Mark Zuckerberg and other current and former Meta executives have settled a lawsuit filed by a group of shareholders. They were seeking $8 billion for the damage the executives caused the company by allowing repeated violations of Facebook users’ privacy in relation to the Cambridge Analytica scandal.
The parties did not disclose details of the settlement, according to Reuters.
Facebook shareholders filed a lawsuit against Mark Zuckerberg, former COO Sheryl Sandberg, and other executives, alleging they intentionally violated a Federal Trade Commission agreement by sharing user data with third-party apps without user consent.
The FTC fined Facebook $5 billion in 2019 for failing to comply with a 2012 agreement requiring the company to protect users’ personal data.
The trial was expected to feature testimonies from Zuckerberg, Sandberg, Peter Thiel, Marc Andreessen, and Netflix CEO Reed Hastings.