OAKLAND, Calif.--(BUSINESS WIRE)--A $40 million settlement has been reached to resolve a nationwide class action lawsuit, Case No. 4:16-cv-06232-JSW, on behalf of Facebook advertisers announces Gibbs Law Group. The lawsuit alleges that Facebook overstated its metrics for the average time spent watching videos on its platform and seeks reimbursement for affected advertisers who allegedly spent more on Facebook video ads than they otherwise would have. If the settlement is approved by the Court, affected advertisers who are eligible for a portion of the recovery will automatically receive payments, no claim form submission is required. The plaintiffs are represented by Gibbs Law Group, Eglet Adams, and Cohen Milstein Sellers & Toll.
Under the terms of the proposed settlement, Facebook will create a $40 million settlement fund to resolve the lawsuit. Money payments will be automatically delivered directly to class members on a pro rata basis; people or entities who had an account with Facebook from February 12, 2015 to September 23, 2016 and paid for placement of video advertisements on a Facebook-owned platform are eligible for payment through the settlement.
The Court is expected to hold a hearing on March 20, 2020 to consider final approval of the proposed settlement. Class members who do not want to be part of the settlement have the option to exclude themselves. Class members may also ask the Court to deny approval by filing an objection. The deadline to exclude from or object to the Settlement is February 12, 2020.
For more information and additional updates about the lawsuit and settlement, or to find out how to exclude yourself or object to the settlement, please visit www.videoadvertisingsettlement.com or contact the settlement administrator at 866-778-9623.