Jack Dorsey, Block Exes Accused of Poor Oversight on Square and Cash App, Lawsuit Claims – Law.com
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This complaint was first surfaced by Law.com Radar, ALM’s source for immediate alerting on just-filed cases in state and federal courts. Law.com Radar now offers state court coverage nationwide. Sign up today and be among the first to know about new suits in your region, practice area or client sector.
April 21, 2025 at 08:49 AM
4 minute read
Jack Dorsey, co-founder of the financial technology provider Block Inc., and some of the company’s executives were sued in a shareholder derivative lawsuit on April 17 in California federal court over alleged failures in compliance oversight to protect against money laundering, trafficking and other illicit conduct on its Square and Cash App platforms.
Takeaway: Recent litigation has targeted at digital, peer-to-peer payment systems for allegedly weak security against criminal activity. In January, Block paid regulators with state agencies and the Consumer Financial Protection Bureau a combined $255 million in penalties to settle claims that Cash App contained deficiencies that left its users vulnerable to fraudulent activity.
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Copyright © 2025 ALM Global, All Rights Reserved
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This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
Media brands
Membership programs
Media brands
Copyright © 2022 ALM Media Properties, LLC.
All Rights Reserved
This complaint was first surfaced by Law.com Radar, ALM’s source for immediate alerting on just-filed cases in state and federal courts. Law.com Radar now offers state court coverage nationwide. Sign up today and be among the first to know about new suits in your region, practice area or client sector.
April 21, 2025 at 08:49 AM
4 minute read
Jack Dorsey, co-founder of the financial technology provider Block Inc., and some of the company’s executives were sued in a shareholder derivative lawsuit on April 17 in California federal court over alleged failures in compliance oversight to protect against money laundering, trafficking and other illicit conduct on its Square and Cash App platforms.
Takeaway: Recent litigation has targeted at digital, peer-to-peer payment systems for allegedly weak security against criminal activity. In January, Block paid regulators with state agencies and the Consumer Financial Protection Bureau a combined $255 million in penalties to settle claims that Cash App contained deficiencies that left its users vulnerable to fraudulent activity.
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Trending Stories
New York Law Journal
The Legal Intelligencer
New York Law Journal
The American Lawyer
Corporate Counsel
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Read More
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff’s $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Read More
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank’s ‘pervasive’ deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Read More
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Read More
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant’s refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Read More
Legal Speak is a weekly podcast that makes sense of what’s happening in the legal industry.
Browse all Products
Don’t miss the crucial news and insights you need to make informed legal decisions. Join Law.com now!
Join The Recorder
Already have an account? Sign In
The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success.
Copyright © 2025 ALM Global, All Rights Reserved
source
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
