Meta, led by Mark Zuckerberg, is facing a multi-billion dollar lawsuit from shareholders who claim the company violated a 2012 agreement to protect user data. The lawsuit stems from the 2018 Cambridge Analytica scandal, where user data was harvested without consent and used for political purposes. Shareholders seek reimbursement for fines and other costs Meta incurred due to the controversy. Legal experts view the case as unusual and a creative way to address corporate governance and potentially strengthen data protection as tech companies continue to develop AI.
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Florida’s Attorney General, James Uthmeier, sued Target, alleging the company misled investors by failing to disclose the financial risks associated with its diversity, equity, and inclusion (DEI) initiatives. The lawsuit, filed in federal court, claims Target’s Pride month merchandise and broader DEI programs provoked a negative consumer backlash, harming sales and ultimately costing shareholders. Uthmeier argues this violates the Securities Exchange Act. The lawsuit follows similar actions against other corporations, highlighting a growing conservative backlash against corporate DEI policies.
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Elon Musk, the controversial and eccentric CEO of Tesla, has been dealt a major blow in his quest to retain a compensation package worth over $55 billion. A judge in Delaware has ruled that Musk must surrender the package, which was awarded to him by Tesla’s board of directors.
This ruling comes after a shareholder lawsuit accused Musk and the board of breaching their duties to the company, resulting in the misuse of corporate assets and unjust enrichment for Musk himself. The plaintiff’s lawyers argued that the pay package was essentially dictated by Musk and that the negotiations with the supposedly independent directors were nothing more than a charade.… Continue reading
John Q. Hosedrinker