The proposed settlement would resolve a four-year-long lawsuit prompted by revelations in 2018 that Facebook had allowed the now-defunct British political consulting firm Cambridge Analytica to access the data of as many as 87 million users.
The settlement - obtained by Reuters - has been detailed in a public court filing in the Northern District of California, four months after news first emerged of Meta's intention to settle the case.
"Plaintiffs respectfully request that the Court preliminarily approve the $725m non-reversionary Settlement," reads the document.
Lawyers for the plaintiffs called the proposed settlement the largest to ever be achieved in a US data privacy class action and the most that Meta has ever paid to resolve a class action lawsuit.
"This historic settlement will provide meaningful relief to the class in this complex and novel privacy case," the lead lawyers for the plaintiffs, Derek Loeser and Lesley Weaver added...