Block is facing a Class Action lawsuit over a Cash App Investing data breach last year that impacted 8.2 million customers.
Block in April informed the SEC that a former employee had downloaded reports, without permission, containing customer information on US Cash App users.
The ex-staffer downloaded reports in December that included the full names and brokerage account numbers of Cash App Investing users.
For some customers, brokerage portfolio value, brokerage portfolio holdings and/or stock trading activity for one trading day were also downloaded.
The lawsuit claims that Block's failure to go public with the data breach for four months led to customer information being "accessed, viewed, exfiltrated, and fraudulently misused to their detriment".
The complaint, filed in North California, states: "Defendants’ notice of the Data Breach was not just untimely but woefully deficient, failing to provide basic details, including but not limited to, how the unauthorized former employee was able to access its networks, whether the Private Information accessed was encrypted or otherwise protected, or how it learned of the Data Breach. Even worse, Defendants failed to offer any credit or identity theft monitoring services for Plaintiffs and Class members."