US EditionZuckerberg, Meta directors agree to $190 million settlement of shareholder privacy case
The $190 million settlement resolves claims that Meta’s leaders failed to prevent unauthorized data harvesting linked to Cambridge Analytica, causing billions in fines and legal costs.
- On Thursday, Mark Zuckerberg and current and former leaders of Meta Platforms agreed to pay the company $190 million to resolve shareholder allegations over Facebook users' privacy, ending litigation in Wilmington, Delaware.
- The lawsuit traced to Cambridge Analytica's secret data access, prompting a $5 billion Federal Trade Commission fine while shareholders, including public employee pension funds, sought $8 billion from Zuckerberg and 10 directors for alleged oversight failures.
- Defendants denied the claims and said internal protections would be shown at trial, which was set to feature Zuckerberg, Marc Andreessen, Sheryl Sandberg, Peter Thiel and Reed Hastings; such recoveries often come from directors' and officers' liability insurance policies.
- The settlement returns money to the company and thus benefits shareholders indirectly, while a 2023 Delaware judge described the allegations as `wrongdoing on a truly colossal scale` and the company was not a defendant.
- Caremark claims are legally difficult to win under Delaware law; defendants said trial evidence would show Facebook had robust data protections, while Maxwell Huffman said this first trial sent a message on oversight and Geoff Johnson called the settlement one of the largest recoveries ever.
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19 Articles
Mark Zuckerberg, Meta Directors Reach $190 Million Settlement Over Cambridge Analytica Scandal - Meta Platforms (NASDAQ:META)
Mark Zuckerberg and several current and former Meta directors agreed to pay $190 million to settle claims they failed to safeguard Facebook users' privacy.
Mark Zuckerberg, Meta Directors Settle Privacy Case For $190 Million
Mark Zuckerberg and a group of current and former Meta directors have agreed to pay $190 million to settle a shareholder lawsuit accusing them of failing to protect Facebook users’ privacy. The derivative case claimed leadership allowed widespread data misuse that led to billions in fines, including the $5 billion penalty tied to the Cambridge Analytica scandal. Billionaire Mark Zuckerberg and other Meta Platforms Inc. directors agreed to a $190…
Meta Will Pay $190M, Change Policies To End $8B Privacy Suit
Meta Platforms Inc. has agreed to pay $190 million, as well as enhance its whistleblower program and implement a new code of conduct and insider trading policy, as part of a proposed settlement in an $8 billion privacy suit tied to the Cambridge Analytica scandal, according to several new filings Thursday.
Zuckerberg, Meta directors agree to $190 million settlement of shareholder privacy case
Mark Zuckerberg and current and former leaders of Meta Platforms agreed to pay the company $190 million to resolve shareholder allegations that they damaged Meta by violating Facebook users' privacy, according to a settlement unveiled on Thursday.
Zuckerberg, Ex-Meta Leaders To Pay $190 Million To Settle Shareholder Case
Mark Zuckerberg and current and former leaders of Meta Platforms agreed to pay the company $190 million to resolve shareholder allegations that they damaged Meta by violating Facebook users' privacy, according to a settlement unveiled on Thursday.
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