US Supreme Court hears Facebook bid to escape securities fra...

WASHINGTON :The U.S. Supreme Court began hearing arguments on Wednesday in a bid by Meta's Facebook to scuttle a federal securities fraud lawsuit brought by shareholders who accused the social media platform of misleading them about the misuse of its user data. Facebook appealed a lower court's decision allowing the 2018 class action led by Amalgamated Bank to proceed. It is one of two cases coming before them this month - the other one involving artificial intelligence chipmaker Nvidia - that could lead to rulings making it harder for private litigants to hold companies to account for alleged securities fraud. The arguments were ongoing. The plaintiffs accused Facebook of misleading investors in violation of the Securities Exchange Act, a 1934 federal law that requires publicly traded companies to disclose their business risks. They claimed the company unlawfully withheld information...