Shareholders accused Meta leaders of damaging the company by allowing repeat violations of Facebook users' privacy.
The proposed deal by Facebook's owner is the largest in a US data privacy class action, say lawyers.
The alleged data breach was revealed in the wake of the Cambridge Analytica scandal.
The Facebook founder labelled the UK "anti-tech" and expressed concern over the government's tone.
An advertising boycott wants Facebook to do more about hate speech and misinformation.
