Mark Zuckerberg and former Meta leaders agree to pay $190 million to settle shareholder claims of privacy violations. Shareholders sought $8 billion in damages. Settlement avoids trial with high-profile witnesses like Zuckerberg and Sheryl Sandberg. Lawsuit stemmed from Cambridge Analytica scandal and alleged data harvesting by Meta.

Settlement is the second-largest of its kind in Delaware. Shareholders claimed directors failed to oversee Zuckerberg and Sandberg in managing user data. Lawsuit arose from Cambridge Analytica scandal’s misuse of Facebook data. Defendants denied allegations, stating Facebook had robust data protection measures in place.

California Teachers’ Retirement System praises the settlement as a win for shareholders and companies. Plaintiffs’ firms seek fees from the settlement. Settlement funds come from directors’ and officers’ liability insurance policies. Lawsuit accused Meta directors of failing to oversee illegal data practices.

Delaware’s legal environment faces criticism as companies consider leaving due to favorable shareholder lawsuit rulings. Shareholders benefit indirectly from derivative lawsuit settlements. Lawsuit stemmed from privacy violations and data misuse. Zuckerberg and others denied allegations, citing robust data protection measures.

The settlement ends litigation involving Meta leaders and privacy violations. Shareholders sought billions in damages over privacy violations. Lawsuit arose from Cambridge Analytica scandal’s misuse of Facebook data. Settlement avoids trial with high-profile witnesses like Zuckerberg and Sheryl Sandberg.

Read more at Yahoo Finance: Zuckerberg, Meta directors agree to $190 million settlement of shareholder privacy case