Four years after the revelations that sparked the Cambridge Analytica scandal, Meta, the parent company of Facebook, is still haunted. In a recent article, our Reuters colleagues report that the company has agreed in principle to settle the lawsuit in justice in federal court in San Francisco. The documents, which the media had access to, do not indicate how much the company will pay. But that would be a class action lawsuit accusing Facebook of allowing third parties, including Cambridge Analytica, to access private information. The plaintiffs sought damages.
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In addition, a request was sent to the judge to suspend the class action for 60 days so that the plaintiffs and Facebook reach a written agreement. Thereby, on therefore should know more about this arrangement by then. The lawsuit was filed 4 years ago and Meta boss Mark Zuckerberg and son former COO Sheryl Sandberg was due to testify next month. Testimony that could last until 11 am. Recall that after the scandal broke out, Mark Zuckerberg had to testify before the US Congress. In addition, in order to settle this issue with the FTC, the US trade regulator, the group agreed to pay a $5 billion fine. In addition to this penalty record (but which does not represent grand(something for a company of this size), the FTC also introduced reforms to Facebook to prevent the incident from happening again. “The settlement announced today also places unprecedented new restrictions on Facebook’s business operations and creates multiple channels for compliance. Order forces Facebook to restructure son takes a strict approach to privacy and establishes strong new mechanisms to ensure that Facebook executives are held accountable for the decisions they make regarding privacy and that those decisions are subject to meaningful oversight.”on in a US regulator’s statement.
In 2019, the $5 billion fine was seen as a gift.
At the time, the amount of the fine, although very high, was widely criticized. Congressman David Cichillin, for example, accused the FTC of giving the company a Christmas present.
FTC just gave Facebook a Christmas present five months early. — David Cicilline (@davidcicilline) July 12, 2019
“Let’s be honest: this arrangement is a victory for Facebook. Just look at the markets. In the first 15 minutes after discussing this agreement, the value of Facebook increased by more than $ 5 billion, ”said Senator Elizabeth Warren.
Let’s be honest: this settlement is a win for Facebook. Just look at the markets. in first 15 minutes after the settlement was announced, Facebook market meaning gone up on more more than 5 billion dollars. — Elizabeth Warren (@SenWarren) July 12, 2019
And how does it show capture screenshot: after the announcement of the FTC sanctions, the group’s shares rose, not fell.
tea fact what fb shares surge instead of sank on FTC news this is story https://t.co/SztA1iAyOg peak.twitter.com/qDrzaR8J4Q — rat king (@MikeIsaac) July 12, 2019
