Supreme Court Allows Multibillion-Dollar Cambridge Analytica Lawsuit Against Facebook to Proceed

Nov 22, 2024, 04:15 PM

The US Supreme Court dismissed an appeal by Meta Platforms Inc., the parent company of Facebook, allowing a multibillion-dollar securities fraud class action lawsuit to proceed. The lawsuit, led by Amalgamated Bank, accuses Facebook of misleading shareholders about the misuse of user data in the 2015 Cambridge Analytica scandal, which involved the harvesting of data from 30 million users. Shareholders allege that Facebook failed to disclose the risks posed by the data breach in its annual securities filings. The Supreme Court's decision leaves intact a lower court's ruling that permits investors to move forward with the lawsuit.