{"id":2426544,"date":"2022-01-14T09:50:35","date_gmt":"2022-01-14T14:50:35","guid":{"rendered":"https:\/\/www.valuewalk.com\/?p=2426544"},"modified":"2022-01-14T09:50:35","modified_gmt":"2022-01-14T14:50:35","slug":"meta-sued-for-32-billion-in-the-uk-over-personal-data-exploitation","status":"publish","type":"post","link":"https:\/\/www.valuewalk.com\/meta-sued-for-32-billion-in-the-uk-over-personal-data-exploitation\/","title":{"rendered":"Meta Sued For $3.2 Billion In The U.K. Over Personal Data Exploitation"},"content":{"rendered":"<p><a href=\"https:\/\/www.valuewalk.com\/meta-falls-36-places-on-glassdoors-annual-best-places-to-work-list\/\">Meta Platforms Inc<\/a> (NASDAQ:FB) could end up paying a whopping $3.1 billion, following a class action in the U.K. over allegations of the internet giant exploiting the personal data of 44 million users in the country.<\/p>\n\n\t<!-- Begin Mailigen Signup Form -->\n\t<script type=\"text\/javascript\">\n\t\tif (typeof jQuery == 'undefined') {\n\t\t\tdocument.write('<scr' + 'ipt type=\"text\/javascript\" src=\"https:\/\/list.mailigen.com\/js\/jquery.js\"><\/scr' + 'ipt>');\n\t\t}\n\t<\/script>\n\t<script language=\"javascript\" type=\"text\/javascript\" src=\"https:\/\/list.mailigen.com\/js\/scripts.js\"><\/script>\n\t<script language=\"javascript\" type=\"text\/javascript\" src=\"https:\/\/list.mailigen.com\/js\/subscribe2.js\"><\/script>\n\t<div id=\"MG-placeholder\">\n\t<style>.first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important}\n\n\tform.ebook-styles .error,\n\tform.ebook-styles #error {\n\t\tcolor:#d00;\n\t}\n\tform.ebook-styles .formfields h1,\n\tform.ebook-styles .formfields #mg-logo,\n\tform.ebook-styles .formfields #mg-footer {\n\t\tdisplay: none;\n\t}\n\tform.ebook-styles .formfields {\n\t\tfont-size: 12px;\n\t}\n\tform.ebook-styles .formfields p {\n\t\tmargin: 4px 0;\n\t}\n\t<\/style>\n<div style=\"background:#eee;display:block;overflow:hidden;margin-bottom:24px;padding:40px;\">\n<div class=\"two-thirds first\">\n<p style=\"font-size:22px;margin:0 0 10px;\">Get The Full Henry Singleton Series in PDF<\/p>\n\t<p style=\"line-height:1.4;margin-bottom:0;\">Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues<\/p>\n\t<form action=\"https:\/\/valuewalk.us4.list-manage.com\/subscribe\/post?u=c3eb7a1d092fc854772c834e0&amp;id=f6f5bdb8b5\" method=\"post\" id=\"mc-embedded-subscribe-form\" name=\"mc-embedded-subscribe-form\" class=\"validate\" target=\"_blank\" novalidate>\n <div id=\"mc_embed_signup_scroll\">\n \n\t\t\t\t<div class=\"af-element mc-field-group \">\n\t\t\t\t\t<div class=\"af-textWrap c1\"><input type=\"email\" value=\"\" placeholder='Email Address' name=\"EMAIL\" class=\"required af-element email\" id=\"mce-EMAIL\"><\/div>\n\t\t\t\t\t<div class=\"af-clear\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"af-element buttonContainer\">\n\t\t\t\t\t<input type=\"submit\" value=\"Subscribe\" name=\"subscribe\" id=\"mc-embedded-subscribe\" class=\"button\">\n\t\t\t\t<\/div>\n \n \n\t<div id=\"mce-responses\" class=\"clear\">\n\t\t<div class=\"response\" id=\"mce-error-response\" style=\"display:none\"><\/div>\n\t\t<div class=\"response\" id=\"mce-success-response\" style=\"display:none\"><\/div>\n\t<\/div>    <!-- real people should not fill this in and expect good things - do not remove this or risk form bot signups-->\n    <div style=\"position: absolute; left: -5000px;\" aria-hidden=\"true\"><input type=\"text\" name=\"b_c3eb7a1d092fc854772c834e0_f6f5bdb8b5\" tabindex=\"-1\" value=\"\"><\/div>\n    \n    <\/div>\n\t<\/form>\n\t<script type='text\/javascript' src='\/\/s3.amazonaws.com\/downloads.mailchimp.com\/js\/mc-validate.js'><\/script><script type='text\/javascript'>(function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true);<\/script>\n<\/div>\n<div class=\"one-third\">\n<img decoding=\"async\" src=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2017\/02\/Singleton-1.jpg\" alt=\"Henry Singleton eBook\" style=\"width:100%; height:auto\">\n<\/div><\/div><\/div><!-- End Mailigen Signup Form -->\n<p style=\"text-align: center;\"><a href=\"https:\/\/valuewalkpremium.com\/q4-2021-hedge-fund-letters\/\" target=\"_blank\"><em><strong>Q4 2021 hedge fund letters, conferences and more<\/strong><\/em><\/a><\/p>\n<div class=\"ca-widget\" data-token=\"k8f5c9ac62a4\"><\/div>\n<p><script async defer src=\"https:\/\/secure.money.com\/embeds\/embedder.js?v=1\"><\/script><\/p>\n<h2>Class Action<\/h2>\n<p>According to <a href=\"https:\/\/www.foxbusiness.com\/technology\/meta-facebook-class-action-lawsuit-breach-competition-uk\" rel=\"nofollow\" target=\"_blank\">Fox Business<\/a>, Meta could pay $3.1 billion in damages to its U.K. users for taking all their personal and private <a href=\"https:\/\/www.valuewalk.com\/500m-facebook-users-data-leaked\/\">data<\/a> in exchange for the ability to use the Facebook platform.<\/p>\n<p>With this, Meta abused its dominance in the social media spectrum between 2015 and 2019 \u2014Law expert Dr. Liza Lovdahl\u00a0 Gormsen is leading the action against the company.<\/p>\n<p>As reported by <a href=\"https:\/\/www.reuters.com\/technology\/facebook-faces-32-bln-uk-class-action-over-market-dominance-2022-01-14\/\" target=\"_blank\">Reuters<\/a>, Lovdahl is a senior advisor to the Financial Conduct Authority (FCA) in Britain, while \u201cQuinn Emanuel Urquhart &amp; Sullivan, the law firm representing Lovdahl Gormsen, has notified Facebook of the claim.\u201d<\/p>\n<p>The lawsuit alleges that Meta profited from the imposition of unfair terms and conditions that obliged users to submit valuable personal information \u2014it is financially backed by Innsworth, one of the world\u2019s leading litigation funders.<\/p>\n<h2>Case Grounds<\/h2>\n<p>The company hit back by saying that people \u201chave meaningful control of what information they share on <a href=\"https:\/\/www.valuewalk.com\/the-real-reason-facebook-just-went-all-in-on-the-metaverse\/\">Meta<\/a>'s platforms and who with.\u201d<\/p>\n<p>Lovdahl said, \u201cIn the 17 years since it was created, Facebook became the sole social network in the U.K. where you could be sure to connect with friends and family in one place.\u201d<\/p>\n<p>\u201cYet, there was a dark side to Facebook; it abused its market dominance to impose unfair terms and conditions on ordinary Britons, giving it the power to exploit their personal data,\u201d she added.<\/p>\n<p>The lawsuit arrives days after Meta failed to have Judge James Boasberg dismiss an antitrust case led by the Federal Trade Commission (FTC), which has become one of the toughest tasks undertaken by the U.S. government against a tech company in years.<\/p>\n<p>Meta is part of the <a href=\"https:\/\/www.entrepreneur.com\/snapshot?tvwidgetsymbol=INDEX:ENTREPRENEUR\" rel=\"nofollow\" target=\"_blank\">Entrepreneur Index<\/a>, which tracks 60 of the largest publicly traded companies managed by their founders or their founders' families.<\/p>\n ","protected":false},"excerpt":{"rendered":"<p>Meta Platforms Inc (NASDAQ:FB) could end up paying a whopping $3.1 billion, following a class action in the U.K. over &#8230; <a title=\"Meta Sued For $3.2 Billion In The U.K. Over Personal Data Exploitation\" class=\"read-more\" href=\"https:\/\/www.valuewalk.com\/meta-sued-for-32-billion-in-the-uk-over-personal-data-exploitation\/\" aria-label=\"More on Meta Sued For $3.2 Billion In The U.K. Over Personal Data Exploitation\">Read more<\/a><\/p>\n","protected":false},"author":21832,"featured_media":2341963,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6641],"tags":[122576],"states":[],"acf":[],"modified_by":"Umair Tariq","_links":{"self":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts\/2426544"}],"collection":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/users\/21832"}],"replies":[{"embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/comments?post=2426544"}],"version-history":[{"count":0,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts\/2426544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/media\/2341963"}],"wp:attachment":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/media?parent=2426544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/categories?post=2426544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/tags?post=2426544"},{"taxonomy":"states","embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/states?post=2426544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}