• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick You have a month left to get your share of Facebook’s $725 million settlement — here’s how
Editor's Pick

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

by August 1, 2023
by August 1, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

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
You Might Also Like
  • Judge denies Elizabeth Holmes’ request to stay out of prison while she appeals fraud conviction
  • Saving money to buy a house? Your dollar goes half as far as it did at the end of 2020
  • Federal Reserve official agrees the central bank can ‘proceed carefully’ on interest rates
  • As their customers age, department stores chase younger shoppers
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Former Bed Bath & Beyond investor Ryan Cohen must face emoji-inspired shareholder suit
next post
AI for everybody: GOP, Dems unite behind public AI research center to ‘democratize’ the tech

You may also like

Olive oil prices surge over 100% to record highs and...

September 21, 2023

A California bill would let workers ignore their bosses during...

April 5, 2024

Trump Organization sues Capital One bank over account closures after...

March 10, 2025

McDonald’s preparing a 2025 ‘McValue’ offering

November 21, 2024

Federal Reserve again keeps interest rates steady as inflation cools

December 16, 2023

KORE Collaborates with Google Cloud to Deliver IoT Solutions

December 6, 2022

Collapsed crypto exchange Mt. Gox is about to unload $9...

July 3, 2024

Nvidia passes Apple as world’s most valuable company

November 7, 2024

Target says Pride collection will appear in ‘select’ stores, cuts...

May 14, 2024

FTX lawyers accuse Sam Bankman-Fried of financing his criminal defense...

July 25, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,630 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.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 © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Home sales slipped unexpectedly in April...

    May 23, 2024

    Albertsons sues Kroger after judge rules...

    December 11, 2024

    Warner Bros. drops price of Max...

    November 21, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here