Meta says US states are seeking $1.4 trillion in penalties in August youth safety trial [View all]

Source: msn/Reuters

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July 6 (Reuters) - Meta Platforms said in a court filing on Monday that four states were seeking $1.4 trillion in penalties over accusations the company designed its Facebook and Instagram platforms to addict young users and misled the public about their safety.

Meta put forward the figure in its response to the attorneys general's filings on how penalties should be calculated if the states prevailed at trial.

The number, which has not previously been disclosed and is close to Meta’s market capitalization of around $1.5 trillion, comes ahead of an August trial in Oakland, California, over the claims brought by California, Colorado, Kentucky and New Jersey against the company.

Meta said the amount was unsupported by the evidence. "A sanction of that size has no analog in the history of consumer protection enforcement," the company said in the filing.

Read more: https://www.msn.com/en-us/money/markets/meta-says-us-states-are-seeking-1-4-trillion-in-penalties-in-august-youth-safety-trial/ar-AA27pLEf