Meta agrees to pay up to US$16.7 billion in social media case

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Photo by DAVID GRAY/AFP via Getty ImagesMeta Platforms Inc. has agreed to pay up to US$16.7 billion to settle a landmark social media case with multiple United States states, according to a court filing Wednesday.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe deal requires the company to put new guardrails on its platforms such as Facebook and Instagram, including restricting how much time youths can scroll and preventing them from switching off certain safety settings without parental consent. A judge needs to sign off on the agreement.In the filing, Meta denies the allegations against it. The states had alleged violations of state consumer protection and federal privacy laws — which carry fines that add up quickly when multiplied by millions of young Instagram and Facebook users.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try again“This Agreement is entered into for settlement purposes only and does not constitute an admission by Meta of any liability, wrongdoing, or violation of any local, state, federal, or international law,” according to the filing.Meta didn’t immediately respond to a request for comment.The accord comes in the second week of a jury trial in federal court in Oakland, California, that posed enormous risk for Meta. The top legal officers of 29 states were seeking not only massive financial penalties on behalf of the public, but also court orders that could force the company to change how it operates its platforms.Bloomberg reported late Tuesday that the parties had discussed a possible mid-trial settlement.Meta shares were down about 0.8 per cent at 9:46 a.m. in New York after rising as much as 4.1 per cent after trading opened.The planned settlement also includes the appointment of an independent auditor to oversee compliance, who can issue their own recommendations and report findings to the states. The agreement would also require Meta to enhance its age verification tools to better identify young users on the app. Access to features like viewing the number of likes on a post or beauty filters would be restricted for teens.“Meta has agreed to make massive transformations that will reduce the risk of harm from its platforms — and will do it within months,” California Attorney General Rob Bonta said in a statement.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.