Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Business

You have a month left to get your share of Facebook’s $725 million settlement — here’s how

by August 1, 2023
August 1, 2023
You have a month left to get your share of Facebook’s $725 million settlement — here’s how

Facebook users have less than one month left to apply for their share of a $725 million settlement over the social network’s privacy violations, part of the lengthy fallout from the Cambridge Analytica scandal that rocked the U.S. electoral process and Silicon Valley.

The settlement, signed in December 2022, was the largest class action settlement of its kind, according to Keller Rohrback, the law firm that brought the class action suit. It ended years of litigation over Facebook’s role in improper data sharing with a data consultancy firm used by Donald Trump’s 2016 presidential campaign.

In all, the Cambridge Analytica scandal cost Meta, Facebook’s parent company, nearly $5.9 billion. Beyond the $725 million settlement, the company paid a record $5 billion settlement to the Federal Trade Commission, alongside a further $100 million to the Securities and Exchange Commission.

Facebook rebanded itself as Meta in 2021 and settled the suit a year later. In some ways, it’s a much different company than it was during the Cambridge Analytica scandal. The company has since expanded further into the metaverse with new hardware products like the Quest 3, coming this fall. It’s also revealed its Llama 2 large language artificial intelligence model, Reels to compete with TikTok and, more recently, Threads, which is taking on Twitter.

More from CNBC

A marathon, not a sprint: Mercedes-Benz CEO outlines challenges in shift to EVs The Bank of Japan just shocked markets with a policy tweak — here’s why it matters AstraZeneca CFO denies geopolitics impacts the company’s China business after spinoff rumors

The breach forced Facebook founder Mark Zuckerberg to testify before Congress and to take out full-page ads where he apologized for the missteps. “I’m sorry we didn’t do more at the time. We’re now taking steps to ensure this doesn’t happen again,” Zuckerberg said.

The $725 million settlement was not an admission of wrongdoing.

Facebook users can make a claim by visiting Facebookuserprivacysettlement.com and entering their name, address, email address, and confirming they lived in the U.S. and were active on Facebook between the aforementioned dates.

People who had an active U.S. Facebook account between May 2007 and December 2022 have until Aug. 25 to enter a claim. Individual settlement payments haven’t yet been established because payouts depend on how many users submit claims and how long each user maintained a Facebook account.

Rohan Goswami, CNBC

Rohan Goswami is an associate reporter on CNBC’s technology team.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Ford is recalling 870,000 F-150 pickups due to potentially faulty parking brakes
next post
Noble Acquires Option Properties

Related Posts

GM to invest $632 million to produce next-generation...

June 14, 2023

Little-known N.J. baby retailer tentatively wins rights to...

July 4, 2023

Thousands of schools are turning to apps to...

November 8, 2023

Social Security cost-of-living adjustment may be 2.7% in...

June 14, 2023

It wasn’t the endless shrimp that doomed Red...

May 25, 2024

Netflix shares soar as company reports surging revenue,...

January 23, 2025

Rent up, groceries down: Inflation cooled slightly in...

May 17, 2024

The great American jobs machine keeps revving in...

February 3, 2024

Nvidia’s CEO did a Q&A with analysts. What...

March 23, 2025

Why Detroit’s Big Three are fighting to dominate...

September 15, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Joe Rabil’s Undercut & Rally Pattern: From DROP to POP

    • RRG Alert Tech Vaults to ‘Leading’—Is XLK Signaling a New Rally?

    • Coelacanth Energy

    • Jeffrey Christian: Gold, Silver, PGMs — Short-term Prices and Key Drivers

    • Ericsson, Rogers Launch Canada’s First Underground 5G Network for Smart Mining

    • Crypto Market Recap: Bitcoin Price Stalls as Fed Holds Rates Steady, Circle Shares Jump

    Categories

    • Business (1,259)
    • Investing (2,583)
    • Politics (3,699)
    • Stocks (1,669)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved