Meta investors settle $8bn lawsuit with Zuckerberg over Facebook privacy

Mark Zuckerberg and Meta, according to the US media report, agreed to file a millions of dollars with shareholders on how senior executives dealt with the confidentiality violations repeated by Facebook.

The shareholders were looking for damage to $ 8 billion (£ 6 billion). It is not clear how much they accept.

The agreement was announced on Thursday by a lawyer for the shareholders just before the hearing was about to enter a Delaware court. Meta refused to comment on the settlement.

A group of Meta shareholders claimed that Mr. Zuckerberg’s actions caused the Cambridge Analytica scandal, where millions of Facebook users’ data were leaked and used by a political counseling company.

The shareholders asked the judge to ordered the 11 defendants in the case to pay for more than $ 8 billion dollars and to pay reimbursement for legal costs, which Facebook should pay to solve the demands of their privacy violations.

The case was opened after announced that the data obtained from millions of Facebook was accessed by Cambridge Analytica, a political consulting company working for the 2016 election campaign of President Donald Trump.

Among the defendants, Jeffrey Zients, who served as the commodity director for two years since May 2018 and also served as the former President Joe Biden’s White House Chief of General Staff.

Other defendants include Palantir Technologies’ founding partner Peter Thiel and the founding partner of Netflix Reed Hastings.