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Mark Zuckerberg and other current and former Meta executives have settled a lawsuit filed by a group of shareholders. The parties involved have agreed to settle the dispute without disclosing any details, according to Reuters.
The initial lawsuit sought damages of $8 billion from Zuckerberg and other top Meta officials, alleging that they intentionally allowed repeated violations of Facebook users’ privacy. These alleged violations were said to have caused significant damage to the company as a result of the Cambridge Analytica scandal.
The suit claimed that Facebook’s executives failed to comply with a Federal Trade Commission agreement made in 2012. The FTC subsequently fined Facebook $5 billion in 2019 for its non-compliance, which allowed the sharing of user data with third-party apps without obtaining consent from users.
Notably, the settlement brings an end to a contentious trial that was expected to feature testimonies from several high-profile figures within Meta, including Zuckerberg, former COO Sheryl Sandberg, Peter Thiel, Marc Andreessen, and Netflix CEO Reed Hastings.
Source: techcrunch.com
