US EditionMeta trial becomes test of board culpability over corporate scandals
NEW CASTLE COUNTY, DELAWARE, JUL 14 – Shareholders accuse Meta executives of neglecting privacy oversight, seeking over $8 billion in reimbursement for fines including a record $5 billion FTC penalty from 2019.
- An $8 billion non-jury trial involving Meta CEO Mark Zuckerberg and other executives began this week in Wilmington, Delaware, over alleged corporate misconduct.
- The lawsuit stems from claims that Zuckerberg and board members knowingly violated a 2012 FTC agreement to protect user data, with issues tracing back to 2018's Cambridge Analytica scandal.
- Shareholders, including union pension funds and California’s State Teachers’ Retirement System, allege deceptive privacy practices directed by Zuckerberg and accuse him of profiting over $1 billion by selling stock before the scandal emerged.
- Defendants assert evidence will show Facebook built privacy oversight teams, hired compliance firms, and that Zuckerberg’s stock sale followed a legal trading plan, dismissing allegations as "extreme claims."
- The trial could set precedent on board accountability for privacy oversight amid ongoing scrutiny of Meta’s AI practices and controversies over handling user data.
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The Frontier Post
The Frontier PostMeta investors, Zuckerberg to square off at $8 billion trial over alleged privacy violations
WILMINGTON, Delaware :Mark Zuckerberg is expected to appear as a star witness in an unusual $8 billion trial that kicks off this week at which the Meta CEO is accused of operating Facebook as an illegal enterprise that allowed users' data to be harvested without their consent.Shareholders of Meta Platforms,
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Total News Sources17
Leaning Left2Leaning Right2Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 25%
C 50%
R 25%
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