Anthony Quintano via flickr
She notified the attorney of the shareholders regarding the settlement and praised the involved parties. The parties kept the specifics of the settlement confidential. Plaintiffs' lawyer Samuel L. Closic stated that the deal was reached swiftly, whereas the defendants' lawyer opted not to provide any remarks.
The investors were set to receive $8 billion from the defendants as reimbursement for expenses (including an unprecedented fine of $5 billion) faced by the company because of the scandal involving the transfer of private user data from the Facebook social network.
The agreement signified the second occasion on which Zuckerberg has evaded giving testimony in court. In 2017, just a week prior to Zuckerberg’s scheduled testimony in Chancery Court regarding a proposal to release a new class of shares, Facebook discarded the proposal. The agency noted that issuing shares would have enabled Zuckerberg to maintain control of the company while offloading his shares.
source: reuters.com
The investors were set to receive $8 billion from the defendants as reimbursement for expenses (including an unprecedented fine of $5 billion) faced by the company because of the scandal involving the transfer of private user data from the Facebook social network.
The agreement signified the second occasion on which Zuckerberg has evaded giving testimony in court. In 2017, just a week prior to Zuckerberg’s scheduled testimony in Chancery Court regarding a proposal to release a new class of shares, Facebook discarded the proposal. The agency noted that issuing shares would have enabled Zuckerberg to maintain control of the company while offloading his shares.
source: reuters.com