US Supreme Court to hear Facebook bid to scuttle shareholder...

WASHINGTON (Reuters) - The U.S. Supreme Court agreed on Monday to hear a bid by Meta's Facebook to scuttle a private securities fraud lawsuit accusing the social media platform of misleading investors in 2017 and 2018 about the misuse of its user data by the company and third parties. The justices took up Facebook's appeal of a lower court's decision allowing a shareholder lawsuit brought in California and led by Amalgamated Bank to proceed. The court will hear the case in its next term, which begins in October. The plaintiffs filed a class action lawsuit in 2018 after Facebook's stock fell following media reports that the British political consulting firm Cambridge Analytica had used improperly harvested Facebook user data in connection with Donald Trump's successful presidential campaign in 2016. The Cambridge Analytica breach exposed the data of as many as 87 million users. The pla...