Nation allocated Dh200 billion to investments in clean energy projects locally until 2030
business3 days ago
Facebook parent Meta has agreed to pay $725 million to settle a long-running lawsuit that accused the social network of allowing third parties, including Cambridge Analytica, to access users' private data.
The amount was disclosed in a court filing late on Thursday.
"The proposed settlement of $725,000,000 is the largest recovery ever achieved in a data privacy class action and the most Facebook has ever paid to resolve a private class action," lawyers for the plaintiffs said in the filing.
Facebook has not admitted any wrongdoing as part of the settlement, which still requires approval by a judge in the San Francisco division of the US District Court.
"We pursued a settlement as it's in the best interest of our community and shareholders," Meta spokesperson Dina El-Kassaby Luce said in a statement. "Over the last three years we revamped our approach to privacy and implemented a comprehensive privacy program."
It was reported in August that Facebook had reached a preliminary agreement, although the amount and terms of the settlement were not announced.
The lawsuit was initiated in 2018, when Facebook users accused the social network of violating privacy rules by sharing their data with third parties that included the British firm Cambridge Analytica, which had been linked to Donald Trump's 2016 presidential campaign.
Cambridge Analytica, which has since shut down, then collected and exploited the personal data of 87 million Facebook users without their consent, the lawsuit alleged.
That information was allegedly used to develop software to steer US voters in favor of Trump.
Facebook has since removed access to its data from thousands of apps suspected of abusing it, restricted the amount of information available to developers, and made it easier for users to calibrate restrictions on personal data sharing.
Federal authorities fined Facebook $5 billion in 2019 for misleading its users and imposed independent oversight of its personal data management.
Nation allocated Dh200 billion to investments in clean energy projects locally until 2030
business3 days ago
In the past, several ‘post box’ entities operated out of Mauritius only to secure the tax benefit in India
business3 days ago
77% wouldn’t engage with a brand using AI, for at least some services
business3 days ago
National Tourism Strategy 2031 aims to increase the contribution of the UAE tourism sector to the national GDP to Dh450 billion
business4 days ago
Customer deposits and Islamic customer deposits increased by 2.5% to reach Dh39.5 billion
business4 days ago
Annual rents in Dubai are usually paid in two, four or six instalments via post-dated cheques
business5 days ago
Saudi Arabia has begun to explore extracting lithium from sea water
business5 days ago
RPM reported net profit of Dh49.39 million during 2023
business5 days ago