Facebook Sued For $15 Billion In Suit Over User Tracking

Posted on May 18 2012 - 2:58pm by Editorial Staff

While the whole of the world is waiting for social giant to start trading in few minutes, Bloomberg is reporting that Facebook was sued by its users in an amended class-action case claiming the company invaded their privacy by tracking Internet usage and seeking $15 billion.

The lawsuit, filed in Federal Court in San Jose, California, combines 21 cases filed across the U.S., according to a statement by Stewarts Law US LLP, one of the firms leading the claim. The lawsuit says Facebook improperly tracking users even after they logged out of their accounts.

“This is not just a damages action, but a groundbreaking digital-privacy rights case that could have wide and significant legal and business implications,” a partner at Stewarts Law US LLP, one of the firms leading up the suit, told the publication.

Facebook CEO Mark Zuckerberg updated his status on his FB page. Zuckerberg earlier today makes history ringing the bell to open the day’s trading on the NASDAQ from Facebook’s headquarters just before his company’s IPO. Facebook shares are expected to start trading at 11 am. The social giant sets it’s per share value at $38. This make the company total valuation to $104 billion and it will be an $18.4 billion initial public offering.

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Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.