US Supreme Court Considers Facebook’s Bid to Dismiss Securities Fraud Suit

The U.S. Supreme Court grappled on Wednesday over a bid by Meta’s (META.O) Facebook to scuttle a federal securities fraud lawsuit brought by shareholders who accused the social media platform of misleading them about the misuse of its user data.

The justices heard arguments in Facebook’s appeal of a lower court’s decision allowing the 2018 class action led by Amalgamated Bank (AMAL.O) to proceed. It is one of two cases coming before them this month – the other one involving artificial intelligence chipmaker Nvidia (NVDA.O) on Nov. 13 – that could lead to rulings making it harder for private litigants to hold companies to account for alleged securities fraud.

Read more at Reuters.