It turns out Facebook might owe you money. Meta Platforms, Inc., Facebook’s owner, has agreed to a $725 million settlement covering a number of lawsuits alleging that Facebook improperly shared user data without the users’ knowledge. Almost every Facebook user in America is eligible for a share of the $725 million. Here’s what you should know:

What exactly happened?

Several lawsuits were filed against Facebook over various privacy allegations. These lawsuits claimed that Facebook shared user data without the user’s permission, shared the data of a user’s friend without their permission, or failed to properly monitor how third parties used shared user data. Because of the large number of lawsuits filed against Facebook, most of them were consolidated into one and turned into a class-action suit against the company. Facebook has now agreed to settle the class-action lawsuit by paying $725 million to affected users.

Is Facebook admitting to wrongdoing? No, Facebook denies any wrongdoing or liability in connection with the allegations. When a company agrees to settle a class action, this is normal.

Who is eligible for a share of the $725 million? With a few exceptions, nearly every Facebook user in the United States between May 24, 2007, and December 22, 2022 is eligible to receive a portion of the settlement.
Will the entire $725 million be distributed to those affected? No. Some of it will be used to cover administrative and legal fees.
How much money will I receive as part of the settlement? That is determined by the number of users who submit claims to be included in the settlement.

Do I have to do anything to get paid?

Yes. You must file a claim in order to receive a payment from the settlement. You must file your claim by August 25, 2023. You can also opt out of the settlement if you want to sue Facebook directly, or you can object to it. You must complete either of these tasks by July 26, 2023.
How will I be compensated? You have the option of receiving your settlement in a variety of ways. Pre-paid MasterCard, direct deposit to your bank account, PayPal or Venmo, and other options are available.
What if I don’t do anything? You will not receive any compensation from the settlement, and you will waive your right to sue Facebook over the allegations covered by this settlement.
Where can I find out more about the agreement and my options? A detailed FAQ can be found on the official settlement website.
How do I submit a claim? You can file a claim on the official settlement website by clicking here.

Source: fastcompanyme.com