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Facebook Inc (NASDAQ:FB): To Reconcile Advertising Suit Judge Endorsed $20 Million Fund

Written by on August 27, 2013

A U.S. judge has endorsed $20 million fund for Facebook Inc (NASDAQ:FB) to reconcile a class-action advertising suit, in spite of receiving objections from groups presenting minors on the site. On Monday, the ruling was issued in the U.S. District Court for the Northern District of California Facebook’s “sponsored stories” advertising program was challenged by the class-action suit, which was first filed in 2011. A sponsored story is a kind of promoted post coming in users’ feeds that may contain the profile name and picture of Facebook members who have liked the products and services of that advertiser.

The ruling said that the projected settlement class contains approximately 150 million Facebook users whose likenesses or names were supposedly siphoned off to prop up those products and services. In total,  Facebook has in excess of 1 billion users. The ruling added that the fund is to be distributed to Facebook members who submitted valid claims in cash payments of $15 for each. According to the ruling the settlement administrative expenses, attorney costs and fees, and incentive awards would also be paid from the fund. The ruling also required the social network to alter its Statement of Rights and Responsibilities for providing users better information about, and control over, how their likenesses and names are used regarding sponsored stories.

AR Network reported on Friday that the research analysts reiterated the Facebook’s stock rating as “overweight” at JPMorgan Chase & Co. The stock was rated as “hold” by eleven investment analysts, thirty-one have given a buy rating and one has issued a strong buy rating to the stock. On average, Facebook presently rated as “Buy” with a target price of $38.53. On Tuesday, shares of Facebook Inc. (NASDAQ:FB) surged by 1.95% to close at $41.3,while trading in range of $40.62 – $41.94.

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