Key Details of the Settlement
Google and YouTube are settling a $30 million US class action lawsuit. The lawsuit accused the companies of unlawfully collecting children's data from 2013 to 2020, with the proceedings overseen in California's court.
This settlement highlights ongoing privacy concerns surrounding digital platforms and emphasizes increased scrutiny of data collection practices. However, it shows minimal immediate impact on cryptocurrency markets.
Allegations and Agreement
The class action lawsuit against Google and YouTube claimed that they unlawfully collected children's data. In response, Google agreed to settle for $30 million. The companies faced allegations of violating data privacy laws over a seven-year period that concluded in 2020.
Class Counsel, Silver Golub & Teitell LLP and Pritzker Levine LLP, stated regarding the settlement:
"Google LLC and YouTube LLC (“Google”) agreed to settle in a lawsuit that claims Google violated the law when it allegedly tracked and collected personal data about children under the age of 13 without parental consent. Google denies it did anything wrong."
The involved parties include Alphabet Inc.'s subsidiaries. U.S. residents, represented by law firms Silver Golub & Teitell LLP, initiated the action. The lawsuit accused the companies of collecting data on children without obtaining parental consent.
Impact on Affected Families
The settlement impacts affected families where children under the age of 13 watched YouTube content. Service awards of up to $1,500 are designated for select guardians. The broader class will receive distributions from the remaining fund, with the amount determined by the number of valid claims submitted.
Financial Breakdown and Market Reaction
The $30 million settlement includes $9 million allocated for attorney's fees and administration costs. The market response, particularly within the cryptocurrency sector, remains untouched by this legal development. This legal action does not link directly to any crypto assets.
The broader legal implications of this settlement do not directly relate to cryptocurrencies. Past cases indicate similar resolutions that did not cause disturbances in the crypto sector. The financial and regulatory consequences are limited to the parties directly involved in the lawsuit.
COPPA enforcement cases demonstrate consistent patterns, often leading to fines. This resolution follows the precedent set in similar privacy litigation. No significant shifts in blockchain technology or crypto assets have been documented as a direct result of this settlement.