Supreme Court Skeptical of Facebook’s Move to Toss Shareholder Lawsuit

Supreme Court justices appeared skeptical during Nov. 6 oral arguments about a social media giant’s attempts to shut down a shareholder lawsuit over a major data privacy breach. At the hearing, Facebook parent Meta Platforms Inc. urged the court to dismiss a lawsuit accusing it of deceiving investors regarding a data-harvesting controversy that involved political consulting firm Cambridge Analytica. The case involves a private securities fraud-related class action related to the now-defunct UK-based Cambridge Analytica’s “wrongful acquisition and misuse of Facebook user data,” according to Facebook’s filing with the nation’s highest court. Meta agreed in December 2022 to pay out $725 million to settle a class-action proceeding that said the company permitted third parties, including Cambridge Analytica, to gain access to as many as 87 million users’ personal information....