Zuckerburg is paying only $190M to settle an $8B lawsuit by Facebook shareholders for failing in his oversight duties in the Cambridge Analytica crime.
A reminder that even $8B would’ve been only 3% of his net worth, and $190M is only .08% of his net worth.
About $75 for ordinary working people.
Another reminder that “If the penalty for a crime is a fine, then that law only exists for the lower class.”
@QasimRashid An interesting question here, that we will never get to know the answer to, is why did the plaintiffs accept such a low settlement? Was it because they thought they would lose, was it pure short-term venality, or was there some other threat or bribe?
Since the plaintiffs were "the Facebook shareholders" I assume this was always a "whoever wins, the rest of us lose" situation, but still.
@jwz @QasimRashid Years ago, I was part of a class action settlement that I also thought was really low.
I complained about it on the plaintiff lawyer's website. To my surprise, the senior partner at the firm called me back.
The lawyer explained that the deep pocketed corporation would happily fight all the way to the Supreme Court. And the result there was anybody's guess. Better to take the money now.
Lucky for us, the judge stepped in and said, "Hey, you owe the plaintiffs more money!"
Qasim Rashid, Esq.
jwz
J. Peterson