Meta reached a deal on lawsuits filed by several US states, including California. The company will pay between 16.68 billion and 17.1 billion dollars to resolve the dispute. Some reports said the total could climb to 18 billion dollars. Meta stock fell after the news broke.
The lawsuits claimed social media use negatively impacted children. States contended the platforms encouraged compulsive use. Meta refused to admit fault but decided to resolve the matter. The agreement includes a wide range of claims. The settlement can be monitored in court filings.