ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

Fortnite players may now apply for slice of $245M FTC refund settlement

U.S. regulators are notifying more than 37 million people that they may be eligible for compensation as part of a settlement with Fortnite’s maker.

Thirty-seven million video gamers are starting to be notified that they can apply to claim their portion of a $245 million legal settlement with Fortnite's maker, Epic Games Inc.

The Federal Trade Commission announced the claim process Tuesday. The settlement was finalized in March after allegations the video game maker used dark patterns and other deceptive practices to trick players into making unwanted purchases.

The FTC announced late last year that Epic Games would pay $520 million in penalties and refunds to settle complaints revolving around children’s privacy and its payment methods.

Part of that $520 million consists of $245 million in customer refunds. It is meant to cover some of the costs of unwanted V-Bucks, the game's in-game currency, or virtual items such as outfits or cartoonish purple llama loot crates.

PARENTS FILE LAWSUIT SAYING THEIR KIDS ARE ADDICTED TO FORTNITE

Epic Games had also agreed to pay a $275 million fine for allegedly collecting personal information on Fortnite players under the age of 13 without informing their parents or getting their consent. It was the biggest penalty ever imposed for breaking an FTC rule.

According to the FTC, those eligible for refunds include Fortnite users charged in-game currency for items they didn’t want between January 2017 and September 2022; those whose children made charges to their credit card without their knowledge between January 2017 and November 2018; and those whose account was locked after they complained to their credit card company about wrongful charges.

Epic Games said after settling the case in December that it implemented additional safeguards to prevent unintended purchases. In an updated statement Tuesday, it referred people to the FTC’s page.

‘FORTNITE’ MAKER EPIC GAMES VALUED AT NEARLY $32 BILLION IN FUNDING ROUND

Epic Games' website states Fortnite is one of the world’s largest games with over 350 million accounts and 2.5 billion friend connections.

GET FOX BUSINESS ON THE GO BY CLICKING HERE 

Chinese video game company TenCent holds 40 percent of Epic Games, according to NASDAQ's website. The American company was founded in 1991 by CEO Tim Sweeney.

Consumers will have until Jan. 17, 2024 to submit a claim. Information on how to do so can be found here. 

The Associated Press contributed to this report. 

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.