Ohio retirement fund sues Facebook over lost investment on website

Ohio’s largest public employee pension fund sued Facebook now known as Meta, alleging it violated federal securities law by deliberately misleading the public about the negative effects of its social platforms and the algorithms that run them.

The Ohio Public Employee Retirement System lawsuit specifically claims Facebook has buried embarrassing findings about how the company handled these algorithms as well as the steps it said it was taking to protect the public. .

The lawsuit also contends that Facebook knew its platform facilitated dissent, illegal activity and violent extremism, but refused to correct it. The Associated Press and a coalition of other news organizations have reported extensively on Facebook’s actions, internal dissent that warned of these issues and related issues around the world based on internal company documents. , now known as Facebook Papers, leaked by data scientist and former Facebook employee Frances Haugen.

Facebook said it was watching our kids and taking out trolls online, but in reality it was creating misery and division for profit, Ohio Attorney General Dave Yost said in a statement. communicated. We are not people for Mark Zuckerberg, we are the product and we are used against each other out of greed.

The lawsuit, filed last week in federal court in California, says market losses resulting from advertising on Facebook’s shares caused investors, including OPERS, to lose more than $ 100 billion.

A Facebook spokesperson called the lawsuit unfounded and said the company would fight it.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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