Iowa to Hand $25,000,000 to Residents Harmed by Meta in First Consumer Restitution Fund

Iowa is setting up the first-of-its-kind restitution fund to hand out $25 million to residents hurt by Meta’s practices aimed at children.

Attorney General Brenna Bird says the state will use $25 million from its $126 million Meta settlement to pay eligible Facebook and Instagram users. Iowa is the first state in the deal to create a consumer fund.

Bird says half of the settlement, about $68 million, must address the harms that prompted the lawsuit.

Says Bird,

“The Meta settlement was a victory for Iowa’s families. Our kids will now be safer online… I’m happy to announce we are the first state to create a fund to share the settlement with Iowans who have been affected by Meta’s bad behavior.”

Other pots include $11 million for the Iowa Kids and Consumers Defense Fund, $10 million in school grants, $10 million for victim support and a Special Victims Unit, $3 million for technology upgrades and about $7.3 million for the Ensuring Child Safety Online Fund.

Roughly $49 million goes to the state’s general fund after legal fees.

Eligibility rules and the claims process will be announced later.

Iowa’s settlement proceeds is the state’s share of the landmark settlement with Meta reached in August when the tech giant agreed to pay a coalition of states at least $12.1 billion.

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The post Iowa to Hand $25,000,000 to Residents Harmed by Meta in First Consumer Restitution Fund appeared first on The Daily Hodl.