Meta Arrives At $32 Million Settlement With Australia Over Cambridge Analytica Privacy Breach: Privacy Commissioner Labels It 'Largest Ever Payment'

Meta Platforms Inc. (NASDAQ:META) has agreed to a settlement of AU$50 million ($31.85 million) with Australia’s Information Commissioner over privacy violations linked to the Cambridge Analytica scandal on Monday.

The enforceable undertaking resolves civil proceedings, allowing eligible Australian Facebook users to seek compensation through a structured payment program.

The case alleged breaches of the Privacy Act 1988 after user data was improperly shared via the "This Is Your Digital Life" app. Privacy Commissioner Elizabeth Tydd called it "the largest ever payment addressing privacy concerns in Australia," emphasizing accountability for global corporations.

The payment program is expected to open by mid-2025.

Price Action: Meta stock closed at $624.24 on Monday, up 0.71% for the day. In after-hours trading, the stock dipped 0.038%. Year to date, Meta has surged 80.27%, according to data from Benzinga Pro.

Read Next:

• Broadcom Mounts Strongest 2-Day Rally Since IPO: Leveraged ETF Nearly Doubles In 2 Sessions

Image Via Shutterstock

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.