Mark Zuckerberg and other current and former meta executives have settled the lawsuit filed by a group of shareholders. They were seeking $8 billion for the damages executives caused to the company by allowing repeated violations of Facebook users' privacy in connection with the Cambridge Analytica scandal.
The parties did not disclose details of the settlement, according to Reuters.
Facebook shareholders have filed lawsuits against Mark Zuckerberg, former COO Sheryl Sandberg and other executives, alleging that they intentionally violated the Federal Trade Commission agreement by sharing user data with third-party apps without the user's consent.
The FTC fined Facebook in 2019 $5 billion for not complying with the 2012 agreement that required users to be protected.
The trial was expected to feature testimonies from Zuckerberg, Sandberg, Peter Thiel, Marc Andreessen and Netflix CEO Reed Hastings.