US Supreme Court tosses case involving securities fraud suit against Facebook

The US Supreme Court sidestepped on Friday a decision on whether to allow shareholders to proceed with a securities fraud lawsuit accusing Meta’s 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 allowed a 2018 class action led by Amalgamated Bank to proceed. The Supreme Court opted not to 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.