A settlement has been reached in a class action lawsuit against Meta CEO Mark Zuckerberg and other leaders related to the Cambridge Analytica scandal. The lawsuit claimed that Meta failed to disclose risks of personal data misuse to Facebook users. Shareholders sought reimbursement of about $8 billion for legal costs and fines. Earlier, Meta paid a $5.1 billion penalty to the FTC and faced fines in Europe. No details of the settlement were disclosed, and key figures were expected to testify before the trial was cut short.
A settlement was announced Thursday in court in a class action investors' lawsuit against Meta CEO Mark Zuckerberg and current and former company leaders over claims stemming from the privacy scandal involving the Cambridge Analytica political consulting firm.
Investors alleged that Meta did not fully disclose the risks to Facebook users regarding the misuse of their personal information by Cambridge Analytica.
Shareholders wanted Zuckerberg and others to reimburse Meta an estimated $8 billion or more for the Federal Trade Commission fine and other legal costs.
Meta agreed to pay a $5.1 billion penalty to settle FTC charges in the fallout and also faced significant fines in Europe.
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