Meta’s Facebook Faces $3.2B U.K. Class Action Lawsuit
January 14 2022 - 12:52AM
TipRanks
Meta Platforms Inc.’s (FB) social networking site Facebook faces a
$3.2 billion (2.3 billion pound) class action suit in the United
Kingdom. According to the suit, the company allegedly used its
market position to exploit the personal data of 44 million users.
Shares closed down 2% at $326.48 on January 13. The case represents
Britain’s people who used Facebook between 2015 and 2019. The
lawyer in the suit is Liza Lovdahl Gormsen, a senior adviser to
Britain's Financial Conduct Authority (FCA) watchdog and a
competition law academic. The lawsuit alleges that Facebook made
billions of pounds from compelling its users to give valuable
personal data to use the service.
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