Securities
Nov. 11, 2026
Block board agrees to $150M settlement over Cash App fraud oversight
Plaintiffs' attorneys say the deal ranks among the largest ever under Caremark, an oversight theory that, to their knowledge, has never produced a post-trial win for a shareholder.
The board of fintech giant Block Inc. agreed to a $150 million settlement of a shareholder derivative lawsuit accusing directors of tolerating fraud on the company's Cash App platform to keep user numbers up. The plaintiffs say it's one of the 15 largest derivative settlements ever and one of the five largest under the Caremark theory of board oversight failure.
The plaintiffs' attorneys with Block & Leviton LLP and Hach Rose Schirripa & Rehns LLP moved for pre...
For only $95 a month (the price of 2 article purchases)
Receive unlimited article access and full access to our archives,
Daily Appellate Report, award winning columns, and our
Verdicts and Settlements.
Or
$895, but save $100 when you subscribe today… Just $795 for the first year!
Or access this article for $45
(Purchase provides 7-day access to this article. Printing, posting or downloading is not allowed.)
Already a subscriber?
Sign In