On Friday, several advertising agencies revealed the details of a proposed settlement with Facebook that would end a class action alleging the social media giant overstated the average time its users spent watching video.
According to a brief in support of the settlement, Facebook would pay $40 million to resolve claims. Much of that would go to those who purchased ad time in videos, though $12 million — or 30 percent of the settlement fund — is earmarked for plaintiffs' attorneys. Facebook of acknowledging miscalculations in metrics upon press reports, but still not taking responsibility for the breadth of the problem.
Faced with claims of violating unfair competition law, breaching contract and committing fraud, Facebook contested advertisers' injuries, questioning whether they really relied on these metrics in deciding to purchase ad time. In early rounds in the litigation, Facebook was successful in getting the judge to pare the claims, though until a settlement was announced, several of the claims including fraud were still live.
The plaintiffs estimate that had they gone to trial, they may have recovered between $100 to $200 million in damages, though they also stress to U.S. District Court Judge Jeffrey White the uncertainty of this result as well as the expensive process. The judge will decide on approval after examining the fairness of the pact.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Self-Managed Teams Result In Lower Pay For WomenSelf-managed teams are increasingly popular across the world, with advocates believing they are more efficient, effective and engaging. Are they equitable though or do they exhibit many of the same biases that harm hierarchical teams? New research explores.
Read more »
California electric company PG&E to pay $65M settlement over claims it falsified recordsCalifornia's Pacific Gas and Electric Co. has agreed to pay $65 million to settle claims it falsified records and misrepresented how quickly it responded to excavators’ requests to locate and mark gas pipelines. The penalty will come at the expense of PG&E shareholders, but not its customers, according
Read more »
Paul McCartney, Flea, Slipknot's Jay Weinberg & More Pay Tribute to Ginger BakerMusicians like Paul McCartney, Flea, Slipknot's Jay Weinberg and many others expressed their condolences on social media after learning the sad news about Ginger Baker's death.
Read more »
GPS company removes suspected killer's ankle monitor after he failed to pay its monthly feeThe district attorney's office called it a 'troubling loophole' that must be closed.
Read more »
Man robs bank day before wedding to pay for ring and ceremony, gets caught by fianceeTexas man arrested after his fiancée saw social media post of him robbing a bank the day before his wedding so he could pay for the ring and the venue of his ceremony.
Read more »