Meta Settles High-Profile Privacy Lawsuit, Avoiding Zuckerberg Testimony
Meta, the parent company of Facebook, has reached a settlement in a high-profile shareholder lawsuit over privacy violations. The case, which was set to include testimony from prominent figures like Peter Thiel and Reed Hastings, was adjourned on the second day of the trial in Delaware Court of Chancery. The settlement amount and details remain undisclosed.
The lawsuit alleged that Meta directors, including Mark Zuckerberg, allowed repeated privacy violations, resulting in billions in fines and legal costs. The Federal Trade Commission had previously fined Facebook $5 billion in 2019 for privacy compliance failures. The trial was expected to provide a rare opportunity for investors to question Zuckerberg under oath about these issues. However, the settlement means that this opportunity for public accountability may have been missed.
The case involved revelations about Cambridge Analytica's access to Facebook user data during the 2016 U.S. presidential campaign. Shareholders wanted the defendants to use their personal wealth to reimburse the company for these costs. Despite the search results not providing specific information about the court hearing on Monday, the settlement was reached on the second day of the trial.
Meta and its directors have agreed to settle the shareholder lawsuit for an undisclosed amount. While this may bring relief to the parties involved, it could also be seen as a missed opportunity for public accountability, as the trial was expected to provide insights into Meta's handling of privacy issues. The settlement does not preclude the possibility of further legal action or regulatory scrutiny in the future.
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