Facebook Parent Meta To Pay $90M To Settle Decade Long Privacy Lawsuit

Meta Platforms Inc FB, the parent company of Facebook, has agreed to pay $90 million to settle high-profile, long-running data privacy litigation.

• The lawsuit pertains to its use of tracking "cookies" in 2010 and 2011 to track subscribers' internet use even after they had logged off the Facebook platform. 
• The case filed in 2012 focuses on Facebook's use of proprietary plug-ins to track users' internet browsing on third-party sites. 
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• Facebook obtained consent to track subscribers while logged in but promised to stop the tracking once the subscriber logged out. 
• The class action alleged that Facebook continued to track users' browsing activity even after logging off the social media platform.
• The case was revived in April 2020 by a federal appeals court, which said users could try to prove that Meta profited unjustly and violated their privacy, Reuters reports.
• Lawyers look to seek legal fees of up to $26.1 million, or 29%, from the settlement fund. 
• Price Action: FB shares traded higher by 0.83% at $219.50 on the last check Tuesday.