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Facebook has agreed to shut down its much maligned Beacon advertising system in order to settle a class-action lawsuit.The lawsuit, filed in August of last year, alleged that Facebook and its Beacon affiliates like Blockbuster and Overstock.com violated a series of laws, including the Electronic Communications Privacy Act, the Video Privacy Protection Act, the California Consumer Legal Remedies Act and the California Computer Crime Law.
The proposed settlement, announced late on Friday, calls not only for Facebook to discontinue Beacon, but also back the creation of an independent foundation devoted to promoting online privacy, safety and security. The money for the foundation will come from a US$9.5 million settlement fund.