Meta class action lawsuit results in $725 million settlement for users that had Facebook accounts between May 2007 and Dec 2022
Per CNBC
The result of a class action lawsuit against Meta was a settlement worth $725 million for users with Facebook accounts between May 2007 and Dec 2022. Despite the settlement, Meta did not admit to any wrongdoings.
The lawsuit was in regard to the relationship of the social media giant Facebook with Cambridge Analytica. The lawsuit alleged that the partnership harvested the personal data of 87 million Facebook users.
Meta didn't admit to their wrongdoings but gave a statement regarding the reason why they decided to pursue the settlement. The company highlighted that they did so for their community and shareholders.
Meta: "We pursued a settlement as it’s in the best interest of our community and shareholders,”
Per Facebook's site dealing with the settlement, the deadline for a claim form submission was on August 25, 2023, at 11:59 PM PT. In order to claim part of the settlement, users that qualify must fill up the form and select a payment method.
It was noted that the email or phone used in the payment methods had to match the other contact information required in your form. There was also a section of the form that was for users that had accounts during that time but deleted their accounts.
Meta's Mark Zuckerberg has retained his salary of $1. However, his compensation increased from $26.82 million to $27.11 million.
Out of the compensation, Zuckerberg's personal security detail took $14.82 million of the total compensation. Other executives also received millions in compensation, including Meta CPO Christopher K Cox, taking home $22.591 million.
Meta has decided to cut back on expenses by removing its free cafeteria meals. This came after the company eliminated free laundry and dry cleaning for staff. The company also plans to leave its 5,000 unfilled roles empty.
See flow at unusualwhales.com/flow.
Other News:
- Meta's Mark Zuckerberg retained his $1 salary but increased his compensation
- META has cut back on free cafeteria meals, having previously eliminated free laundry and dry cleaning for staff
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