Meta reached a deal on lawsuits brought by several US states, including California. The company is set to pay between 16.68 billion and 17.1 billion dollars to resolve the dispute. Some reports indicated the total could climb to 18 billion dollars. Meta stock fell after the news broke.
The lawsuits said social media use harmed 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.