High-Stakes Showdown: Meta's $8 Billion Trial Unfolds
Meta Platforms is embroiled in an $8 billion trial over allegations of unlawfully harvesting Facebook user data in violation of a 2012 FTC agreement. Shareholders demand reimbursement from company leaders, including Mark Zuckerberg. The trial also spotlights Cambridge Analytica’s involvement and raises concerns about oversight and privacy compliance.
An $8 billion lawsuit launched by Meta Platforms shareholders commenced on Wednesday, with allegations of unlawfully acquiring Facebook user data against Mark Zuckerberg and other Meta leaders coming under scrutiny. The trial hinges on claims the data was harvested in violation of a 2012 Federal Trade Commission agreement.
The trial opened with plaintiffs' privacy expert, Neil Richards, testifying that Facebook's privacy policies were misleading. The Delaware Chancery Court trial features notable witnesses such as Jeffrey Zients, and expects testimonies from Zuckerberg and other billionaires.
The trial follows revelations of the Cambridge Analytica scandal and represents a significant case of alleged oversight breach. The FTC had fined Facebook $5 billion over data misuse, and shareholders now seek reimbursement for these legal expenses.
(With inputs from agencies.)
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