Will you receive a payment as Facebook starts distributing $725M settlement?

Facebook is currently in the process of distributing payments to eligible users who utilized the platform between May 24, 2007, and December 22, 2022. This comes after a settlement was reached in a class-action lawsuit, requiring Facebook to pay out $725 million in damages to approximately 18 million users. It’s important to note that the total amount distributed will be less than $725 million due to legal fees and other deductions. The payments range from $4.89 to $38.36, with an average payment of $29.43.

To receive a payment, users had to file a claim prior to August 25, 2023, by joining the class-action lawsuit. Those who did not meet this deadline will not be eligible to receive any money from the settlement pool. The distribution of payments can be made through various methods such as prepaid Mastercards, Venmo, PayPal, and Zelle. The dispersal process spans over 10 weeks and commenced on August 27. Users set to receive a payment will be notified via email approximately three to four days before the payment is sent out.

The lawsuit stemmed from a 2018 revelation that personal information of users was shared with Cambridge Analytica, a firm affiliated with Steve Bannon, who had close ties to President Donald Trump during the 2016 election. Allegedly, Cambridge Analytica obtained information on 87 million Facebook users through a Facebook app developer, utilizing this data to target voters prior to the election. Despite the allegations, Facebook has denied any wrongdoing and did not admit guilt in the settlement.

In conclusion, Facebook users who participated in the social media platform during the specified timeframe may receive a payment as part of the $725 million settlement agreement resulting from the class-action lawsuit. The distribution of payments, varying from $4.89 to $38.36 with an average of $29.43, will be carried out over a 10-week period using different payment methods. However, it is crucial to emphasize that only users who filed a claim before the August 25, 2023 deadline are eligible to receive compensation. This settlement highlights the importance of safeguarding personal information on social media platforms and the repercussions that can arise from its misuse.