In tossing the appeal, the Supreme Court leaves in place a decision from the U.S. Court of Appeals for the 9th Circuit in favor of Facebook shareholders. They had filed a securities fraud lawsuit against Facebook for allegedly misleading them in financial filings about the risks stemming from the massive data breach by Cambridge Analytica.

The Supreme Court is allowing a multibillion-dollar class action investors’ lawsuit to proceed against Facebook parent Meta stemming from the privacy scandal involving the Cambridge Analytica politica