TikTok and its parent company ByteDance have agreed to pay $400 million to settle a lawsuit alleging violations of children’s privacy laws under the Children’s Online Privacy Protection Act. The platform will make an immediate $300 million payment and an additional $100 million once an earlier consent decree against its predecessor Musical.ly is vacated. Assistant Attorney General Brett Shumate said children and parents are better protected today than they were when this case began. The settlement covers only TikTok's China operations. The company has undergone significant changes in ownership, privacy practices and platform controls since the lawsuit. As part of the deal, TikTok's U.S. operations are now 81% owned by a consortium of investors while ByteDance maintains a 19% stake. The settlement occurs as Meta Platforms faces a federal trial over similar COPPA violations.