Guys, this Twitter thread is the ticking bomb:
The filing is 390 pages and there is an additional suit filed in same court on the same day (220 pages!). The suits allegations are how the Facebook:
- gained market power
- failed its 2012 FTC Consent Decree
- covered-up and failed to disclose data harms
Luckily, Tiger Beat has you covered at a high-level overview.
The company allegedly agreed to overpay on the original $106 million penalty so its CEO and COO could avoid deposition and personal liability.
“Facebook conditioned its $5 billion payment to the Federal Trade Commission to resolve the Cambridge Analytica data leak probe on the agency dropping plans to sue Facebook CEO Mark Zuckerberg individually, shareholders allege in a lawsuit…
“Zuckerberg, Sandberg, and other Facebook directors agreed to authorize a multi-billion settlement with the FTC as an express quid pro quo to protect Zuckerberg from being named in the FTC’s complaint, made subject to personal liability, or even required to sit for a deposition,” one of the suits alleged.
The tweet goes into more detail, but the accusations are serious and looks like the plaintiffs have a good case.
Another thread from Jason confirms what we already knew:
And in related news:
“In an attempt to improve his company’s image, Facebook CEO Mark Zuckerberg authorized a plan to boost pro-Facebook stories on the newsfeeds of its billions of users.
“The idea was that pushing pro-Facebook news items — some of them written by the company — would improve its image in the eyes of its users…
“But the move was sensitive because Facebook had not previously positioned the News Feed as a place where it burnished its own reputation.”
What a schmuck.