Meta agreed to settle lawsuits brought by several US states, including California. The company is set to pay between 16.68 billion and 17.1 billion dollars to finish the litigation. Some reports said the total could climb to 18 billion dollars. Meta stock moved lower after the news emerged.
The lawsuits said social media use negatively impacted children. States contended the platforms fueled addiction. Meta denied wrongdoing but decided to resolve the matter. The agreement spans a wide range of claims. The settlement will be tracked in court filings.