Facebook users who claimed a portion of the $725 million settlement fee that the social media site was ordered to pay as part of a privacy settlement will have to wait a little longer to find out exactly how much they’ve been repaid.
The payments cannot be released until the settlement is given final approval by a judge, with the hearing due to take place on September 7 in San Francisco.
Facebook Settlement: Final Approval Required
Although it may seem like the Facebook settlement lawsuit is all wrapped up, there are still some final steps that need to be taken before Meta will start to send everyone's payments.
At the hearing scheduled for September 7, a judge will determine whether the settlement is a fair and reasonable outcome, and decide whether the fees paid to lawyers as part of the settlement should be approved.
However, even if the settlement is granted final approval, there could still be some things that hold up payments being sent. For instance, Meta could appeal the settlement, and in the process, hold up the payments for years.
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Why Is Facebook Paying Users Back?
Facebook is settling a $725 million class action lawsuit that alleges that the social media platform shared its users' private information with third parties without their consent.
Among the third parties was Cambridge Analytica, which gained access to information pertaining to 87 million Facebook users via the platform’s shady data practices.
The timeframe to be eligible for a payment is huge. Anyone who used Facebook between May 24, 2007, and December 22, 2022, may be eligible for a slice of the settlement pie.
How Much Will I get From the Facebook Settlement?
The deadline to apply for part of the settlement has long passed, and if you haven’t done so already, unfortunately, it's no longer possible to.
However, if you did apply in time and you’re currently awaiting a payment from the social media giant, you’ll probably be sent around $7, according to some educated estimates.
However, there’s a points system for deciding precisely how much each individual will get paid, and the longer you’ve held your account, the more ‘points’ you’ll be awarded.
The claims website did note, however, that the lawyers involved in securing the settlement may take up to 25% of the total fee – which amounts to over $180 million. This would reduce the total size of the money available for claimants significantly.
Even so, it's worth keeping a close eye on the outcome of the settlement's final approval hearing on September 7.