A group of shareholders and Mark Zuckerberg have reached a settlement in a multibillion dollar lawsuit over the way in which Meta’s senior executives and directors responded to Facebook’s persistent privacy infractions.
The shareholders demanded damages of $8 billion (£6 billion). How much they decided to settle for remains unknown. Just before the trial in a Delaware court was about to begin its second day, a lawyer for the shareholders revealed the settlement on Thursday. Regarding the deal, Meta chose not to comment.
The Cambridge Analytica crisis, in which a political consulting firm accessed the data of millions of Facebook users, was allegedly caused by Mr. Zuckerberg’s activities, according to the shareholders of Meta. The case’s 11 defendants were ordered by the shareholders to pay Meta back almost $8 billion in penalties and legal fees, which they allege the firm had to pay to settle allegations of user privacy violations.
The timing of the company’s top executives’ share sales was another issue raised by the shareholders.Formerly known as Facebook, Meta is the parent company of the social networking platform, Instagram, and WhatsApp, which are apps for sharing photos and chatting.
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