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TheStreet.com
Meta Is Cheap for a Reason: Shareholders Aren’t the Focus
There is news this morning that Facebook parent Meta Platforms has agreed to settle a class action lawsuit against the firm stemming from the Cambridge Analytica scandal. The firm will pay $750M, which according to Keller Rohrback LLP — the plaintiff’s representative — is the “largest recovery ever achieved in a data privacy class action and the most Facebook has ever paid to resolve a private class action.” Of course, Facebook, as the company was then known, did agree in 2019 to a $5B settlement with the Federal Trade Commission, while nearly simultaneously settling a case with the Securities and Exchange Commission for $100M over allegations that the firm had misled the public concerning the misuse of user data.
