Block defeats shareholder lawsuit over 2021 Cash App data breach

Block

09/09/2025 22:53

NEW YORK, Sept 9 (Reuters) - Block XYZ.N, the technology and financial services company led by Twitter co-founder Jack Dorsey, won the dismissal on Tuesday of proposed class-action litigation claiming it defrauded shareholders in connection with a data breach at its Cash App payment service.

U.S. District Judge Margaret Garnett in Manhattan refused to hold Block liable for allegedly misrepresenting its data security and concealing the December 2021 breach, where a former employee downloaded personal information of about 8.2 million Cash App users.

 (Reporting by Jonathan Stempel in New York; Editing by Chris Reese)

 ((jon.stempel@thomsonreuters.com; +1 646 223 6317; Reuters Messaging: jon.stempel.thomsonreuters.com@reuters.net))