Zuckerberg and Meta officers settle claim they lost company billions by violating privacy laws

Core Points - Meta Platforms and its current and former directors, including Mark Zuckerberg, have agreed to settle claims seeking $8 billion for alleged damages related to privacy violations [1][3] - The settlement details were not disclosed, and the trial was adjourned before entering its second day [2] - Shareholders aimed to hold the defendants liable for fines and legal costs incurred by the company, including a $5 billion FTC fine in 2019 for failing to protect user data [3][4] Group 1 - The lawsuit involved allegations that Meta's board members failed to oversee compliance with a 2012 FTC agreement and that Zuckerberg and Sandberg operated Facebook as an illegal data harvesting entity [7] - The case was linked to the Cambridge Analytica scandal, which highlighted significant data privacy issues and led to the record FTC fine [7][10] - An expert witness testified about weaknesses in Facebook's privacy policies, although he did not confirm any violations of the 2012 agreement [8] Group 2 - The trial was expected to include testimonies from notable figures, including former board members Peter Thiel and Reed Hastings [6] - The settlement has been criticized for lacking public accountability, as it prevents a thorough examination of the company's practices [5][12] - Meta has claimed to have invested billions into user privacy protections since the FTC fine in 2019 [10]