4 sources·Business

Supreme Court Dismisses Facebook's Appeal in Shareholder Lawsuit Over Data Misuse

The U.S. Supreme Court dismisses Facebook's appeal, allowing a securities fraud lawsuit by shareholders regarding data misuse by Cambridge Analytica to proceed.

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Updated: Nov 22nd, 2024, 2:55 PM ET

Summary

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The U.S. Supreme Court has dismissed Facebook's appeal against a lower court ruling allowing shareholders to proceed with a lawsuit alleging the company misled investors regarding the consequences of the Cambridge Analytica data breach. The case, reviving a class action initiated in 2018, centers on whether Facebook failed to adequately disclose risks stemming from the breach that affected millions of users. The decision keeps the lower court's ruling intact, granting shareholders a potential path to seek damages losses linked to the data misuse scandal.

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