Mark Zuckerberg and other Meta executives have reached a settlement in a lawsuit brought by shareholders seeking $8 billion. The shareholders claimed that executives intentionally violated a Federal Trade Commission agreement by sharing Facebook users' data with third-party applications without obtaining consent. This resulted in significant legal and financial repercussions, including a $5 billion FTC fine in 2019 for failing to protect users' personal data as mandated by a prior agreement. The trial was set to include testimonies from several notable individuals in the tech industry.
Mark Zuckerberg and other current and former Meta executives have settled a lawsuit filed by shareholders seeking $8 billion for the damage caused by violations of users' privacy.
The shareholders alleged that executives violated a Federal Trade Commission agreement by sharing user data with third-party apps without consent, resulting in significant legal consequences.
In 2019, the FTC fined Facebook $5 billion for failing to comply with a 2012 agreement that mandated the protection of users' personal data, highlighting the severity of the violations.
The trial was anticipated to feature testimonies from various high-profile figures, including Zuckerberg, Sandberg, and Netflix CEO Reed Hastings.
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