US Citizens, Act Now to Claim Your Share from Facebook's $725M Settlement Fund

Facebook's $725M Privacy Settlement Fund Now Open for US Claims

In a recent development, Facebook users in the US can now apply for their share of a $725M privacy-case settlement. The legal action alleged that the social-media company, owned by Meta, shared 87 million users' data without their consent via third parties such as Cambridge Analytica. The allegation dates back to 2018 and remains one of the highest-profile data-privacy scandals. Although Meta has denied any wrongdoing, they have agreed to the settlement.

Eligibility and Claim Process

US Facebook users who had an account between 24 May 2007 and 22 December 2022 can claim their share of the settlement, with an estimated 250-280 million people eligible. Claims can be filed on the settlement website or by mail, providing necessary information such as name, address, date of birth, Facebook handle, contact details, and payment information. Claimants can opt for various payment methods, and the deadline to claim is 25 August.

Payout Amount and Timeline

Qualified claimants will be awarded one point for each month they had a Facebook account during the "class period." The net settlement amount ($725M minus legal and administrative costs) will be divided by the total number of points to determine the payout for each. While a federal judge gave the agreement preliminary approval at the end of March, a final approval hearing is set for 7 September, with potential appeals that could delay the process further.

Implications for Meta

Technology author James Ball suggests that Meta executives might be relatively pleased with this settlement. While $725M is a substantial amount, it represents less than three days of Meta's revenue. The company aims to present privacy issues such as the Cambridge Analytica controversy as historical. However, if more settlements arise in the future, it could have a more severe impact on the company.

reference : CBSnews

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