Meta to pay $725 million to settle Cambridge Analytica lawsuit: report

Meta to pay $725 million to settle Cambridge Analytica lawsuit: report

Meta to pay $725 million to settle Cambridge Analytica lawsuit: report

Facebook’s parent company Meta has agreed to pay $725 million (about Rs. 5,990 crore) to settle a class action lawsuit accusing the company of sharing users’ personal data with political consultancy firm Cambridge Analytica , reported US tech publication The Verge.

“The proposed settlement of $725 million is the largest ever collection in a data privacy class action lawsuit and the most Facebook has ever paid to resolve a private class action lawsuit,” said Keller Rohrback, the law firm. lawyers representing the plaintiffs, in a case filed late. Thursday.

The lawsuit was filed in 2018 after Facebook revealed it had collected the information of around 87 million users and shared it with Cambridge Analytica, a political consultancy firm linked to the former’s 2016 campaign. President Donald Trump.

The consultancy reportedly used the data for voter profiling and targeting political advertising.

The court filing says “Facebook has significantly changed the practices that gave rise to plaintiffs’ claims” and “significantly improved its ability to restrict and monitor how third parties acquire and use Facebook user information.”

The proposed settlement admits no wrongdoing and must still be approved by a judge in the Northern District of California.

In response to the news, a spokesperson for Meta told CNBC, “We have sought settlement because it is in the best interest of our community and our shareholders. Over the past three years, we have revamped our approach privacy policy and implemented a comprehensive privacy program.”

Meta said it had “significantly changed” its data sharing practices since the 2018 scandal and no longer allows third parties to access the same user data.

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