You Still Have Time to Grab Your Small Share of The $725M From Facebook

If you've touched Facebook in the past 15 years, you may qualify for a small portion of the $725 million the company will have to pay to settle a class action lawsuit from the Cambridge Analytica privacy scandal.

It won't be a lot, and it's not a sure thing, but you could be eligible for a cash prize of over $500. The exact amount depends on how many people apply.

Key TakeAways 

• You have until August 25 to file a claim in the $725 million class action privacy lawsuit against Facebook.

• Your prize could be between a few dollars and over $500, depending on how many of the 87 million eligible claimants file.

• Most likely you will not see any money till the end of the year. {alertSuccess}

Here's how the math works. From the total settlement with Facebook parent Meta, subtract 25% for attorneys' fees and $15,000 each for the eight named plaintiffs. That leaves $545 million to be split equally among all eligible claimants who file by the August 25 deadline.

If about 1% of those eligible file a claim, about 1 million people would each be entitled to about $545. If filing at 9%—the average rate in the 2019 FTC study—that figure drops to just $70.

But don't give up on that $545 figure. A study cited by Duke University Law School showed that while the rate of such claims is typically less than 10 percent, they are "often less than 1 percent.

Am I Eligible

You're eligible if you're one of the estimated 87 million current and former Facebook users who were active on Facebook between May 24, 2007, and December 22, 2022. As long as Facebook has your contact information, you are not required to receive notices.

When can I file a claim?

You can file a claim by the August deadline. You won't have the right to sue Facebook on your own until you opt out of the settlement by July 25.

How do I file

Visit facebookuserprivacysettlement.com and fill out the claim form. You can mail the form or fill it out online. You will need to verify your current or former FB account with your email address, phone number, username or user ID. You will also be asked to share payment information so that you can receive your prize.

When will I get the payment?

Not so fast. According to the settlement, the final hearing will not take place till September.

There may be delays (legal and other), and in any case, payment is unlikely until the end of the year.