The long-running dispute accused the social media giant of allowing third parties, including the British firm, to access Facebook users' personal data.
The proposed sum is the largest in a US data privacy class action, lawyers say.
Meta, which did not admit wrongdoing, said it had "revamped" its approach to privacy over the past three years.
In a statement, the company said settling was "in the best interest of our community and shareholders".
"We look forward to continuing to build services people love and trust with privacy at the forefront."