Social media giant Facebook faces a $3.2B-plus class action in the UK on accusations that it abused market dominance, according to a report by Reuters on Friday.
- Liza Lovdahl Gormsen, a senior adviser to Britain’s Financial Conduct Authority (FCA) regulator, stated that she was bringing a lawsuit on behalf of people in Britain who used Facebook between 2015 and 2019.
- The case alleges Facebook generated billions of pounds by imposing unfair terms and conditions that required consumers to give up valuable personal data to access the platform.
- Facebook responded that people used its platform because it delivered value for them, and they possess meaningful control of the information they share on Meta’s platforms.
- The lawsuit comes days after Facebook was unsuccessful in an effort to strike out an antitrust lawsuit by the US FTC as Washington tries to contain Big Tech’s expansive market power.
Lovdahl Gormsen alleges Facebook obtained data within its network and through channels like the Facebook Pixel, allowing it to develop deep data profiles of users. FB down -2.03%