Mark Zuckerberg and Meta have agreed with shareholders to settle a multinational dollar trial of how top officials have repeatedly handled the privacy violation by Facebook, US Media Report.
The shareholders were demanding $ 8BN (£ 6BN) in loss. It is not clear how much they agreed to compromise.
The settlement was announced by a lawyer for shareholders on Thursday, before the case was about to enter a delaware court in his second day. Meta refused to comment on settlement.
A group of meta shareholders alleged that Mr. Zuckerberg’s actions gave rise to the Cambridge Analytica scam, leaking millions of Facebook users’ data and used by a political counseling firm.
The shareholders had told the judge that the 11 defendants named in the case had asked the meta to reimburse the meta for more than $ 8BN in fine and legal costs, which they say that Facebook had to pay to solve the claims of users’ privacy violations.
The case was filed that it was revealed that the data of millions of Facebook users was accessed by Cambridge Analytica, a political counseling firm, which worked for President Donald Trump’s 2016 election campaign.
The defendants are Jeffrey Ziates, who served as the Meta Director for two years to begin in May 2018, and the former President who was also the Chief of Staff of the White House of Biden.
Other defendants include Peter Theal, co-founder of Palantir Technologies, and co-founder of Reed Hastings, Netflix.
