TikTok and its parent company, ByteDance, have agreed to pay $400 million to settle a U.S. Justice Department lawsuit alleging violations of federal children's privacy protections.  The settlement resolves litigation filed in 2024 and represents one of the largest recoveries obtained under the Children's Online Privacy Protection Act, or COPPA, according to the Justice Department. Under the agreement announced Aug. 21, TikTok will pay $300 million immediately and another $100 million after a previous consent decree involving Musical.ly is vacated. The Justice Department said the settlement also reflects significant changes the company has made to its ownership, management, compliance operations…