In a strange bit of serendipity, we’re learning now that the lawsuits filed shortly after the launch of Google’s Buzz are being settled on the same day that Google announces its newly-revamped privacy options.

According to Reuters, Google will set back $8.5 million to cover attorney fees, with the remainder being donated to organizations that are focused on Internet privacy. While another portion of the settlement would require Google to “undertake wider public education about the privacy aspects of Buzz”, it is not clear if today’s announcement is a product of this settlement.

The question that remains, of course, is how much the attorneys will profit from this, and what balance will remain to go toward the privacy organizations. Regardless of the funds, as Buzz continues to grow (albeit slowly) in popularity and features, privacy will continue to come into question from its users.