1 month ago
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Mark Zuckerberg has agreed to settle a multibillion dollar lawsuit with a group of shareholders over how top executives and directors at Meta handled repeated privacy violations by Facebook.
The shareholders were seeking US$8 billion in damages. It is unclear how much they agreed to settle for.
The settlement was announced on Thursday by a lawyer for the shareholders, just before the trial was about to enter its second day in a Delaware court.
Meta declined to comment on the settlement.
The Meta shareholders had alleged that Zuckerberg’s actions led to the Cambridge Analytica scandal in which the data of millions of Facebook users was leaked and used by a political consulting firm.
The shareholders had asked the judge to order the 11 defendants named in the case to reimburse Meta for more than US$8 billion in fines and legal costs, which they say the company has had to pay in order to resolve claims of users’ privacy breaches.
The shareholders also questioned the timing of share sales by top brass at the company.
English (US) ·