Meta says it’s facing $1.4T in penalties in teen mental health case — a sum equal to tech giant’s valuation
If four of the states suing Meta for allegedly fueling a teen mental health crisis prevail in their case, the company will be on the hook for a whopping $1.4 trillion in penalties, Meta says — a figure the tech giant blasted as “outlandish.”
The Mark Zuckerberg-led company arrived at the gigantic sum — which is nearly as large as the company’s entire market cap — based on how the attorneys general of California, Colorado, Kentucky and New Jersey have argued penalties should be calculated if they win the case.
The two sides are scheduled to face off in Oakland federal court on Aug. 18.
“A sanction of that size has no analog in the history of consumer protection enforcement,” Meta’s attorneys wrote in the late Monday filing, adding that the states’ proposals were “unsubstantiated” and “outlandish.”
A total of 29 states are attached to the lawsuit against Meta, which accuses the company of major violations of the Children’s Online Privacy Protection Act. The legislation bars the collection of data from underage users without parental consent.
Source: nypost.com
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Meta says it’s facing $1.4T in penalties in teen mental health case — a sum equal to tech giant’s valuation
If four of the states suing Meta for allegedly fueling a teen mental health crisis prevail in their case, the company will be on the hook for a whopping $1.4 trillion in penalties, Meta says — a figure the tech giant blasted as “outlandish.” The Mark Zuckerberg-led company arrived at the gigantic sum — which is nearly as large as the company’s entire market cap — based on how the attorneys general of California, Colorado, Kentucky and New Jersey have argued penalties should be calculated if they win the case. The two sides are scheduled to face off in Oakland federal court on Aug. 18. “A sanction of that size has no analog in the history of consumer protection enforcement,” Meta’s attorneys wrote in the late Monday filing, adding that the states’ proposals were “unsubstantiated” and “outlandish.” A total of 29 states are attached to the lawsuit against Meta, which accuses the company of major violations of the Children’s Online Privacy Protection Act. The legislation bars the collection of data from underage users without parental consent. Source: nypost.com