Due to the way the senior executives and directors at Meta handled Facebook’s numerous privacy infractions, Mark Zuckerberg has agreed to settle a multibillion dollar lawsuit with a group of shareholders. In damages, the stockholders sought $8 billion (£6 billion). The amount they decided to settle for is unknown.
Before the start of the second day of the trial in a Delaware court, a shareholder’s attorney revealed the settlement on Thursday. Meta chose not to discuss the settlement. The shareholders of Meta had claimed that Mr. Zuckerberg’s actions were the cause of the Cambridge Analytica debacle, in which a political consulting business accessed the data of millions of Facebook users.
The shareholders requested that the judge compel the 11 defendants in the lawsuit to pay Meta back for almost $8 billion in penalties and legal fees that the firm had to pay to settle allegations of user privacy violations.
Additionally, the timing of the company’s senior executives’ share sales was questioned by shareholders. Meta, formerly known as Facebook, owns the social networking platform Instagram, WhatsApp, and the photo-sharing app.
When it was discovered that Cambridge Analytica, a political consulting firm that supported President Donald Trump’s 2016 campaign, had obtained the data of millions of Facebook users, a shareholder lawsuit was launched in 2018.
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