'The Media Grouped In AMI Sue META For Unfair Competition And Claim More Than €550M' - AMI
Portfolio Pulse from Benzinga Newsdesk
The Media Association (AMI) representing 83 Spanish media has filed a lawsuit against Meta Platforms, Inc. (formerly known as Facebook, Inc.) for systematic and massive breaches of European data protection regulations from May 25, 2018, to July 31, 2023. AMI claims over €550 million in damages, alleging that Meta's income from segmented advertising was obtained illegitimately by using personal data without user consent. The lawsuit could extend if Meta persists in its breaches, as indicated by the European Data Protection Committee's requirement on October 27, 2023.
December 04, 2023 | 3:32 pm
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Meta Platforms, Inc. is facing a lawsuit from AMI for alleged breaches of EU data protection laws, with claims exceeding €550 million. This could impact Meta's financials and reputation, especially in the European market.
The lawsuit against Meta Platforms for violating data protection laws and potentially obtaining ad revenue illegitimately is likely to have a negative impact on the stock price in the short term. Legal challenges, especially those involving significant financial claims and regulatory breaches, tend to create uncertainty and can lead to financial penalties, increased regulatory scrutiny, and damage to the company's reputation. These factors can affect investor sentiment and the company's market valuation.
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