Facebook to Phase Out Sponsored Stories April 9


Social media giant Facebook is nixing its Sponsored Stories ads April 9.

The controversial ads, which repackage reported actions on Facebook into ads for sale to third party advertisers, were the subject of a class-action lawsuit in 2011. In August 2013, Facebook agreed to a $20 million settlement in that suit.

The settlement may have been a drop in the bucket for the SM leviathan, whose CEO Mark Zuckerberg alone was worth $13.3 billion in March 2013, but the ads, seen by many as invasive and disingenuous, no doubt harmed the company's esteem among the public.