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Meta investors, Zuckerberg reach settlement to end $8 billion trial over Facebook privacy litigation.
Mark Zuckerberg and current and former directors and officers of Meta Platforms agreed on Thursday to settle claims seeking $8 billion for the damage they allegedly caused the company by allowing repeated violations of Facebook users’ privacy, a lawyer for the shareholders told a Delaware judge on Thursday.
Meta investors alleged in the lawsuit that former and current board members completely failed to oversee the company’s compliance with the 2012 FTC agreement and claim that Zuckerberg and Sandberg knowingly ran Facebook as an illegal data harvesting operation. The case followed revelations that data from millions of Facebook users was accessed by Cambridge Analytica, a now-defunct political consulting firm that worked for Donald Trump’s successful US presidential campaign in 2016. “Facebook has successfully remade the ‘Cambridge Analytica’ scandal about a few bad actors rather than an unraveling of its entire business model of surveillance capitalism and the reciprocal, unbridled sharing of personal data,” Kint said.
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