Rate Of ReturnAug 10 at 10:05 PM
$Meta Platforms(META.US) Meta failed to obtain an emergency order pausing a landmark trial slated to begin this week involving claims from dozens of state attorneys general alleging the social media giant addicts children and has caused a youth mental health crisis. A three-judge panel for the US Court of Appeals for the Ninth Circuit in a ruling said the court lacked the jurisdiction to review Meta’s early appeal and dismissed it. The ruling means Meta must defend against a possible US$1.4 trillion penalty request by the state AGs at the trial, which is scheduled to begin with jury selection on Wednesday in federal court in Oakland, California. Opening arguments begin on Aug 18, and the trial is expected to last several weeks. Meta is facing a torrent of legal attacks across the country from state AGs, consumer attorneys, and school districts over its role in harming youth mental health through Instagram and Facebook. The company must pay an almost US$950 million total penalty in a separate case brought by the New Mexico attorney general in state court. In that case, a jury returned a US$375 million verdict in March, and the judge last week tacked on an additional US$567 million Meta must pay the state to setup a mental health fund. As Meta continues to navigate through these waves of legal attacks, they will need to find ways to upgrade their policies to protect consumers or continue to face hefty charges that could affect their profits. @Captain's Treasure
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