When will Facebook settlement payments be sent? Here’s what we know

(NEXSTAR) — You can file a claim in just two minutes for part of Facebook’s massive $725 million settlement, but it’ll take much longer to get your payouts.

Facebook’s parent company, Meta, has agreed to settle a class action lawsuit, which alleges that the social network allowed users’ personal data to be shared with third parties, the most famous being Cambridge Analytica, a consulting firm that supported Donald Trump’s 2016 presidential campaign.

You do not need to specify whether your data is among the Shared Information to qualify. The criteria are pretty simple: “If you were a Facebook user in the United States between May 24, 2007, and December 22, 2022, inclusive, you may be eligible for a cash payment,” the settlement details state.

Claims can be submitted Connected or by mail through August 25, 2023, and the process is fairly quick and simple. However, eligible recipients will not receive their payment soon.

After the claim deadline, there is still a final settlement hearing, which is scheduled for September 7, 2023 at 1pm PST. It’s not clear the exact date the payments will be released, but the earliest they can be sent is after the September court date.

Even if the judge gives final approval at that hearing, there is still the possibility of appeal, Settlement page warns. If there is an appeal, it is not clear how long it will take to resolve it.

“Payments of the settlement will be distributed as soon as possible if the court grants final approval for the settlement and after any appeals are resolved,” the settlement page reads.

Once all the necessary steps are completed, that $725 million will shrink a bit before it hits your bank account. The amount each person gets will vary based on the length of time they’ve had a Facebook account, but one expert told Nexstar he expected the higher end of payments to be “triple digits,” with many receiving less than $100.