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The deadline for Meta Platforms Inc.’s META Facebook users to submit their claims for a portion of a $725 million settlement over the Cambridge Analytica data scam is in August.
What Happened: Individuals who used Facebook in the U.S. from May 24, 2007, to Dec. 22, 2022, can apply for compensation from a $725 million settlement, which Meta agreed upon to resolve a class-action lawsuit.
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How To Apply: Individuals can provide their details like name, address and email associated with the account on the website facebookuserprivacysettlement.com to receive their payment via various channels such as their bank account or Venmo.
The amount of compensation is anticipated to be minimal. It will be determined by the number of legitimate claims submitted and the duration that each claimant was an active Facebook user during the relevant period.
The total payout will be distributed among eligible claimants, with those who utilized the platform for an extended period receiving a more significant share.
Why It’s Important: In 2018, Facebook revealed that the data of 87 million users had been inappropriately shared with Cambridge Analytica, which led to the initiation of the lawsuit.
The data was allegedly utilized to construct voter profiles and assist the campaign of former U.S. President Donald Trump in the 2016 election.
Meta CEO Mark Zuckerberg previously acknowledged that the company erred in placing trust in third-party application developers such as Cambridge Analytica and failing to take adequate measures to prevent the misuse of user data.
Check out more of Benzinga’s Consumer Tech coverage by following this link.
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