Facebook Inc. has agreed to pay $550 million to settle claims that a feature on the social media platform runs afoul of an Illinois law regarding how companies collect and store biometric identifiers such as fingerprints and facial recognition data.

Facebook chief financial officer Dave Wehner announced the proposed deal in an earnings call with financial analysts Wednesday. Plaintiffs lawyer Jay Edelson of Edelson PC, who was helping lead the lawsuits brought under the Illinois Biometric Information Privacy Act, confirmed the amount and said lawyers hope to present the settlement to the court “in the coming weeks.”