Meta Platforms Inc (NASDAQ:FB), the parent company of Facebook, has agreed to pay $90 million to settle high-profile, long-running data privacy litigation.
- The lawsuit pertains to its use of tracking "cookies" in 2010 and 2011 to track subscribers' internet use even after they had logged off the Facebook platform.
- The case filed in 2012 focuses on Facebook's use of proprietary plug-ins to track users' internet browsing on third-party sites.
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- Facebook obtained consent to track subscribers while logged in but promised to stop the tracking once the subscriber logged out.
- The class action alleged that Facebook continued to track users' browsing activity even after logging off the social media platform.
- The case was revived in April 2020 by a federal appeals court, which said users could try to prove that Meta profited unjustly and violated their privacy, Reuters reports.
- Lawyers look to seek legal fees of up to $26.1 million, or 29%, from the settlement fund.
- Price Action: FB shares traded higher by 0.83% at $219.50 on the last check Tuesday.
