Block Reaches $964 Million DOJ Pact Pending Court Approval

Block has reached an agreement with the U.S. Department of Justice (DOJ) to resolve an anti-money laundering investigation at an expected cost of about $964 million, subject to court approval. Block disclosed the agreement in a Tuesday regulatory filing, saying it had reached an agreement in principle with the DOJ in October. The proposed three-year deferred prosecution agreement would pause prosecution over DOJ allegations that Block failed to maintain an effective anti-money laundering program and violated the Bank Secrecy Act. A court must approve the pact before the deferral takes effect. The filing put the net payment at roughly $764 million, matching a provision Block had raised to that level by the end of September.

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