Social Network Facebook has reached an agreement in a class-action lawsuit. According to the terms of the settlement, the company has 60 days from the preliminary approval date to turn its Beacon service off. Facebook has already announced plans to shut the feature down.
Facebook will also create a $9.5 million fund, from which litigant fees, attorney costs and named plaintiffs, as well as members of the plaintiff class, will be paid.
Additionally, the company has 20 days to create a non-profit privacy foundation,
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