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See the full story · 18 sourcesMeta and coalition of state attorneys general have settled a major federal trial centering on allegations that the social media giant misrepresented the extent of child-related mental health harms caused by apps like Facebook and Instagram.
The settlement was revealed a court filing released Wednesday that details several requirements Meta must make to its apps. These include daily usage limits and "nighttime blocks" for teenagers that use the company's apps like Facebook and Instagram, "enhanced age assurance measures" that would prevent children from using the apps, and making additional tools for parents and guardians. As part of the settlement, Meta agreed to pay $12.6 billion, with 7% paid now, according to CNBC's Jim Cramer. Shares of the social media giant gained 5% during premarket trading after the news broke.
The settlement comes amid the second week of the trial, taking place at Oakland federal courthouse, co-led by California Attorney General Rob Bonta and the AGs from Colorado, New Jersey and Kentucky, who represent a bipartisan group of 29 AGs in a combined case stemming from a 2023 lawsuit.
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