will make no assertion in
any court or proceeding inconsistent with clauses (i) and (ii) of this Section.
Defendants thus do not waive, and instead expressly reserve, the right to challenge
the propriety of class certification for any purpose in the event that the Court does
not issue a Final Approval Order that approves this Settlement Agreement.
C. No Admission of Liability. Defendants do not admit any liability or wrongdoing

of any kind associated with the allegations or claims asserted in the Action.
Nothing in this Settlement Agreement or any action that Defendants take under it
or any related communications or negotiations concerning the Settlement
Agreement shall be deemed or construed as an admission of liability or wrongdoing
of any kind on the part of Defendants with respect to any allegations or claims, nor
does it constitute an admission that any putative class meets the requirements for
class certification. It is specifically understood and agreed that the benefits
provided in this Settlement Agreement are being paid or provided in full and final
settlement of all claims and that such payment and the providing of sufficient
benefits does not constitute and shall not be construed as any admission or evidence
of fault or liability on the part of Defendants and shall not be admissible in any
proceeding as evidence of fault, liability, or wrongdoing. Defendants have asserted
defenses they believe to be meritorious and expressly have denied and continue to
deny that they were at fault and further deny that they are liable to Plaintiffs or the
Settlement Class for any amounts.
D. Effective Date. The settlement in this Settlement Agreement is conditioned upon

the occurrence of each of the following events: (i) the Parties and counsel for the
Parties executing the Settlement Agreement; (ii) the Court granting preliminary
approval to the Settlement Agreement as provided herein; (iii) the Court entering a
Final Approval Order granting final approval of the Settlement Agreement without
any material modification or condition; and (iv) dismissal of this Action with
prejudice. Assuming each of these events has occurred, the effective date of the
Settlement Agreement (“Effective Date”) shall be the later of either the expiration
of the time for filing an appeal of the Final Approval Order, or if a timely appeal is
made, the date of the final resolution of that appeal and any subsequent appeals
resulting in final approval of the Settlement Agreement without any material
modification or condition.
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E. Agreed Monetary Relief.
1. Establishment of Settlement Fund. Within thirty (30) days of the

Effective Date of this Agreement, Defendants shall deposit the sum of
Fifteen Million Dollars ($15,000,000.00), less any Administrative Notice
Costs already paid to the Settlement Administrator, into an account
established and administered by the Settlement Administrator.
2. Use of the Settlement Fund. As further described in this Agreement, the

Settlement Fund shall be used by the Settlement Administrator to pay for
the following (in the following order): (i) Notice and Administrative
Expenses; (ii) Taxes and Tax-Related Expenses; (iii) Fee Award and Costs
approved by the Court; (iv) Service Award Payments approved by the
Court; (v) Approved Claims. No amounts may be withdrawn from the
Settlement Fund unless expressly authorized by this Agreement or approved
by the Court.
3. Taxes and Representations. Taxes and Tax-Related Expenses relating to

the Settlement Fund shall be considered Notice and Administrative
Expenses and shall be timely paid by the Settlement Administrator out of
the Settlement Fund without prior order of the Court. Further, the
Settlement Fund shall indemnify and hold harmless the Parties, their
counsel, and their insurers and reinsurers for Taxes and Tax-Related
Expenses (including, without limitation, taxes payable by reason of any
such indemnification payments). The Parties and their respective counsel
have made no representation or warranty with respect to the tax treatment
by any Class Representative or any Settlement Class Member of any
payment or transfer made pursuant to this Agreement or derived from or
made pursuant to the Settlement Fund. Each Class Representative and
Settlement Class Member shall be solely responsible for the federal, state,
and local tax consequences to him, her or it of the receipt of funds from the
Settlement Fund pursuant to this Agreement.
4. Distribution of the Settlement Fund.
a. Reimbursement for Out-of-Pocket Losses. All Settlement Class

Members may submit a claim for up to $2,500.00 for reimbursement
of Out-of-Pocket Losses. To receive reimbursement for Out-of-
Pocket Losses, Settlement Class Members must submit a valid
Claim Form that includes the following: (i) third-party
documentation supporting the loss; and (ii) a brief description of the
nature of the loss, if the nature of the loss is not apparent from the
documentation alone. Third-party documentation can include
receipts or other documentation not “self-prepared” by the
Settlement Class Member that documents the costs incurred. Self-
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prepared documents such as handwritten receipts are, by

themselves, insufficient to receive reimbursement, but can be
considered to add clarity or support other submitted documentation.
A claim for reimbursement for Out-of-Pocket Losses may be
combined with a claim for Lost Time and Transaction Loss.
b. Assessing Claims for Out-of-Pocket Losses. The Settlement

Administrator shall verify that each person who submits a Claim
Form is a Settlement Class Member. The Settlement Administrator
shall have the sole discretion and authority to determine whether and
to what extent documentation for Out-of-Pocket Losses reflects
valid Out-of-Pocket Losses actually incurred. The Settlement
Administrator is authorized to contact any Settlement Class Member
(through the information provided on the Settlement Class
Member’s Claim Form) to seek clarification regarding a submitted
claim prior to making a determination as to its validity.
c. Reimbursement for Lost Time. All Settlement Class Members

may submit a claim for reimbursement of Lost Time up to three (3)
hours at a rate of $25.00 per hour. A claim for Lost Time may be
combined with a claim for reimbursement for Out-of-Pocket Losses
and Transaction Losses.
d. Assessing Claims for Lost Time. The Settlement Administrator

shall have the sole discretion and authority to determine whether the
prerequisites have been met in order to award payments of Lost
Time. The Settlement Administrator is authorized to contact any
Settlement Class Member (through the information provided on the
Settlement Class Member’s Claim Form) to seek clarification
regarding a submitted claim prior to making a determination as to
its validity.
e. Transaction Losses. All Settlement Class Members may submit a

claim for reimbursement for Transaction Losses.
(i) To receive reimbursement for a Transaction Loss, a

Settlement Class Member must:
(a) Submit a valid Claim Form that attests that the

Settlement Class Member experienced an
Unauthorized Account Event (as defined in
Paragraph II.A.24); and
(b) Provides at least one of the following three (3) items

(all three (3) items are not required):
(1) a copy of the notification the Settlement

Class Member transmitted to Defendants
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during the period of four (4) years prior to the

filing of the Salinas Complaint (which was
filed on August 23, 2022) through the Notice
Date, notifying Defendants of the
Unauthorized Account Event which verifies
the account number and the amount of the
loss; or
(2) a copy of the police report concerning the

Unauthorized Account Event which verifies
the amount of the loss and was made during
the period of four (4) years prior to the filing
of the Salinas Complaint (which was filed on
August 23, 2022) through the Notice Date; or
(3) Documentation that the Settlement

Administrator, in its sole discretion,
determines suffices to demonstrate the
occurrence of an Unauthorized Account
Event during the period of four (4) years prior
to the filing of the Salinas Complaint (which
was filed on August 23, 2022) through the
Notice Date, which caused the monetary loss
claimed.
(ii) A claim for reimbursement for Transaction Losses may be

combined with a claim for Lost Time and Out-of-Pocket
Losses.
5. Disputes. To the extent it is determined by the Settlement Administrator

that a claim for Out-of-Pocket Losses, Transaction Losses, or Lost Time is
deficient in whole or part, within a reasonable time of making such a
determination, the Settlement Administrator shall notify the Settlement
Class Member in writing of the deficiencies and give the Settlement Class
Member twenty-one (21) days to cure the deficiencies from the date the
written notice is sent. Such notifications shall be sent via e-mail, unless the
claimant did not provide an e-mail address, in which case such notifications
shall be sent via U.S. mail. If the Settlement Class Member attempts to cure
the deficiencies but, at the sole discretion and authority of the Settlement
Administrator, fails to do so, the Settlement Administrator shall notify the
Settlement Class Member of that determination within ten (10) days of the
determination. The Class Member shall have one additional fourteen (14)
day period to finally cure the deficiency. If the Class Member still fails to
cure the deficiency, the Class Member will be notified in writing that the
claim is denied. The Settlement Administrator may consult with Class
Counsel and Cash App’s Counsel in making such determinations.
However, any such consultation shall be made with both Class Counsel and
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Cash App’s Counsel.
6. Pro Rata Reduction. In the event that the Net Settlement Fund is not
sufficient to make payment for all Approved Claims at the full amounts
otherwise approved, then the value of the payments for Approved Claims
shall be reduced on a pro rata basis, such that the aggregate value of all
payments for Approved Claims does not exceed the Net Settlement Fund.
7. Pro Rata Distribution. In the event that the aggregate value of all
Approved Claims is less than the Net Settlement Fund, each Settlement
Class Member that submitted an Approved Claim shall receive a
proportional share of the amount of the Net Settlement Fund that exceeds
the aggregate value of all Approved Claims based on the percentage of the
Settlement Class Member’s Approved Claim as compared to the aggregate
value of all Approved Claims.
F. Agreed Security Measures. Defendants represent that they have implemented the
following securing measures:
1. Vulnerability Management. Defendants maintain a program to recognize,

understand, and mitigate the security risks associated with known
vulnerabilities. This program includes operational and business metrics to
monitor overall program health and analytics to facilitate trend
identification.
2. Infrastructure/Application Testing. Defendants maintain a multifaceted

security program to test their systems and software, including:
a. Training to prevent common coding vulnerabilities in software

development processes by training developers annually in secure
coding techniques and developing applications based on secure
coding guidelines;
b. Security team dedicated to Cash App and Cash App Investing

software and infrastructure;
c. Internal network vulnerability scans of Cash App’s cloud

environment on a daily basis to identify and remediate
vulnerabilities according to their vulnerability management process;
d. PCI Approved Scanning Vendor (PCI ASV) to perform external

vulnerability scans of Cash App’s PCI DSS environment on a
weekly basis to remediate vulnerabilities identified according to the
vulnerability management process;
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e. Annual independent third-party penetration testing of Cash App’s

PCI DSS environment; and
f. A public bug bounty program.
3. Threat Intelligence. Defendants maintain a threat intelligence team

responsible for developing pre-breach/preventative intelligence on threats
and vulnerabilities.
4. Third Party Attestation. Defendants annually conduct:
a. Independent third-party SOC 2 Type II examination, regarding

design and operating effectiveness of controls relevant to the
Security, Availability, Processing Integrity, and Confidentiality
trust service criteria;
b. Independent annual PCI DSS assessment covering data security

requirements for protecting cardholder data processed, stored, or
transmitted.
G. Confirmatory Discovery. Defendants have provided Class Counsel with substantial

discovery in connection with settlement discussions. Within twenty-one (21) days
of the Preliminary Approval Order, Defendants will provide certain additional
confidential confirmatory discovery to Class Counsel.
H. Class Counsel Fee Award and Costs and the Named Plaintiffs’ Service Award
Payments.
1. Within forty (40) days of the entry of the Preliminary Approval Order, Class
Counsel will submit an application for Fee Award and Costs in an amount
up to twenty-five percent (25.00%) of the total value of the Settlement. The
Court’s approval of Class Counsel Fees in an amount less than the applied-
for amount will not have any effect on the remainder of this Agreement or
on the entry of final judgment or on the occurrence of the Effective Date,
nor will such result be grounds for termination of the Agreement.
2. In recognition of their time and effort spent serving as Class

Representatives, Class Counsel shall submit an application for approval of
Named Plaintiffs’ Service Award Payments in the amount of $2,500.00 or
as approved by the Court.
3. Other than any such liability Defendants may incur under this Agreement,
Defendants shall have no liability to any Settlement Class Member, to Class
Counsel, or to any other attorney for any Settlement Class Member for any
attorney’s fees, costs, or expenses incurred by any of them in connection
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with the Action, the Data Security Incidents, or any other claims released as
a result of the Settlement. The Class Representatives agree to hold
Defendants harmless from any claim that the term “Class Counsel” as
defined in this Agreement fails to include any person or firm who claims to
be entitled to a share of any attorneys’ fees awarded to Class Counsel in
connection with the Action.
I. Settlement Administration. The Parties will engage a Settlement Administrator

acceptable to the parties prior to filing of the Preliminary Approval Motion to
oversee the sending of the Class Notice and making of the payments required under
this Settlement Agreement. The Settlement Administrator cost estimates for
Administrative Costs will be provided prior to the time of acceptance of said
administrator. Defendants shall pay the estimated Administrative Notice Costs
directly to the Settlement Administrator. Any amounts paid to the Settlement
Administrator prior to creation of the Settlement Fund shall be subtracted from the
amount to be deposited by Defendants in the Settlement Fund such that Defendants’
total liability hereunder does not exceed Fifteen Million Dollars ($15,000,000.00).
The Settlement Administrator will administer the settlement, including (i) not later
than ten (10) calendar days after the filing of this Settlement Agreement with the
Court, , on Defendants’ behalf, serving or causing to be served notice of the
proposed Settlement upon the appropriate federal and state officials, as provided by
the Class Action Fairness Act, 28 U.S.C. § 1715, et seq.; (ii) providing notification
of the proposed settlement as per this Agreement to the Settlement Class Members;
(iii) creating and hosting a website, publicly accessible from the Notice Date until
at least six months after the Effective Date, dedicated to providing information
related to the Action, including access to relevant publicly available court
documents, the settlement and this Settlement Agreement, the long-form notice of
the settlement, and providing Settlement Class Members with the ability to submit
claims and supporting documentation for compensatory relief; (iv) maintaining a
toll-free telephone number with live operators for a period to be determined by the
Claims Administrator in consultation with Plaintiffs’ counsel and a P.O. Box by
which Settlement Class Members can seek additional information regarding this
Settlement Agreement; (v) processing claims and supporting documentation
submissions and providing approved payments to Settlement Class Members;
(vi) processing requests for exclusion from Settlement Class Members; (vii)
reporting on a weekly basis to Class Counsel and to Defendants’ Counsel the
information pertaining to Class Notices sent, claims received, claims paid, claims
approved and claims denied; and (viii) any other provision of this Settlement
Agreement that relates to the settlement and claims administration.
Internal Appeal Process/Attorney Review. With respect to any Settlement Class
Member whose claim has been denied, such Settlement Class Member shall have
the right to an internal appeal process (“Attorney Review”) as follows: Such Class
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Member shall be notified that they have the right to an Attorney Review of the
denied claim if they send a request in writing for such attorney review within twenty
(20) days of being notified of the denial in writing. Class Counsel and Defendants’
Counsel shall review any claims from which such internal appeal has been taken
and shall meet and confer to determine with regard to each appealed claim if such
claim should be approved. If Class Counsel and Defendants’ Counsel do not agree,
the decision of the Settlement Administrator shall stand.
J. Distribution to Settlement Class Members.
1. Payment Timing. Payments for Approved Claims for reimbursement for

Out-of-Pocket Losses, Lost Time, and/or Transaction Losses shall be issued
in the form of a check or electronic payment as soon as practicable after the
allocation and distribution of funds are determined by the Settlement
Administrator following the Effective Date.
2. Timing. Checks sent via mail shall bear in the legend that they expire if not
cashed within ninety (90) days of their date of issue.
3. Returned Payment. For any check or electronic payment returned to the

Settlement Administrator as undeliverable (including, but not limited to,
when the intended recipient is no longer located at the address or when an
email bounces back), the Settlement Administrator shall make reasonable
efforts to locate a valid address and resend the Settlement Payment within
thirty (30) days after the check or payment is returned to the Settlement
Administrator as undeliverable. Any replacement checks issued to
Settlement Class Members shall remain valid and negotiable for sixty (60)
days from the date of their issuance and may thereafter automatically be
canceled if not cashed by the Settlement Class Members within that time.
4. Uncashed Checks or Electronic Payments. To the extent that a check or

electronic payment is not cashed or otherwise redeemed within ninety (90)
days after the date of issue, the Settlement Administrator shall undertake
the following actions: (1) attempt to contact the Settlement Class Member
by e-mail and/or telephone using contact information provided in the Claim
Form to discuss how to obtain a reissued check or reissued electronic
payment; (2) if those efforts are unsuccessful, make reasonable efforts to
locate an updated address for the Settlement Class Member using advanced
address searches or other reasonable methods; and (3) reissue a check or
electronic payment or mail the Settlement Class Member a postcard (either
to an updated address if located or the original address if not) providing
information regarding how to obtain a reissued check or electronic payment.
Any reissued checks or electronic payments issued to Settlement Class
Members shall remain valid and negotiable for sixty (60) days from the date
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of their issuance and may thereafter automatically be canceled if not cashed

or otherwise redeemed by the Settlement Class Members within that time.
5. Deceased Class Members. If the Settlement Administrator is notified that

a Settlement Class Member is deceased, the Settlement Administrator is
authorized to reissue payment to the Settlement Class Member’s estate upon
receiving proof the Settlement Class Member is deceased and after
consultation with Class Counsel and Cash App’s Counsel.
K. Release. Upon the Effective Date, and in consideration of the settlement relief and
other consideration described herein, the Releasing Parties shall be deemed to have,
and by operation of the Final Approval Order shall have, fully, finally, and forever
released, acquitted, relinquished, and completely discharged the Released Parties
from any and all Released Claims, including but not limited to any state law or
common law claims that the Releasing Parties may have or had, such as under
California’s Customer Records Act, California Civil Code section 1798.80, et seq.
and/or California’s Consumer Privacy Act, California Civil Code section 1798.100,
et seq. Each Party expressly waives all rights under California Civil Code section
1542, which provides:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT

THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF
EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR
HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.
The Releasing Parties also waive the provisions and rights of any law(s) that are
comparable in effect to California Civil Code section 1542. The Releasing Parties
agree that, once this Agreement is executed, they will not, directly or indirectly,
individually or in concert with another, maintain, cause to be maintained, or
voluntarily assist in maintaining any further demand, action, claim, lawsuit,
arbitration, or similar proceeding, in any capacity whatsoever, against any of the
Released Parties based on any of the Released Claims.
L. Notice of Settlement. The Parties agree to the following procedures for notifying
the Settlement Class Members.
1. Identification of Settlement Class Members. Within ten (10) days of entry

of an Order from the Court granting Preliminary Approval of the
Settlement, Defendants will provide to the Settlement Administrator a list
of all individuals (including their phone numbers and/or email addresses if
known following a reasonable search) identified by Defendants who may
be a member of the Settlement Class. This list will include all identified
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current and former Cash App and Cash App Investing users unless
Defendants have expressly concluded that the user could not be a member
of the Settlement Class.
Such documentation or information may not be disclosed by the Settlement

Administrator to anyone outside its organization. The Parties agree that
Class Counsel will not have access to such documents or information
disclosed by Defendants to the Settlement Administrator. Phone numbers
provided by Defendants shall not be used to communicate with potential
members of the Settlement Class by text or otherwise.
2. Class Notice. The court-approved Notice of Proposed Class Action

Settlement (“Class Notice”) shall be in substantially the form attached
hereto as Exhibit A, a long form notice shall be available to the Class
Members in substantially the form attached hereto as Exhibit B, and a
Claim Form shall be in substantially the form attached hereto as Exhibit C.
Any changes to the Class Notice that do not materially affect the substance
of the Settlement Agreement that the Court may require will not invalidate
this Settlement Agreement.
Class Notice shall be sent via email to all Settlement Class Members for
whom email addresses are available to the Settlement Administrator within
forty-five (45) days of entry of an Order granting Preliminary Approval of
the Settlement (the “Notice Date”). A reminder notice will be issued to all
Settlement Class Members who have not submitted a claim ten (10) days
prior to the conclusion of the claims period.
Class Notice will also be disseminated through targeted social media

advertising and through public press release(s).
3. Claim Forms. Claim Forms shall be submitted online or by mailing to the

Settlement Administrator. The deadline for submitting a valid Claim Form
shall be forty-five (45) days from the Notice Date. Valid Claim Forms must
include the claimant’s current mailing address, valid email address, and
claimant’s unique $Cashtag identifier or the Settlement Administrator’s
unique claim ID for the claimant. The Settlement Administrator shall be
initially responsible for determining if a claim is valid.
M. Objection Procedures. The Class Notice shall inform Settlement Class Members
of the right to object to the Settlement Agreement. If a Settlement Class Member
wishes to have the Court consider an objection to the Settlement Agreement, such
person (i) must not have excluded himself from the Settlement and (ii) must file
with the Court and mail to Class Counsel and Defendants’ Counsel a written
statement stating the reasons for the objection to the Settlement, along with any
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supporting documentation that the person wishes the Court to consider, by no later
than thirty-five (35) days after the Notice Date (the “Objection/Opt-Out
Deadline”). If such Objection is submitted and overruled by the Court, the
objecting member of the Settlement Class shall remain fully bound by the terms of
the Settlement Agreement and the Final Approval Order. The Parties shall submit
any responses to Objections no later than seven (7) days prior to the Final Approval
Hearing. Any Settlement Class Member who does not appear individually or
through counsel and who does not challenge or comment upon the fairness and
adequacy of the Settlement Agreement or Class Counsel’s request for Class
Counsel Fees shall waive and forfeit any and all rights to appear separately or
object. All Settlement Class Members shall be bound by the Settlement and by all
orders and judgments in this Action.
N. Opt-Out Procedures. The Class Notice shall also provide that Settlement Class
Members who wish to exclude themselves (i.e., opt out) from the Settlement Class
must mail a letter to the Settlement Administrator on or before the Objection/Opt-
Out Deadline requesting exclusion from the Settlement Class. An opt-out request
must: (i) be in writing; (ii) provide the Settlement Class Member’s name, address,
and the phone number and $Cashtag associated with the Settlement Class
Member’s Cash App or Cash App Investing Account; (iii) contain the following
statement: “I request that I be excluded from the Settlement Class in the case of
Salinas, et al. v. Block Inc., et al.”; (iv) be individually signed; and (v) be mailed to
the Settlement Administrator at the address provided in the Class Notice with a
postmark on or before the deadline set forth in the Class Notice. Each individual
who properly files a timely written opt-out request shall be excluded from the
Settlement Class and shall have no rights under the Settlement Agreement.
Settlement Class Members who fail to submit a valid and timely request for
exclusion on or before the Objection/Opt-Out Deadline shall be bound by all terms
of the Settlement and any final judgment entered in this Action if the Settlement is
approved by the Court, regardless of whether they have objected to the settlement.
An opt-out request shall be deemed timely if it is postmarked no later than thirty-
five (35) days after the Notice Date.
O. Settlement Administrator Reports. After the Notice Date, the Settlement

Administrator shall provide a weekly report to Class Counsel and to Defendants’
Counsel, setting forth information pertaining to Class Notices sent, claims received,
claims paid, claims approved, and claims denied. Within ten (10) days of the
Objection/Opt-Out Deadline, the Settlement Administrator shall provide jointly to
Class Counsel and Defendants’ Counsel a report listing the timely written Opt-Out
requests and copies of same.
Within forty-five (45) days of the Notice Date, the Settlement Administrator shall
provide Class Counsel and Defendants’ Counsel a report listing preliminary
information, which shall be subject to audit, validity, and review of duplicate
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submissions, regarding: (i) the total number of Claim Forms that were valid and
timely submitted; and (ii) the calculated claimant award amount for each Settlement
Class Member that submitted a valid Claim Form.
Within thirty (30) days of the Effective Date, the Settlement Administrator shall
issue a Final Report listing the audited, verified, and deduplicated information
regarding: (i) the total number of Claim Forms that were valid and timely
submitted; and (ii) the calculated claimant award amount for each Settlement Class
Member that submitted a valid Claim Form.
P. Review and Assistance. Class Counsel and Defendants will be permitted to audit
and review actual (or summary reports on) claims made, claims approved or denied,
distributions issued, calculations of benefits under the settlement, and returned
distributions and uncashed distributions in order to assist with the effectuation of
the settlement and the Parties’ respective desire to reasonably ensure that the
settlement benefits are administered in a manner to attempt to reach every
Settlement Class Member.
Q. Preliminary Approval. Within thirty (30) days of execution of the Settlement

Agreement, Class Counsel shall promptly prepare and file with the Court a Motion
for Preliminary Approval and determination by the Court as to the fairness,
adequacy, and reasonableness of this Settlement Agreement. The Motion for
Preliminary Approval shall request entry of a preliminary order that: (i) certifies
the Settlement Class; (ii) approves the Class Notice and Claim Form as to form and
content and directs that such Class Notice and Claim Form be provided to
Settlement Class Members; (iii) preliminarily approves the Settlement Agreement;
and (iv) approves the selected Settlement Administrator.
R. Final Approval and Entry of Final Judgment. On or before forty-five (45) days
after the Notice Date, the Parties will jointly request that the Court grant final
approval and enter judgment approving the Settlement Agreement as fair, adequate,
reasonable, and binding on all Settlement Class Members; ordering that the
settlement payments be made to the Settlement Class Members; ordering that Class
Counsel Fees, the Administrative Costs, and the Named Plaintiffs Service Payment
be paid in the amounts approved by the Court; dismissing the Action with prejudice;
and barring Settlement Class Members from bringing Released Claims.
S. Termination.
1. The Settlement Agreement may be terminated and canceled at the sole and
exclusive discretion of Defendants if more than an agreed number of
Settlement Class Members timely and validly exclude themselves from the
Settlement Class. That number has been separately agreed to by the Parties
and will be submitted to the Court for in camera review if requested. If
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Defendants elect to terminate under this provision, they must provide

written notice to the Class Counsel and to the Court no later than seven (7)
days after the deadline for the Settlement Administrator to provide the
report of timely opt-out requests pursuant to Section II.N.
2. If there is a failure to reach any Effective Date and/or if the Court should
for any reason fail to approve this Settlement Agreement in the form agreed
to by the Parties, decline to enter the Preliminary Approval Order, decline
to enter the Final Approval Order, or impose any modification or condition
to approval of the Settlement Agreement to which the Parties do not
consent, and/or if the Final Approval Order is reversed or rendered void,
then (a) this Settlement Agreement shall be considered null and void; (b)
neither this Settlement Agreement nor any of the related negotiations shall
be of any force or effect; (c) Defendants shall have no obligation to provide
any cash or other benefit to Settlement Class Members and shall be entitled
to the return of any cash deposited with the Settlement Administrator; (d)
all Parties to this Agreement shall stand in the same position, without
prejudice, as if the Agreement had been neither entered into nor filed with
the Court; and (e) the Settlement Agreement and all negotiations,
statements, proceedings and data relating thereto shall be protected by
Federal Rule of Evidence 408 and shall be without prejudice to the rights of
any of the Parties, all of whom shall be restored to their respective positions
in the Action. Invalidation of any portion of this Agreement shall invalidate
this Agreement in its entirety unless the Parties agree in writing that the
remaining provisions shall remain in full force and effect.
T. Confidentiality. The Parties and their counsel shall keep confidential all settlement
communications, including communications regarding the negotiation and drafting
of this Settlement Agreement. The Parties will not make any public statement about
the settlement that has not been approved by the other side, except as required or
authorized by law. Approval of any proposed public statement of the other side
will not be unreasonably withheld. The Parties will cooperate with each other
regarding public statements about the settlement and may issue a joint
statement/press release if they mutually agree to do so. This paragraph shall not be
construed to limit or impede the notice requirements contained in this Settlement
Agreement, nor shall this paragraph be construed to prevent Class Counsel or
Defendants’ Counsel from notifying or explaining that the Action has settled or
limit the representations that the Parties or their Counsel may make to the Court to
assist in the Court’s evaluation of the Settlement Agreement. Nor shall this
paragraph be construed to prevent Class Counsel from indicating on any firm
resume or on the firm’s website the fact that the matter settled and that the firm was
one of the counsel involved in the matter. Defendants may also provide information
about the Settlement Agreement to their attorneys, members, partners, insurers,
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brokers, agents, and other persons or entities as required by securities laws or other
applicable laws and regulations.
U. Cooperation in Effecting Settlement: The Parties, their successors and assigns, and
their attorneys will implement this Settlement Agreement in good faith, use good
faith in resolving any disputes that may arise in the implementation of this
Settlement Agreement, cooperate with one another in seeking Court approval of
this Settlement Agreement, and use their best efforts to effect the prompt
consummation of this Settlement Agreement.
V. Miscellaneous Provisions.
1. This Settlement Agreement may be amended or modified only by a written

instrument signed by counsel for all Parties.
2. The headings of the sections of this Settlement Agreement are included for
convenience only and shall not be deemed to constitute part of this
Settlement Agreement or to affect its construction.
3. This Settlement Agreement constitutes the entire agreement between the

Parties relating to the settlement and transaction contemplated hereby, and
all prior or contemporaneous agreements, understandings, representations,
and statements, whether oral or written and whether by a Party or Party’s
legal counsel, are merged herein.
4. The Parties and their counsel will cooperate with each other and use their
best efforts to implement this Settlement Agreement. Class Counsel shall,
with the assistance and cooperation of Defendants’ Counsel, take all
necessary steps to secure the Court’s final approval of this Settlement
Agreement and dismissal of this Action with prejudice.
5. This Settlement Agreement shall be binding upon and shall inure to the
benefit of the Parties and Settlement Class Members and their respective
heirs, successors, and assigns.
6. All terms of this Settlement Agreement shall be governed by and interpreted

according to the laws of the State of California, without regard to its rules
regarding conflict of laws.
7. The determination of the terms of, and the drafting of, this Settlement
Agreement has been by mutual agreement after extensive negotiation, with
consideration by and participation of counsel for both Parties. The
Settlement Agreement shall be construed according to the fair intent of the
language taken as a whole, and not for or against any Party.
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8. The waiver by one Party of any provision or breach of this Settlement

Agreement shall not be deemed a waiver of any other provision or breach
of this Settlement Agreement.
9. The Parties and their counsel may execute this Settlement Agreement in
counterparts and this Settlement Agreement may be executed by electronic
signature. Execution in counterparts shall have the same force and effect as
if all signatories had signed the same document.
10. The Court shall retain jurisdiction to interpret, effectuate, enforce, and
implement this Settlement Agreement, and all Parties submit to the
jurisdiction of the Court only for purposes of implementing and enforcing
the Settlement Agreement. Except as stated above regarding claim disputes,
the Court shall have exclusive jurisdiction to resolve any disputes involving
this Settlement Agreement.
11. Each individual signing this Settlement Agreement represents and warrants
that he or she has the authority to sign on behalf of the person or entity for
which that individual signs.
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IN WITNESS HEREOF the undersigned, being duly authorized, have caused this
Agreement to be executed on the dates shown below.
AGREED TO AND ACCEPTED:

2/18/2024
Dated: ____________________
__________________________ Dated: ____________________
Nicholas A. Migliaccio, Counsel for Named Name: __________________________

Plaintiffs and on Behalf of Michelle Salinas
Title: ___________________________
2/18/2024 Block Inc.

Dated: ____________________
__________________________
Dated: ____________________
Gary S. Graifman, Counsel for Named
Plaintiffs and on Behalf of Raymel Name: __________________________
Washington
Title: ___________________________
Cash App Investing LLC

2/16/2024
Dated: ____________________
__________________________ 2/16/2024
Dated: ____________________
William B. Federman, Counsel for Named
Plaintiffs and on Behalf of Amanda __________________________
Gordon
Aravind Swaminathan, Counsel for
Defendants
2/16/2024
Dated: ____________________
__________________________
David A. Goodwin, Counsel for Named

Plaintiffs
22
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DocuSign Envelope ID: 98FF2601-1D95-43DC-8105-0FC582A1FA2F
IN WITNESS HEREOF the undersigned, being duly authorized, have caused this
Agreement to be executed on the dates shown below.
AGREED TO AND ACCEPTED:
Dated: ____________________
__________________________ Dated: ____________________

2/17/2024 | 1:04:23 AM PST
Nicholas A. Migliaccio, Counsel for Named Name: __________________________

Chrysty Esperanza
Plaintiffs and on Behalf of Michelle Salinas
Title: ___________________________
Chief Legal Officer
Block Inc.
Dated: ____________________
__________________________
Dated: ____________________
2/17/2024 | 6:32:38 AM PST
Gary S. Graifman, Counsel for Named
Plaintiffs and on Behalf of Raymel Name: __________________________
Luis Olivera
Washington
Title: ___________________________
CEO - Cash App Investing LLC
Cash App Investing LLC

Dated: ____________________
__________________________
Dated: ____________________
William B. Federman, Counsel for Named
Plaintiffs and on Behalf of Amanda __________________________
Gordon
Aravind Swaminathan, Counsel for
Defendants
Dated: ____________________
__________________________
David A. Goodwin, Counsel for Named

Plaintiffs
22
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2/18/2024
Dated: ____________________
__________________________
Melissa R. Emert, Counsel for Named

Plaintiffs
2/16/2024
Dated: ____________________
__________________________
Scott D. Hirsch, Counsel for Named

Plaintiffs
23
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Case 3:22-cv-04823-AMO Document 76-2 Filed 03/03/24 Page 1 of 25

CLASS ACTION SETTLEMENT AGREEMENT AND RELEASE

A. This Settlement Agreement (“Agreement” or “Settlement Agreement”) is hereby

II. Terms of Settlement

2. “Agreement” or “Settlement Agreement” means this Class Action

5. “Cash App’s Counsel” means Aravind Swaminathan and Michelle Visser

6. “Claim Form” or “Claim” means, collectively, the form Settlement Class

7. “Class Counsel” means:

8. “Class Representatives” means Michelle Salinas, Raymel Washington,

10. “Data Security Incident” or “Data Security Incidents” means the

11. “Transaction Loss(es)” means:

a. The Settlement Class Member experienced an Unauthorized

b. The Unauthorized Account Event resulted in a monetary loss that

c. The Unauthorized Account Event that caused the monetary loss

(i) notified Defendants of the Unauthorized Account Event

(ii) filed a police report concerning the Unauthorized Account

(iii) provides documentation that the Settlement Administrator,

entry of an Order granting Preliminary Approval of the Settlement.

18. “Out-of-Pocket Losses” means documented out-of-pocket costs or

a. costs associated with credit monitoring or identity theft insurance

b. costs associated with requesting a credit report;

c. costs associated with a credit freeze;

d. costs associated with canceling a payment card and/or obtaining a

e. costs associated with closing a bank account and/or opening a new

g. long-distance phone charges;

i. other incidental expenses;

j. unrefunded overdraft and/or overdraft protection fees; and

k. unrefunded late and/or missed payment fees and/or charges.

19. “Personal Information” means information that identifies, relates to,

officers, directors, shareholders, members, agents, employees, attorneys,

All persons who are current or former customers of Defendants or

C. No Admission of Liability. Defendants do not admit any liability or wrongdoing

D. Effective Date. The settlement in this Settlement Agreement is conditioned upon

E. Agreed Monetary Relief.

1. Establishment of Settlement Fund. Within thirty (30) days of the

2. Use of the Settlement Fund. As further described in this Agreement, the

3. Taxes and Representations. Taxes and Tax-Related Expenses relating to

4. Distribution of the Settlement Fund.

a. Reimbursement for Out-of-Pocket Losses. All Settlement Class

prepared documents such as handwritten receipts are, by

b. Assessing Claims for Out-of-Pocket Losses. The Settlement

c. Reimbursement for Lost Time. All Settlement Class Members

d. Assessing Claims for Lost Time. The Settlement Administrator

e. Transaction Losses. All Settlement Class Members may submit a

(i) To receive reimbursement for a Transaction Loss, a

(a) Submit a valid Claim Form that attests that the

(b) Provides at least one of the following three (3) items

(1) a copy of the notification the Settlement

during the period of four (4) years prior to the

(2) a copy of the police report concerning the

(3) Documentation that the Settlement

(ii) A claim for reimbursement for Transaction Losses may be

5. Disputes. To the extent it is determined by the Settlement Administrator

Cash App’s Counsel.

1. Vulnerability Management. Defendants maintain a program to recognize,

2. Infrastructure/Application Testing. Defendants maintain a multifaceted

a. Training to prevent common coding vulnerabilities in software

b. Security team dedicated to Cash App and Cash App Investing

c. Internal network vulnerability scans of Cash App’s cloud

______ Dated:

______ Dated: