US Supreme Court tosses case involving securities fraud suit against Facebook (updated)

Amalgamated Financial

22/11/2024 15:09

(Adds details on court's action in paragraphs 2-3)
    By John Kruzel
       WASHINGTON, Nov 22 (Reuters) - The U.S. Supreme Court
sidestepped on Friday a decision on whether to allow
shareholders to proceed with a securities fraud lawsuit accusing
Meta's  META.O  Facebook of misleading investors about the
misuse of the social media platform's user data.
    The justices, who heard arguments in the case on Nov. 6,
dismissed Facebook's appeal of a lower court's ruling that had
allowed a 2018 class action led by Amalgamated Bank  AMAL.O  to
proceed.
    The Supreme Court opted not resolve the underlying legal
dispute, determining that the case should not have been taken
up. Its action leaves the lower court's decision in place.
    

 (Reporting by John Kruzel; Editing by Will Dunham)
 ((John.Kruzel@thomsonreuters.com;))