San Francisco: Meta has held discussions with several US states over a possible out-of-court settlement in a major child privacy and consumer protection case, Bloomberg News reported Tuesday.

The social media giant, which has more than three billion users worldwide, is facing allegations from a coalition of 29 states that it deliberately designed its platforms to keep children hooked, collected their personal data and misled the public about the risks.

The states have accused Meta of violating state and federal laws, with the specific allegations differing across jurisdictions.

If Meta is found liable, the states could seek roughly $200 billion in penalties, along with court-ordered changes to the company's products and practices.

"Meta Platforms Inc. and state attorneys general have discussed a possible mid-trial settlement," Bloomberg reported, citing anonymous sources familiar with the matter.

California, Colorado, New Jersey and Kentucky are leading the case against Meta in an Oakland courtroom, located near the company's San Francisco headquarters.

The developments came as several state attorneys general issued media advisories late Tuesday announcing press conferences on Wednesday on consumer protection and technology-related issues.

Colorado said it would announce "a major update in a Big Tech case."

Nevada, which is not part of the California trial, said it would announce Wednesday a "settlement" with "a leading technology company."

Representatives of Meta and California Attorney General Rob Bonta did not immediately respond to requests for comment.

The trial entered its second week Tuesday, with Instagram head Adam Mosseri taking the stand. Mosseri acknowledged that he had promoted newly introduced safety features for teenagers without disclosing their low adoption rates during early testing several years ago.

Other witnesses have testified that Meta knew the tools were ineffective and, in some instances, that they were "designed to fail."

Meta founder and CEO Mark Zuckerberg is also expected to testify during the trial.