{"id":50109,"date":"2023-08-18T12:14:56","date_gmt":"2023-08-18T16:14:56","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/facebook-settlement-time-is-running-out-to-apply-for-some-of-metas-725-million-payout\/"},"modified":"2023-08-18T12:14:58","modified_gmt":"2023-08-18T16:14:58","slug":"facebook-settlement-time-is-running-out-to-apply-for-some-of-metas-725-million-payout","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=50109","title":{"rendered":"Facebook settlement: Time is running out to apply for some of Meta\u2019s $725 million payout"},"content":{"rendered":"
\n

If you used Facebook between May 2007 and December 2022, you may be owed some money \u2014 and time is running out to claim it.<\/p>\n

A California judge preliminarily approved a\u00a0$725 million settlement\u00a0between Facebook parent Meta Platforms\u00a0META
\n META,
\n -1.54%<\/bg-quote>
\n \u00a0and users who say the company allowed their data to be viewed or shared by third parties, notably Cambridge Analytica, without their consent.<\/p>\n

\n

The judge\u2019s approval was a precursor to the final approval hearing, which will take place in September, but people can begin submitting claims now to potentially get a cash payment.<\/p>\n

Who does the Facebook settlement apply to?<\/h2>\n

The $725 million settlement applies to anybody who was a Facebook user in the U.S. between May 24, 2007 and Dec. 22, 2022. The class-action form simply states that people who were Facebook users during that period are eligible. It does not mention any required level of activity on the account.<\/p>\n

It\u2019s unclear if someone with multiple Facebook accounts would be entitled to more money than a person with a single account. To find out if you are included in the settlement group, you can email info@FacebookUserPrivacySettlement.com\u00a0<\/p>\n

When is the deadline to submit a claim?<\/h2>\n

The deadline is fast approaching, and the claim form must be submitted no later than\u00a0Aug. 25, 2023.<\/p>\n

The form can be completed online or downloaded and mailed to the settlement administrator at the following address: Facebook Consumer Privacy User Profile Litigation, c\/o Settlement Administrator, 1650 Arch St., Suite 2210, Philadelphia, PA 19103.<\/p>\n

How much money will you get?<\/h2>\n

As is typical with class-action lawsuits, the amount an individual will receive is dependent on a variety of factors.<\/p>\n

The settlement form says the payment will vary based on how many people submit claims. Additionally, administrative costs and attorneys\u2019 fees will be deducted from the settlement fund prior to its release.<\/p>\n

See also: <\/strong>Mark Zuckerberg\u2019s total 2022 pay rose because of the increased use of private aircraft<\/p>\n

\u201cSettlement payments will be distributed as soon as possible if the Court grants Final Approval of the Settlement and after any appeals are resolved,\u201d the\u00a0claim website notes.<\/p>\n

How many people does this affect?<\/h2>\n

Because Facebook has so many users, and because of the 16-year time frame for this settlement, there are millions of people who could submit a claim.<\/p>\n

According to data compiled by Statista, total Facebook users in the U.S. numbered roughly 240 million in 2022.<\/p>\n

What has Meta said about the lawsuit?<\/h2>\n

In December 2022, Meta agreed in principle to pay the settlement. At the time, a Meta spokesman said settling the class-action suit was \u201cin the best interest of our community and shareholders.\u201d The company added that it had revamped its privacy approach and \u201cimplemented a comprehensive privacy program.\u201d<\/p>\n

Despite agreeing to pay the settlement, \u201cMeta expressly denies any liability or wrongdoing,\u201d according to the lawsuit website.<\/p>\n

Representatives for Meta didn\u2019t immediately respond to MarketWatch\u2019s request for comment on this story.<\/p>\n

When the Cambridge Analytica story broke in 2018, then-Facebook CEO Mark Zuckerberg said \u201cI\u2019m really sorry that this happened.\u201d<\/p>\n

See also: <\/strong>Elon Musk vs. Mark Zuckerberg: The stupidest story of the summer appears to be over<\/p>\n

Meta shares were down a little more than 2% in Friday morning\u2019s trading, and have gained nearly 131.98% to date in 2023, compared with the S&P 500\u2019s
\n SPX,
\n -0.05%<\/bg-quote>
\n \u00a013.46% gain over the same period.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If you used Facebook between May 2007 and December 2022, you may be owed some money \u2014 and time is running out to claim it. A California judge preliminarily approved a\u00a0$725 million settlement\u00a0between Facebook parent Meta Platforms\u00a0META META, -1.54% \u00a0and users who say the company allowed their data to be viewed or shared by third […]<\/p>\n","protected":false},"author":1,"featured_media":6368,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-50109","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nFacebook settlement: Time is running out to apply for some of Meta\u2019s $725 million payout | iFintechWorld<\/title>\n<meta name=\"description\" content=\"If you used Facebook between May 2007 and December 2022, you may be owed some money \u2014 and time is running out to claim it. 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