Facebook likely owes you money and this is how you can check if you're eligible

Thousands of Facebook users could be eligible for a cut of a $725 million class action lawsuit settlement. Here’s how to see if you’re due a payout from Meta.

If you’re a millennial, you probably used Facebook between 24 May, 2007, and 22 December, 2022 - right?

If so, Facebook likely owes you some cash. But be prepared to submit a claim to get your hands on this free money.

Recently, Facebook’s parent company, Meta, agreed to settle a long-contested class action lawsuit regarding personal data privacy on the social media platform.

In 2018 it was revealed that Meta had 'improperly shared users’ information with Cambridge Analytica'.

In the heavily-documented trial, it was also concluded that Meta failed to 'sufficiently monitor' data access rules.

While Meta didn’t quite admit to its wrongdoing, the company instead agreed that a $725 million settlement was the ‘best’ way to navigate the heavy charges.

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Meta spokesperson Dina El-Kassaby Luce said a settlement was 'in the best interest of [Meta’s] community and shareholders'.

Now that the settlement has been confirmed, it’s thought that around 250-280 million Facebook users will be eligible to receive a payment from Meta.

So - how do you get free cash from the settlement?

First, head to the portal to submit claims and submit yours before 25 August, 2023.

On the form, you will need to fill out a couple of questions about Facebook accounts, and also confirm you logged onto the site between 24, May, 2007, and 22, December, 2022.

Meta.

The deadline to opt out of the settlement and retain the rights to sue Facebook separately is 26 July, 2023.

So if you change your mind and want to go at it alone, there’s still time to delete your claim.

After submitting, your eligibility will be evaluated. If you’re successful, then the payout you receive will be depended on two things - the number of claims submitted and Facebook account longevity.

Essentially, the more people that submit a claim the less money there is to go around. Unfortunately, putting your Facebook claim in early will not allow you to procure more funds.

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Secondly, if you’ve had your Facebook account for a long time, you’re likely to receive more money.

The settlement is due to distribute 'points' for every month a claimant has had an active Facebook account.

So, if you’ve been on the social media site since 24 May, 2007, you’ll potentially receive a hefty load of points.

According to SF Gate, these points will help split the money between claimants.

One last thing - you have to be a US citizen to claim a slice of the $725 million class action law settlement.

Users from countries such as the UK are apparently not eligible for payment as they have not been damaged by the data leak.

Happy money hunting!