TikTok, the company behind the namesake popular short-form video app, has agreed to pay $400 million to settle a U.S. government lawsuit alleging it violated the country’s Children’s Online Privacy Protection Act (COPPA). The Justice Department announced the settlement with TikTok and China-based ByteDance on Friday. Under the terms of the agreement, TikTok will pay $300 million immediately to the U.S. government and an additional $100 million “upon entry of an order vacating a prior consent decree entered against TikTok’s predecessor, Musical.ly,” the DOJ said. Related Stories The $400 million settlement represents one of the largest recoveries ever obtained in…