Here is how to claim your money from them – "facebook" – Google News

Do you remember the curious image of Zuckerberg and the owners of other social networks sitting in front of the US Senate? The first consequences have just begun to be known, and they are going to be especially good for you. If we told you that the Facebook Settlement has just been confirmed? There’s $725M at stake that you can claim, and here’s how to do it so you don’t miss the opportunity (we’ll remind you of another similar one later).

Facebook has done this with your data: now, it’s your turn to receive a compensation payment 

This year’s controversies for Facebook have been faced by a massive $725 million settlement of the Cambridge Analytica data privacy scandal. US District Court Judge gave the nods to the settlement in October the same year but disbursement was slowed down by more legal cases.

The case that erupted into the limelight in 2018 was the Cambridge Analytica scandal in which the political consulting firm Cambridge Analytica misused personal information from Facebook users. The data was used to build complex psychographic portraits of the voters and of the American electorate in general that were leveraged.

In response, a class-action lawsuit was filed in Maryland in March 2018 to challenge this policy. It specifically targeted individuals who had their data stolen from Facebook with the help of the firm Cambridge Analytica. However, due to legal battles that involved several years the two sides came to a consensus wherein they resolved to pay $725 million in December 2022.

The settlement was granted by a federal judge in October of the year 2023 but the release of the funds has still been attributed to legal battles. Now, in June 2024, a settlement has been confirmed and millions of Americans can receive a compensation payment (the same that was rumored to be sent some months ago). 

Are you eligible to take part in compensation payments? This is the eligibility criteria 

To be a part of this settlement, one must have been a user of Facebook which is based in the U.S., at some point in the time starting from May 24, 2007 and ending on December 22, 2022. It can be obtained by third parties or be personal and you do not need to prove the first one to become eligible.

To be eligible for the settlement, you must have been a U.S. Facebook user between May 24, 2007, and December 22, 2022. You do not need to prove that your data was obtained by third parties to be eligible. The settlement applies to all Facebook users who were active on the platform during this period.

The claim submission phase is now closed, and all valid claims must have been submitted electronically on the claim submission webpage by August 25, 2023. Submissions sent by postal mail had to be postmarked by August 25, 2023, to be counted as valid. If you miss the deadline, you will not be able to claim your share of the settlement.

How much money can you receive? This is the payment you will get on next month 

In scenarios where each of the users would contribute approximately 200 TOK, the average user payout, according to estimations, may hover around $30 When it comes to the total TOK payout, this parameter will fluctuate perhaps slightly above or below this number depending on how many of the users will remember to collect their share.

This Facebook Settlement demonstrates how the processing of user data is sometimes linked to extremely controversial practices that are liable to conviction. This $725 M will serve to demonstrate how social networks must guarantee privacy at all levels, something similar (but not the same) to what happened with the Visa and Mastercard Settlement, which in this case amounts to several billion dollars and which we have already mentioned.