Testing against Meta Higher-ups ends as investors on 2 days, Zuckerberg Reach Settlement

Former directors and officials of Mark Zuckerberg and Current and Meta platforms agreed on Thursday that they agreed to settle the claims to demand $ 8 billion for the damage that they allegedly damaged the company by repeatedly violating the confidentiality of Facebook users, a lawyer of shareholders on Thursday.

No party disclosed the settlement details, and the defense lawyers addressed the judge, Cathleen McCormic of the Delaware Court of Chancellor. McCormic postponed the test – who was entering his second day – and congratulated the parties.

The plaintiff’s lawyer, Sam Clusic said the agreement quickly came together.

Billionaire enterprise capitalist mark Andresen, who is a defendant in the test and a meta director, was determined on Thursday to testify.

Meta shareholders sued Zuckerberg, Andresen and other former company officials, including its former Chief Operating Officer, Sheryl Sandberg. His case was based on billions in the fines and legal costs paid by Facebook in view of the Cambridge Analytica scam, in which the data of tens of millions of Facebook users was now accessed by the difiation consulting firm.

The costs included a fine of $ 5 billion from the Federal Trade Commission in 2019, which found that Facebook failed to follow the 2012 agreement with the regulator to protect the users’ data.

The shareholders wanted 11 defendants to use their personal money to reimburse the company. The defendants denied the allegations, which they called the “extreme claims”.

Facebook changed its name to Meta in 2021, and the company was not defendant.

The company refused to comment. A lawyer for the defendants did not respond to the immediate remarks request.

“This agreement may bring relief to the parties involved, but it is an opportunity for public accountability,” Jason Kint said, the leading of digital content, a business group for content providers.

Zuckerberg was expected to take a stand on Monday and Sandberg on Wednesday. The test was scheduled to last by the end of next week.

The case was also expected to include the testimony of the former Facebook board members Peter Theal, the co-founder of Palantir Technologies and the testimony of Reid Hastings, co-founder of Netflix.

Meta investors alleged in the trial that former and current board members failed to oversee the company with the 2012 FTC agreement, and claimed that Zuckerberg and Sandberg deliberately ran Facebook as an illegal data-cut operation.

The case said after the revelation in 2018 that the data of millions of Facebook users was accessed by Cambridge Analytica, which worked for Donald Trump’s successful US President’s campaign in 2016. Those revelations led the FTC fine, which was a record at that time.

On Wednesday, an expert witness for the plaintiff testified about what he said to “intervals and weaknesses” in Facebook’s secrecy policies, but would not say that the company had violated the 2012 agreement that reached with Facebook FTC.

Jeffrey Ziants, a former board member, testified on Wednesday that the company did not agree to the FTC fine, as Zuckerberg Legal Liability was abandoned, as the shareholders accused.

On its website, the company has said that it has invested billions of dollars to protect user privacy since 2019.

Testing will be a rare opportunity for meta investors to look at Zuckerberg’s answer check questions under the oath for meta investors.

In 2017, Zuckerberg was expected to testify in a trial involving a lawsuit by the company’s investors, opposing his plan to release a particular class of Facebook stock, which would have increased its control over that company. The matter was also resolved before taking the stand.

“Facebook has successfully recalled the ‘Cambridge Analytica’ scam of some bad actors, rather than monitoring capitalism to share its entire business model and personal data, Belgaum,” Kint said.

“It is now unresolved, assuming this.”