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May 18, 2012 09:51 pm GMT
Facebook, which has now listed on NASDAQ, is set to make $16 billion if its share holds at the $38 price that it set yesterday -- more if it ends higher. Here's a coincidence: that's just north of the total amount in damages, $15 billion, that a new class-action case is seeking against the social network over privacy invasion.Filed in U.S. Federal Court in San Jose, California, the case (embedded below)combines 21 separate cases that have been filed in different courts in the U.S. in 2011 and 2012 -- as the plaintiffs look for strength in numbers. All of the cases are connected to "Internet tracking," or how Facebook tracks users when they are browsing the wider web outside of Facebook's own pages, even after they have logged out of Facebook.Facebook has already responded to the case with a flat statement of denial of guilt. "We believe this complaint is without merit and we will fight it vigorously," a spokesperson told TechCrunch.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/-20IUi2Fae4/
$16B Should Cover It: Heres The $15B Facebook Privacy Class Action Suit, And Facebooks Response
Facebook, which has now listed on NASDAQ, is set to make $16 billion if its share holds at the $38 price that it set yesterday -- more if it ends higher. Here's a coincidence: that's just north of the total amount in damages, $15 billion, that a new class-action case is seeking against the social network over privacy invasion.Filed in U.S. Federal Court in San Jose, California, the case (embedded below)combines 21 separate cases that have been filed in different courts in the U.S. in 2011 and 2012 -- as the plaintiffs look for strength in numbers. All of the cases are connected to "Internet tracking," or how Facebook tracks users when they are browsing the wider web outside of Facebook's own pages, even after they have logged out of Facebook.Facebook has already responded to the case with a flat statement of denial of guilt. "We believe this complaint is without merit and we will fight it vigorously," a spokesperson told TechCrunch.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/-20IUi2Fae4/
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