Meta CEO Mark Zuckerberg and ten current and former executives, including ex-COO Sheryl Sandberg and board member Marc Andreessen, have agreed to settle an $8 billion shareholder lawsuit alleging failures to prevent major privacy breaches.
Shareholders accused Meta’s leadership of negligence surrounding unlawful data practices, which led to substantial financial and reputational risks for the company. The lawsuit highlighted Meta’s record $5 billion fine by the U.S. Federal Trade Commission (FTC) in 2019 for data privacy lapses.
As part of the settlement, the executives did not admit wrongdoing, but the move is seen as pivotal in restoring investor confidence and recommitting Meta to stronger compliance and user data protection going forward.
REPORTED BY ELSIE APPIAH KOOMSON
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