Got an email from Facebook explaining that they have settled the Beacon Class Action Lawsuit with details here.

Two things stuck out.

1. Attorney's fees could (probably will) be up to one third of the $9.5 million dollar settlement
2. Facebook will
   

   provide $9.5 million to establish an independent non-profit foundation that will identify and fund projects and initiatives that promote the cause of online privacy, safety, and security

So the settlement basically says that Facebook will pay a bunch of money to some attorneys while creating a foundation that basically does what the Electronic Frontier Foundation (EFF) already does for the most part.

Sounds like a great settlement to me.