SquareTrade Insurance Class Action Settlement

Updated: February 18, 2023

Claim Form Deadline: February 14, 2023 (Passed)

Estimated Payout: $35.00

Proof required: Yes

Method of payment: Cash

What is the SquareTrade Class Action Settlement About?

You may be entitled to receive a payout from the SquareTrade protection plan class action settlement if SquareTrade has reimbursed you under the terms of their protection plan. The SquareTrade class action lawsuit alleged that SquareTrade was underpaying consumers who submitted insurance claims under certain SquareTrade protection plans.

Two groups of customers who had previously purchased SquareTrade Protection Plans submitted claims for coverage under those Plans and were paid by SquareTrade for coverage under those Plans, alleging that SquareTrade unjustly rewarded them.

Specifically, the complaint alleges that for the first group, known as the Fast Cash Subclass, SquareTrade delivered a Fast Cash payment equal to its estimate of the replacement cost of the insured item, even though this payment was less than what was owed. The complaint also claims that SquareTrade concealed this policy from its clientele. SquareTrade says such is not the case.

The second category is known as the SKU-cap Subclass, and the lawsuit against SquareTrade alleges that it improperly "capped" the amount of compensation it provided to some customers. The SKU-cap was the name for this closure. No one should have set a cap on this sum, and neither the plaintiffs nor the defendant disputes that.

How Do I Qualify?

All individuals who fall into one or more of the following criteria are included in the SquareTrade Class Action Settlement Class (or the group of consumers who qualify). There are two “sub-classes” within the Settlement Class, and they are as follows:

Anyone who I made a claim for benefits under a Protection Plan during the Class Period and (ii) received a Fast Cash Payment from Defendant in settlement of the such claim. Any individual who filed a claim for protection under a Protection Plan during the Class Period is part of the Fast Cash subclass.

Anyone who, during the Class Period:

• Filed a claim for coverage under a Protection Plan.
• Settled the claim by receiving a monetary payment from the defendant.
• Received an amount that was less than the amount the person should have received had it not been for the SKU-cap Error constitutes the SKU-Cap Subclass.

However, you are not a member of the class, if you are an officer, director, legal representative, successor, subsidiary, or assign of SquareTrade; a judge assigned to hear this case; the judge's spouse; someone within three degrees of the judge or his spouse; or the spouse of someone within three degrees of the judge or his spouse.

How Much Can I Get in the SquareTrade Class Action?

If you qualify for the class action reimbursement, you can receive the difference in what SquareTrade provided as the replacement cost, and the actual cost of the replacement item.

Do I Need Proof of Purchase?

If the payment will be over $35.00, the SquareTrade class action administrator ay require some additional proof of purchase, such as the receipt of the purchase of the replacement item.

How Do I File a Claim?

File a claim on the official SquareTrade administrator's class action website (see below) by the deadline of February 14, 2023. You will be asked for a unique ID and PIN that you may have received as part of a notice. If you need to obtain an ID and Pin, please contact the class action administrator by following this link here.