AUSTIN, July 8 -- The Texas Attorney General issued the following press release:
Attorney General Ken Paxton secured a $45 million multistate settlement with Block, Inc., ("Cash App"), the company behind the popular payment app Cash App. This settlement resolves allegations that the company misled consumers about the safety of its platform and failed to provide protection and resolution from fraud as marketed and required by law.
Cash App allows users to transfer money to other users. For years, the company aggressively promoted direct deposit of paychecks and government benefits into Cash App. This specifically targeted consumers who would come to rely on the app as their primary financial account.
Attorney General Paxton co-led the mul...