Meta's $8 Billion Settlement: Privacy Claims Triggered Legal Standoff

Meta Platforms Inc., embroiled in a hefty legal battle, has reached a settlement in a lawsuit demanding $8 billion for alleged privacy violations. A Delaware judge was informed of the agreement on Thursday, which concludes claims against current and former executives, including CEO Mark Zuckerberg and ex-COO Sheryl Sandberg.

Shareholders accused the company's leadership of allowing privacy breaches, prompting regulatory fines. The Federal Trade Commission had already imposed a $5 billion penalty in 2019 following privacy failures. Reactions to the settlement are mixed, with some viewing it as a lost chance for holding top executives publicly accountable.

This settlement sidesteps a courtroom appearance by Zuckerberg, who was slated to testify on Monday. While Meta has invested significantly in user privacy since 2019, experts continue to debate the depth of responsibility and oversight in the company's data practices.

(With inputs from agencies.)