Meta Platforms (NASDAQ: META) will pay $725 million to resolve a class-action lawsuit. This lawsuit had accused the social media giant of allowing third parties like British political consulting firm, Cambridge Analytica, to access users’ personal information.
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According to a Reuters report, this was the largest settlement ever to be “achieved in a U.S. data privacy class action” and the maximum settlement that Meta has paid so far to resolve a class action lawsuit.
Meta commented that the settlement was in “the best interest of our community and shareholders,” and over the “last three years we [have] revamped our approach to privacy and implemented a comprehensive privacy program.”
Analysts are cautiously optimistic about META stock with a Moderate Buy consensus rating based on 27 Buys, eight Holds, and three Sells.
