Facebook Privacy Settlement Payouts – How Much Payout Will You Receive (Facebook To Distribute $725 Million), Check Your Eligibility?

If you used Facebook between May 24, 2007, and December 22, 2022, and meet certain requirements, you may be eligible for a reimbursement. However, your eligibility is contingent on several factors that may limit the amount you receive.First and foremost, your compensation is determined by the number of valid claims filed against you, which is then subtracted from the administrative costs and legal fees that must be covered.Anyone who has used Facebook in the past sixteen years should be aware of a recent settlement that may impact them.

Meta, the parent company of Facebook, agreed in December to pay $725 million to settle class action lawsuits alleging that third parties gained unauthorized access to users’ private data and that of their friends without their permission – including Cambridge Analytica working on Donald Trump’s presidential campaign, which gained unauthorized access to the private information of approximately 70 million US-based Facebook users without their consent or knowledge.

Facebook Privacy Settlement Payouts: How Much Money You Will Get

The $725 million will be divided among millions of claimants, but how each will receive their share will hinge on many factors, such as how long they used Facebook and how much their net settlement fund will be after legal, administrative, and other costs are deducted. According to the claims website, each valid claimant will be allotted points, which will be multiplied by their specified amount per point and then divided by the number of months they used Facebook to determine their share.

Facebook Privacy Settlement Payouts: How Much Money You Will Get

Each individual can then choose how they would like to receive their average monthly payout: PayPal, Venmo, or Zelle payment services; direct deposit; pre-paid Mastercard payments; or by having it mailed directly to their home, though it may take up to six weeks for physical checks to arrive after claim processing is complete.

Typical of class action lawsuits, it will likely be some time before you receive compensation. Any appeals against the settlement could also extend its duration. According to the settlement website, however, payments should be distributed as soon as the Court has granted final sanction of the settlement and resolved any appeals.

The deadline to submit a claim was Friday, August 25, 2023, at 11:59 p.m. Pacific Time (PT). However, according to the claims website, a few days after the deadline, the administrator will begin processing rejected claims and issuing refunds to claimants whose claims do not result in payment or smaller than anticipated payouts.

Facebook Privacy Settlement Payouts: How It Will Be Distributed

Facebook and a lawsuit alleging they shared user data without permission have reached a massive settlement. However, only some users will receive the same amount due to factors such as account tenure and other variables.

This $725 million settlement resulted from a class action lawsuit filed in December alleging that Facebook permitted unauthorized access to user data by third parties. Facebook’s parent company, Meta, reached an agreement in June, and a federal magistrate in California granted preliminary approval; the final approval hearing is scheduled on September 7, and appeals could further delay when you receive your money.

The distribution of the funds will hinge on several factors, including the number of valid claims lodged by eligible Facebook account holders between May 24, 2007, and December 22, 2022, when payments were to be made. With more eligible Facebook users filing valid claims and having them approved, payments may increase; however, there is no assurance you will receive anything, and if you do, it may be less than anticipated.

Legal and administrative fees will typically constitute a significant portion of any settlement fund. They may exceed anticipated amounts — plaintiffs’ attorneys have requested $180 million as compensation, which Judge Chhabria referred to as “money” for Nick Bosa at their September 7 court hearing.

Once all fees have been deducted from the net settlement fund, they will be distributed to eligible claimants, but not equally; each will receive one point each month they had an active Facebook account during the class period.

Each point has a distinct value; Facebook users with lengthier histories will receive more points. When all points have been distributed, and the settlement fund has been determined, each participant will receive a sum equal to their total point total multiplied by the settlement fund.

Your settlement payment will arrive via Venmo, Prepaid Mastercard, PayPal, or Zelle or as a check mailed directly to your address. Please visit the settlement’s website for information on how your payment will be distributed.

Facebook Privacy Settlement Payouts: What Will Be The Largest Payout

Not all Facebook users will be compensated equally. Your amount is contingent on the number of claimants submitting claims and the administrative fees deducted from the final compensation. According to the settlement website, payments “may vary depending on the number of claimants after attorneys’ fees and other costs have been deducted.”

In the longer term, Each claimant will be granted one point for each month they maintain a Facebook account; the payment per point will then be divided by the number of points each user possesses.

According to plaintiffs’ counsel, the average award should be around $30. According to The Hill’s report, those with lengthier Facebook histories will likely receive more than this amount, but more is needed to alter their lives substantially.

It may take some time for claimants to receive settlement funds, but the process should speed up once the final approval court hearing on September 7 concludes. This depends on the presence or absence of appeals that further delay proceedings.

Facebook Privacy Settlement Payouts: What Will Be The Lowest Payout

According to Meta, the parent company of social media titan Facebook, settlement payouts should begin this month; however, your money may take time to arrive, contingent on how long you used Facebook, your total point allocations, and the net settlement pool after administrative costs are deducted.

Consider how many valid claims have been filed and how legal and other fees will be extracted from the pool of money – an estimated estimate is 25%. Still, Judge Chhabria remarked that it resembled “Nick Bosa money” in allusion to the NFL defensive tackle’s recent contract extension.

Over 28 million Facebook users have submitted initial settlement claims, of which approximately 17 million have been provisionally approved for compensation. Longtime Facebook users should anticipate the largest payouts, as their data was exposed for extended periods due to inadequate privacy controls.

Cambridge Analytica, a political consulting firm affiliated with Steve Bannon, was paid to access private Facebook user profiles to target voters during the 2016 election campaign, it was disclosed in 2018. In response, legislators questioned a contrite Zuckerberg, and users were urged to deactivate their accounts entirely.

To access their accounts, users must enter their username and password on the claims website; to further verify their identity, they can submit documents containing their name and address.

The settlement was pending final approval by a federal court in California and faced several obstacles, including class member objections that plaintiff attorneys’ fees were too high and stipulated compensation was too low.

Facebook Privacy Settlement Payouts: FAQ

Who Could Receive Facebook Payments (Eligible Parties)?

Between May 24, 2007, and December 22, 2022, Facebook users in the United States were automatically eligible for a reimbursement but were required to fill out a form to cash in.

What are the requirements for Facebook Payout?

To access their accounts, users must enter their username and password on the claims website; to further verify their identity, they can submit documents containing their name and address.

When Will You Receive Facebook Payouts?

Following the conclusion of the final approval hearing, Facebook users will begin receiving their payments. Your portion of the settlement may take some time to reach you.

How You Will Be Compensated by Facebook?

You can anticipate receiving your reimbursement in the manner you specified on your claims form. Claimants could choose between Venmo, prepaid Mastercard, PayPal, Zelle, or a tangible check mailed to their address.