Facebook's Meta reaches settlement over Cambridge Analytica scandal

Meta, Facebook's parent company, agreed to settle a lawsuit seeking damages for letting third parties, including Cambridge Analytica, access to tens of millions of users' private data.

The San Francisco federal court filing from Friday stated that the parties have 60 days to finalize a written settlement agreement, which will be presented to the court for preliminary approval. Financial details were not disclosed in the filing.

The four-year-old class action filed by Facebook users claimed that Facebook violated consumer privacy laws by sharing personal data. The company was accused of failing to protect 87 million users' data from going to the now-defunct Cambridge Analytica, a British consulting group.

The settlement agreement comes after attorneys for both parties agreed last month that Meta CEO Mark Zuckerberg could be deposed for six hours of questioning.

Attorneys for both plaintiffs and Meta declined to comment to Reuters.