Facebook to settle advertiser lawsuit for $40 million

FILE - This Wednesday, March 21, 2018, file photo shows the Facebook logo on a smartphone in Ilsan, South Korea. Facebook has agreed to pay $40 million to advertisers who said it inflated the amount of time its users watched videos. (AP Photo/Ahn Young-joon, File)

OAKLAND, Calif. — Facebook has agreed to pay $40 million to advertisers who said it inflated the amount of time its users watched videos.

The San Jose Mercury News says the California-based social media giant denied any wrongdoing in a lawsuit settlement. The settlement notice was filed Friday by the plaintiffs in Oakland federal court.

Advertisers sued Facebook in 2016 over user metrics that supposedly measured the average length of time consumers spent viewing posted video ads. The lawsuit said that the time was inflated by up to 900 percent and that helped convince advertisers to buy Facebook's video advertising services.

Facebook publicly acknowledged an error in the formula. The company denied allegations that its engineers knew about problems for more than a year and did nothing.

Must Read

Pfizer spends $14B on Medivation in cancer fight

Aug 22, 2016

Pfizer will pay about $14 billion to buy cancer drug developer Medivation as it fortifies its hold...

Image of Asia: Developing football skills in Pyongyang

Aug 24, 2016

Image of Asia: Youths play with a ball during a break at Pyongyang International Football School in...

Mylan boosts EpiPen patient programs, doesn't budge on price

Aug 25, 2016

Mylan, now in the crosshairs over severe price hikes for its EpiPen, says that it going to expand...

Scams & waste loom as charity millions donated after Orlando

Aug 28, 2016

The more than 430 fundraisers posted on the GoFundMe website after the mass shooting at an Orlando...

Ask Brianna: Should I ask for more money at my first job?

Aug 30, 2016

Negotiating a higher salary is expected and encouraged, even at your first full-time job, and...

Weather, 20 December
Houston Weather
+7

High: +11° Low: -2°

Humidity: 83%

Wind: NNE - 7 KPH

Canberra Weather
+27

High: +27° Low: +17°

Humidity: 87%

Wind: W - 20 KPH

Roissy-en-France Weather
+6

High: +6° Low: -5°

Humidity: 87%

Wind: ENE - 7 KPH

Florence Weather
+9

High: +9° Low: +6°

Humidity: 97%

Wind: ENE - 17 KPH

Parga Weather
+7

High: +16° Low: +4°

Humidity: 100%

Wind: SE - 25 KPH