Supreme Court to Hear Facebook's Bid to Dismiss Securities Fraud Case

The U.S. Supreme Court will hear Facebook's appeal to dismiss a securities fraud lawsuit accusing the platform of misleading investors in 2017 and 2018 concerning user data misuse. This appeal challenges a lower court's decision allowing the shareholder lawsuit led by Amalgamated Bank to continue.

The U.S. Supreme Court agreed on Monday to hear a bid by Meta's Facebook to scuttle a private securities fraud lawsuit accusing the social media platform of misleading investors in 2017 and 2018 about the misuse of its user data.

The justices took up Facebook's appeal of a lower court's decision allowing a shareholder lawsuit brought in California and led by Amalgamated Bank to proceed. The court will hear the case in its next term, which begins in October.