Meta, the owner of Facebook and Instagram, has agreed to pay up to $17 billion in penalties to a coalition of states to settle the landmark federal case against it that alleged the tech giant knowingly adopted features on its social-media platforms that were harmful to children and teenage users. The surprise move means that Meta will avoid a California jury that could have imposed even harsher penalties on the embattled company, though it still faces a bevy of other lawsuits from states and individuals. Meta has already lost two cases in state courts this year, one of which centered on a similar argument — that Meta’s design features caused harm to children — to the federal case’s.

A Wednesday court filing laid out the terms of the agreement and noted that Meta “denies the allegations against it and that it has any liability” toward the 47 states, the District of Columbia, or other territories named in the lawsuit. The settlement came as the trial — led by attorneys general in California, Colorado, Kentucky,........

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