You are here: Home » Current Affairs » News
Business Standard

Ohio retirement fund sues Facebook, blames investment loss on website

Facebook said it was looking out for our children and weeding out online trolls, but in reality was creating misery and divisiveness for profit, Ohio Attorney General Dave Yost said in a statement.

Topics
Facebook | Ohio | retirement

AP  |  Columbus 

Facebook
The lawsuit by the Ohio Public Employees Retirement System specifically claims that Facebook buried inconvenient findings about how the company has managed those algorithms as well as the steps it said it was taking to protect the public.

Ohio's largest public employee pension fund has sued now known as Meta alleging that it broke federal securities law by purposely misleading the public about the negative effects of its social platforms and the algorithms that run them.

The lawsuit by the Public Employees System specifically claims that buried inconvenient findings about how the company has managed those algorithms as well as the steps it said it was taking to protect the public.

The suit also contends claims that knew that its platform facilitated dissention, illegal activity, and violent extremism, but refused to correct it. The Associated Press and a coalition of other news organisations have reported extensively on Facebook's actions, internal dissents that warned of these problems and related issues around the world based on internal company documents, now known as the Facebook Papers, leaked by the data scientist and former Facebook employee Frances Haugen.

Facebook said it was looking out for our children and weeding out online trolls, but in reality was creating misery and divisiveness for profit, Attorney General Dave Yost said in a statement. We are not people to Mark Zuckerberg, we are the product and we are being used against each other out of greed.

The lawsuit, filed last week in federal court in California, says market losses resulting from publicity over Facebook's actions caused investors including OPERS to lose more than $100 billion.

A Facebook spokesperson called the lawsuit without merit and said the company would fight it.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 16 2021. 10:14 IST
RECOMMENDED FOR YOU