Meta investors settle $8bn lawsuit with Zuckerberg
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Meta investors reach settlement for a big $8 billion Facebook-Cambridge Analytica privacy scandal lawsuit against Zuckerberg and others.
Investors had alleged that Meta did not fully disclose the risks to Facebook users that their personal information would be misused by a firm that supported Donald Trump’s presidential campaign in
Cambridge Analytica misused Facebook data for targeted ads in the 2016 US election and Brexit, sparking scrutiny and regulatory changes for tech firms.
An $8 billion US trial by Meta Platforms shareholders against Mark Zuckerberg and other current and former company leaders kicks off on Wednesday over claims that they illegally harvested the data of Facebook users in violation of a 2012 agreement with the U.
The first trial of oversight liability claims against a public company may prove riskier for Delaware’s elite business court and its chief judge than the expected star witness, Meta Platforms Inc. founder Mark Zuckerberg.
With a settlement, current and former board leaders avoid having to take the stand in a lawsuit over their response to the Cambridge Analytica scandal.
The class action lawsuit against Meta CEO Mark Zuckerberg and other leaders concerns privacy breaches related to Cambridge Analytica. Investors claim Meta failed to disclose risks as Facebook violated an FTC consent order.
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