LONDON (ShareCast) - (Sharecast News) - Facebook parent company Meta Platforms has agreed to fork over $275.0m in order to resolve a class-action lawsuit accusing the group of allowing third parties to access users' personal information.
Meta's proposed settlement would resolve a long-running suit related to Facebook giving UK political consulting firm Cambridge Analytica access to the data of as many as 87.0m users.

It marks the largest-ever settlement achieved in a US data privacy class action and the biggest sum that Meta has ever handed over to resolve a class action lawsuit.

"This historic settlement will provide meaningful relief to the class in this complex and novel privacy case," said lawyers for the plaintiffs.

However, Meta admitted no wrongdoing as part of the settlement but stated the move was "in the best interest" of its community and shareholders.

As of 1010 GMT, Meta shares were flat in pre-market trading at $116.85 each.



Reporting by Iain Gilbert at Sharecast.com

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