Mark Zuckerberg and Meta executives settled a lawsuit with shareholders who alleged negligence in handling a user privacy scandal linked to Cambridge Analytica. The shareholders sought $8 billion in damages, claiming executives, including Zuckerberg and former COO Sheryl Sandberg, intentionally breached a federal consent order. This breach resulted in significant fines for the company. The terms of the settlement were not disclosed, ending a trial in Delaware Chancery Court where Zuckerberg was expected to testify. The scandal involved unauthorized data access affecting millions of Facebook users pre-2016 election.
Mark Zuckerberg and Meta executives agreed to settle a lawsuit brought by unhappy shareholders over how they handled a user privacy scandal, which sought $8 billion in damages.
The lawsuit alleged executives, including CEO Mark Zuckerberg and former COO Sheryl Sandberg, "intentionally" failed to comply with a consent order from a federal regulator, resulting in significant fines.
In the lawsuit, shareholders demanded that the company and its executives repay the funds to them due to their alleged negligence regarding user privacy.
The terms of the settlement were not disclosed in court, cutting short a trial where Zuckerberg was expected to testify.
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