One Important Thing Illinois Residents Need to Know About The Upcoming Facebook Settlement Amount
The deadline to sign up for a piece of the massive Facebook settlement has come and gone, and now the big question is; how much money will users get?
Everything You Need to Know About the $725 Million Facebook Settlement
If you had a Facebook account anytime between May 24, 2007, and December 22, 2022, AND you filed a claim by August 25, 2023, you will be getting a cut of a $725 million Facebook settlement payout, but when is the money expected to hit your bank account? That's a question we still don't know the answer to, but we do know the payout definitely WON'T be making you rich.
The $725 million chunk of Facebook's money has to be split between millions of people. As of the last court hearing, 17 million Facebook user claims have been validated to receive payment, and over 28 million claims were made in total. I think you get the point...$725 million is a LOT of money, but when it's split between nearly 28 million people, it certainly won't seem like it.
How Much Money Will Eligible Facebook Users Get?
According to a recent WGN TV article;
Because there are so many eligible recipients, lawyers for the plaintiffs told Judge Vince Chhabria they expect the median payment to be around $30.
Most of us can't get a half tank of gas for $30, but oh well. Free money, is still free money, right?!?
The Most Important Thing to Know About Upcoming Facebook Settlement Payments
While all eligible claimants will receive money from the Facebook settlement, not everyone will be getting the same amount. Basically, people who have had Facebook accounts the longest will get the most money.
WGN TV's article says;
The payouts will work on a point system, with one point given for every month you had an active Facebook account in the outlined time period. The more points, the bigger the check.
So, is $30 the max payout for people with the longest-standing Facebook accounts? I guess we'll just have to wait and see when the settlement gets final approval...which could still take a while.