Facebook Inc. dropped a surprise during its fourth-quarter earnings call late Wednesday: A $550 million settlement in a class-action lawsuit over its use of facial-recognition technology in Illinois. Chief Financial Officer Dave Wehner made the disclosure, updating the case that was mentioned in Facebook's 10-Q filing last quarter. "We decided to pursue a settlement as it was in the best interest of our community and our shareholders to move past this matter," a Facebook spokesperson said in an email statement. The case, which stems from Facebook's photo-labeling service called Tag Suggestions, is bound to add to worries over the social networking company's record on privacy matters. Facebook shares are up 48.4% over the last 12 months, compared to a 22% gain for the broader S&P 500 . Read More...
Facebook Inc. dropped a surprise during its fourth-quarter earnings call late Wednesday: A $550 million settlement in a class-action lawsuit over its use of facial-recognition technology in Illinois. Chief Financial Officer Dave Wehner made the disclosure, updating the case that was mentioned in Facebook’s 10-Q filing last quarter. “We decided to pursue a settlement as it was in the best interest of our community and our shareholders to move past this matter,” a Facebook spokesperson said in an email statement. The case, which stems from Facebook’s photo-labeling service called Tag Suggestions, is bound to add to worries over the social networking company’s record on privacy matters. Facebook shares are up 48.4% over the last 12 months, compared to a 22% gain for the broader S&P 500 .
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