Instead of facing the wrath of the New York Attorney General and testing the legal system, Facebook has decided to settle a probe over child safety on the social networking site. This is a smart move, and one that may clear the way for the rumored equity investment by one of the tech giants — namely Microsoft (MSFT), Google (GOOG) or Yahoo (YHOO).

As part of the deal, Facebook will address any complaints within 24 hours, and get back to the complainants within 72 hours. The company will also work with an independent examiner to make sure that things are working well.

Related: “Why Facebook Needs Big Money”