Facebook Derivative Litigation

Berman Tabacco was a member of plaintiffs’ Executive Committee in this shareholder derivative action brought on behalf of Facebook, Inc. (now Meta Platforms, Inc.) against certain senior officers and members of the board of directors. The complaint alleged that defendants breached their fiduciary duties by failing to oversee and prevent the improper mining and misuse of Facebook users’ personal data, including conduct relating to Cambridge Analytica, and by violating a prior consent decree entered into with the Federal Trade Commission concerning user privacy. Plaintiffs prevailed on defendants’ motion to dismiss, completed discovery, and commenced trial in July 2025. Prior to the second day of trial, the parties reached a settlement valued at $190 million, providing substantial recovery and corporate governance benefits for the Company. The court granted final approval of the settlement on April 7, 2026.