 Technology |
Technology |
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Facebook must face investor lawsuit, Supreme Court rules |
The Supreme Court on Friday tossed Facebook's appeal in a securities lawsuit against the social media giant, indicating the court shouldn't have taken up the case. |
The unsigned, one-sentence opinion contained no explanation and said the case was "dismissed as improvidently granted." It means Facebook will have to face a class action lawsuit over accusations it misled investors about the Cambridge Analytica data scandal. The scandal stemmed from the company using data from tens of millions of unwitting Facebook users to support the 2016 presidential campaigns of Sen. Ted Cruz (R-Texas) and then-candidate Donald Trump. The lawsuit concerns a 2016 securities filing from Facebook acknowledging that improper third-party use of its data could harm the business. The filing framed that risk as hypothetical, and the shareholders argue it improperly led them to believe that no such incident had occurred. After an intermediate appeals court allowed the case to move forward, the Supreme Court agreed in June to hear the case and held oral arguments earlier this month. At the arguments, the justices appeared split on whether to back Facebook's appeal as they peppered both sides with hypotheticals that stretched from meteor strikes to Molotov cocktails. Andy Stone, a spokesperson for Facebook parent Meta, dismissed the investors' claims as "baseless" and said the company will "continue to defend ourselves" in district court. "We are disappointed in the Supreme Court's decision not to clarify this part of the law," Stone said in a statement. The Hill's Zach Schonfeld has more here. |
Welcome to The Hill's Technology newsletter, we're Julia Shapero and Miranda Nazzaro — tracking the latest moves from Capitol Hill to Silicon Valley. |
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How policy will be impacting the tech sector now and in the future: |
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The United Kingdom's top antitrust regulator said Friday that an independent inquiry provisionally found that Apple and Google's policies for mobile browsers are blocking innovation. The report recommended that the Competition and Markets Authority (CMA) open investigations into the two tech giants under the U.K.’s digital regulations that will begin next year. “The independent inquiry group appointed for this market … |
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Dan Gallagher, chief legal officer at the financial services firm Robinhood, said Friday that he is not interested in chairing the Securities and Exchange Commission (SEC) in President-elect Trump's second administration. "It is always an honor to have your name in the mix for an incredibly important job like SEC Chairman," Gallagher said in a statement. "However, I have made it clear that I do not wish to be considered … |
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Rep. Alexandria Ocasio-Cortez (D-N.Y.) reacted to Rep. Marjorie Taylor Greene’s (R-Ga.) appointment to chair a new House Oversight and Accountability subcommittee that will work in tandem with President-elect Trump’s new “Department of Government Efficiency” (DOGE). Trump earlier this month tapped tech entrepreneurs Elon Musk and Vivek Ramaswamy to lead the advisory group, which … |
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News we've flagged from the intersection of tech and other topics: |
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Reid Hoffman concerned about Musk's role in AI policy |
LinkedIn co-founder Reid Hoffman said he is concerned about Musk's ownership in xAI and his alliance with Trump, writing it could present a "serious conflict of interest" in an op-ed with Financial Times. |
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Amazon invests $4 billion in Anthropic |
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Upcoming news themes and events we're watching: |
- The National Center on Sexual Exploitation will host a virtual briefing Monday when legal experts and parents will "challenge Big Tech's lies and misinformation" about the Kids Online Safety Act.
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Branch out with other reads on The Hill: |
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The Supreme Court announced Friday it will hear a case that could deliver another blow to federal agencies' powers. The justices agreed to take up the government's appeal of a decision invalidating the Universal Service Fund (USF), a federal subsidy aimed at providing affordable telecommunications services to rural and low-income consumers. It spends about $9 billion annually. |
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Two key stories on The Hill right now: |
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President-elect Trump's incoming administration is expected to take aim at legal immigration in addition to cracking down on the illegal variety, slowing … Read more |
| President-elect Trump’s ill-fated nomination of former Rep. Matt Gaetz (R-Fla.) to run the Justice Department marked an early sign of his potential … Read more |
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Opinions related to tech submitted to The Hill: |
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You're all caught up. See you next week! |
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