Zuckerberg, Meta Settle $8B Privacy Lawsuit

Settlement Reached in Meta Shareholder Lawsuit Over Cambridge Analytica

A legal dispute involving Mark Zuckerberg and several present and past Meta leaders has been resolved. The case was brought forth by shareholders who initially sought $8 billion in damages.

The shareholders claimed the executives were responsible for harm inflicted upon the company due to ongoing breaches of Facebook user privacy, specifically concerning the Cambridge Analytica scandal.

Details of the Agreement Remain Confidential

According to reports from Reuters, the specifics of the settlement have not been publicly revealed by either party involved.

Allegations of FTC Agreement Violations

The lawsuit alleged that Mark Zuckerberg, former COO Sheryl Sandberg, and other Meta executives knowingly disregarded a prior agreement with the Federal Trade Commission (FTC).

The core of the claim centered on the unauthorized sharing of user data with third-party applications, done without obtaining the necessary consent from users.

Previous FTC Penalties

In 2019, the FTC imposed a $5 billion fine on Facebook. This penalty stemmed from the company’s non-compliance with a 2012 agreement.

That earlier agreement mandated that Facebook adequately safeguard the personal data of its users.

High-Profile Witnesses Anticipated

The impending trial was anticipated to include testimony from prominent figures. These included Mark Zuckerberg, Sheryl Sandberg, Peter Thiel, Marc Andreessen, and Reed Hastings, the CEO of Netflix.

Their insights were expected to be crucial in understanding the events surrounding the data privacy concerns and the company’s response.