Scoop: DOJ, TikTok settle for $400 million in children's privacy suit

The Justice Department and TikTok, along with parent company ByteDance, have reached a $400 million settlement to resolve allegations of violating children's online privacy laws, per an announcement first shared with Axios. Why it matters: The Biden administration's DOJ first filed the suit in 2024. TikTok will clear the allegations it violated the Children's Online Privacy Act by paying a total of $400 million, without undergoing further litigation or admitting wrongdoing. Since the lawsuit…