Yesterday, January 13, a class-action lawsuit was filed against Meta (formerly Facebook) in the Competition Appeal Tribunal (CAT) in the United Kingdom for violating competition law on the grounds that the company had abused its dominant position for several years in social networks.
A $3 billion lawsuit against Meta in the UK
In compensation for the damage caused to users of Meta in the UK, the social network should pay 2.3 billion pounds sterling ($ 3.1 billion).
The lawsuit was initiated by an expert in international competition law, Dr. Liza Lovdahl Gormsen, who submitted materials to the UK Parliament on Facebook’s dominance in the market, and is the author of academic legal work on this topic.
Gormsen believes Meta has set an “unfair price” for social media users in the UK. And she believes that the American company should pay its 44 million British users compensation for the use of their data between 2015 and 2019. a social platform that gave them, in return, “the opportunity to post pictures of babies and kittens to their friends and families.”
The lawsuit alleges that during this time Facebook collected data both on and off its own platform; using mechanisms such as the Facebook Pixel; an advertising tool that can be in use by third-party websites to track how users act.
In addition, law firm Quinn Emanuel Urquhart & Sullivan, representing Dr. Lovdal Gormsen, has sent a letter of claim to Meta.
Commenting on the filing of the lawsuit, a Meta spokesman said: “People get access to our service for free. They choose our services because we benefit them and they have real control over what information they share on Meta platforms and with whom”. He added that the company has spent a significant amount of money creating “tools that allow them to do this”.
Facebook (Meta) Is The Worst Company Of 2021
Many authoritative companies make surveys every year in order to understand which brands and firms performed better than their competitors. One of them is Yahoo Finance, which takes into consideration the market performance and various achievements of world-class companies and evaluates their activity. Also, they name the brand that lands in the lowest row of the table. This usually happens in December. And this year is no exception. A couple of days ago, Yahoo Finance issued a statement; according to which, Microsoft became a new king, reaching $2 trillion market capitalization. In effect, its stock price increased up to 53% year-to-date. As for the worst company of the year, Facebook (Meta) “outrun” all of its competitors.