"Meta shareholders are suing current and former executives, including Mark Zuckerberg, over the company's actions during the Cambridge Analytica scandal, claiming billions in damages."
"Investors allege the company knowingly violated a 2012 FTC order under Zuckerberg's direction, seeking $8 billion reimbursement for fines and related costs."
Meta shareholders are initiating a lawsuit against Mark Zuckerberg and other executives over decisions linked to the Cambridge Analytica scandal of 2018. The lawsuit stems from alleged violations of a 2012 FTC agreement concerning user data. The plaintiffs contend that Zuckerberg and others failed in their oversight duties, directly contributing to a significant loss in the company's market value. They are seeking reimbursement of approximately $8 billion to cover fines and related expenses stemming from these actions. The case represents a notable legal challenge in executive accountability in Big Tech.
Read at The Daily Upside
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