Meta investors and Meta CEO Mark Zuckerberg settled an $8 billion lawsuit with shareholders on Thursday.
The investors were seeking $8 billion in damages from Meta in fines and legal costs shelled out by Facebook to resolve users’ privacy breaches.
Details of the settlement were not immediately available, and a spokesperson for Meta declined to comment on the matter. Facebook changed its name to Meta in 2021.
The case follows a 2019 settlement with the Federal Trade Commission (FTC) following data leaks to Cambridge Analytica, a political consulting firm used by President Trump’s campaign team during his first White House bid.
They alleged that the $5 billion settlement with the FTC six years ago was done to shield Zuckerberg from financial obligations after the data breach.
Eleven defendants were named in the case held before Judge Kathaleen McCormick in the Delaware Court of Chancery.
Peter Thiel, co-founder of Palantir Technologies, and Reed Hastings, co-founder of Netflix, were listed as defendants in the case, according to the BBC.
The outlet also reported Jeff Zients, former President Biden’s White House chief of staff and two-year Meta director, was also named in court documents.
The Associated Press contributed to this report.
