The justices took up Facebook’s appeal of a lower court’s decision allowing a shareholder lawsuit brought in California and led by Amalgamated Bank (AMAL.O), opens new tab to proceed. The court will hear the case in its next term, which begins in October.
The plaintiffs filed a class action lawsuit in 2018 after Facebook’s stock fell following media reports that the British political consulting firm Cambridge Analytica had used improperly harvested Facebook user data in connection with Donald Trump’s successful presidential campaign in 2016. The Cambridge Analytica breach exposed the data of as many as 87 million users.
The plaintiffs amended their lawsuit in 2018 to add a second stock decline that year on reports that Facebook had shared data with dozens of third parties without the express consent of users. The suit seeks unspecified monetary damages.
Source: REUTER