Zuckerberg, Meta investors reach settlement to end $8B Cambridge Analytica trial

Mark Zuckerberg and certain senior executives of Meta Platforms (NASDAQ:META) have agreed to settle a lawsuit related to violations by Cambridge Analytica, according to a Reuters report on Thursday.

The suit was filed by Meta’s investors and shareholders seeking up to $8B in damages, including fines of $5B by the Federal Trade Commission, after finding that the defunct political consulting firm accessed Facebook data of millions of users.

The FTC fined the company in 2019 after finding that the social media and tech giant failed to comply with a 2012 agreement with the government agency to protect users’ data.

An expert witness for the plaintiffs testified on Wednesday about “gaps and weaknesses” in Facebook’s privacy policies but did not say if the company violated the 2012 agreement that Facebook reached with the FTC, the report said.

The report said the parties did not disclose details of the settlement, and defense lawyers did not address the judge, Kathaleen McCormick of the Delaware Court of Chancery. McCormick adjourned the trial just as it was to enter its second day, and she congratulated the parties.