Meta Agrees to $190M Settlement Over Privacy Violations

BREAKING: Meta Platforms Inc. has just announced a massive $190 million settlement related to privacy violations involving Facebook users, court filings reveal. This agreement, confirmed by the Delaware Chancery Court, addresses claims that directors, including CEO Mark Zuckerberg, mishandled the fallout from the infamous Cambridge Analytica scandal.

The settlement comes after a trial was halted in July, with details previously kept under wraps. Investors contended that Meta’s board failed to adequately address repeated privacy breaches and improperly orchestrated a $5 billion settlement with the U.S. Federal Trade Commission to shield Zuckerberg from personal liability. Shareholders were demanding at least $7 billion in damages, alleging that the directors overpaid the FTC to protect Zuckerberg from facing personal financial repercussions.

While Meta maintains that the settlement does not imply any admission of wrongdoing, it marks a significant recovery of just 3% for the affected shareholders. The company insists that the funding for this settlement will come from an insurance policy covering its directors.

In a related development, the Nevada Gaming Control Board has imposed a substantial $7.8 million fine on Caesars Palace for failing to comply with anti-money laundering regulations. This decision follows an investigation into bookmaker Mathew Bowyer, who allegedly gambled millions from 2017 to 2024 without proper verification of his funds. Authorities raised concerns about Bowyer’s activities multiple times, particularly after an anonymous tip suggested he was operating as an illegal bookmaker.

This fine is part of a broader crackdown on compliance failures in the gaming industry. Caesars Palace is now the third casino to face penalties linked to Bowyer’s actions, following a $10.5 million fine imposed earlier this year on Resorts World casino.

Both stories underline significant accountability issues in major corporations and the gaming industry, raising questions about compliance and ethical responsibility. As these developments unfold, stakeholders in both sectors are urged to remain vigilant and informed.

Stay tuned for more updates as these situations evolve.