Everything You Need to Know About the Facebook Payments Update
Are you one of the many people waiting for the Facebook payments that are about to be made from the $725 million settlement owed to those who had a Facebook account between 2007 and 2022? If so, you're in luck because I'm about to give you a major update on everything you need to know about these payments and when you can expect to start receiving them.
The Facebook Settlement Scandal
In case you're not familiar with the Facebook settlement scandal, let me give you a quick refresher. In 2015, Facebook was involved in a major scandal where over 87 million people had their private information shared through Facebook with a company called Cambridge Analytica. This happened through a personality quiz that granted access to all of your personal information. Cambridge Analytica then used that data for political advertising during the 2016 presidential campaign.
What made this situation even messier was that Facebook found out about this but did not alert any of the impacted people. They simply asked the company to delete the data and went on their way. Lawsuits started rolling in, and that's where we find ourselves today with the $725 million Facebook settlement.
Qualifying for the Facebook Payments
To qualify for the Facebook payments, you had to have an active Facebook account anytime between May of 2007 and December of 2022. You also had to fill out a claim to be considered to receive this money. If you've already applied and are waiting to receive your money, don't worry. The reason you haven't received it yet is that the deadline for everybody to apply was in August, and they couldn't pass out any money until they had everybody applied.
After they received your claim, they had to go through all of them to see which ones were legitimate and which ones were not. They received 27-28 million different claims, but only about 17 million were legitimate. The lawyers also submitted a request to receive $180 million from that settlement, which is still waiting for approval.
How Much Money Will You Receive?
The exact amount of money you will receive is not yet set because it will vary depending on if you had an account that entire time from 2007 to 2022 or if you had it for a shorter period. However, if we keep it simple and divide the remaining balance amongst the 17 million people, that's about $30 per person.
When Will You Receive Your Money?
The final approvals for everything are still pending, but you can expect to start seeing your payment roll out within the next couple of months. When you filled out the claim, they asked you how you want to receive your payment, so whatever method you selected is how you're going to receive it.
Pros and Cons of the Facebook Settlement
Pros:
- Those impacted by the Facebook scandal will receive compensation for their private information being shared without their consent.
- The settlement holds Facebook accountable for their actions and sends a message to other companies to be more transparent with their users.
Cons:
- The amount of money each person will receive is not yet set and may be less than expected.
- The lawyers are requesting a significant portion of the settlement for themselves.
Highlights
- Facebook was involved in a major scandal where over 87 million people had their private information shared through Facebook with a company called Cambridge Analytica.
- To qualify for the Facebook payments, you had to have an active Facebook account anytime between May of 2007 and December of 2022.
- The exact amount of money you will receive is not yet set, but it will vary depending on if you had an account that entire time from 2007 to 2022 or if you had it for a shorter period.
- The final approvals for everything are still pending, but you can expect to start seeing your payment roll out within the next couple of months.
FAQ
Q: Is the Facebook settlement legit?
A: Yes, the Facebook settlement is legit.
Q: How much money will I receive from the Facebook settlement?
A: The exact amount of money you will receive is not yet set, but it will vary depending on if you had an account that entire time from 2007 to 2022 or if you had it for a shorter period.
Q: When will I receive my Facebook settlement payment?
A: You can expect to start seeing your payment roll out within the next couple of months.
Q: Why are the lawyers requesting a significant portion of the settlement for themselves?
A: The lawyers are requesting a significant portion of the settlement for themselves because they worked on the case and want to be compensated for their time and effort.
