Facebook near settlement of users' biometric data lawsuit

Yahoo Finance Video

Facebook is close to settling a privacy lawsuit related to user data. Yahoo Finance's On the Move panel breaks down the details.

Video Transcript

JULIE HYMAN: Dan Howley, you're looking at Facebook and a new settlement that it came to having to do with biometric data.

DAN HOWLEY: Yes, they are looking for a settlement here, and basically has to do with a violation of a privacy law. Essentially, if you remember the tag suggestions feature in Facebook where you could click on someone's photo and it would offer up suggestions to tag people, that, according to this lawsuit that was filed, was violating users' privacy.

And so now they're coming to a potential close of this settlement of $650 million to kind of make all of this go away for Facebook. But it just kind of goes back to the fundamental issue the company has, which is user privacy and protecting user privacy. And we're going to probably come across something along these lines in another way down the line.

JULIE HYMAN: Facebook always seems to have the same sorts of these issues crop up, doesn't it? All right, let's take a look at-- at what is going on with stocks as we leave you here. Thank you so much, Melody and Dan.

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