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An $8 billion shareholder lawsuit against Meta over the Cambridge Analytica scandal has finally come to a close with a confidential settlement. The sudden agreement spared high-ranking members of Meta’s board from having to testify under oath before the court.
The lawsuit was first filed in 2018 and accused Meta executives, including CEO Mark Zuckerberg, former COO Sheryl Sandberg, and venture capitalist Peter Thiel, of violating Facebook’s (now Meta) privacy policy. The allegations were made by shareholders who claimed that these top officials failed to adequately address the scandal, leading to significant financial losses.
The defense maintained that the claims were “extreme” and denied any wrongdoing.
As the trial was set to begin, a last-minute settlement was reached, avoiding what could have been a grueling testimony from the accused executives. The deal’s terms remain undisclosed.
This development marks yet another chapter in the ongoing saga of controversy surrounding Meta, which has seen numerous scandals and lawsuits throughout its history.
Source: gizmodo.com
