Meta Loses Another EU Lawsuit Shortly After Hefty Penalty For Data Privacy Breach

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  • Meta Platforms, Inc META tasted defeat in a lawsuit with European Union regulators who ordered vast amounts of data to help build an antitrust case against the Facebook parent.
  • On Wednesday, the EU General Court, the bloc's second-highest court, ruled that Meta had failed to prove that the request "went beyond what was necessary," Bloomberg reports.
  • The case dates back three years to when the European Commission started examining Meta's sales platform and how it uses app data. 
  • Also Read: Meta Stock Falls Premarket: EU Slaps Company With Record $1.3B Penalty For Data Privacy Violation
  • While Meta says it cooperated and handed over a million documents, the company prosecuted the EU's executive arm in 2020, citing the comprehensive nature of the data requests.
  • In 2020 the EU court ordered the EU to work with Meta and store information in a virtual data room.
  • Scrutiny of Meta added to EU probes into Amazon.com Inc's AMZN mode of data collection from retailers, which by now was settled, and investigations into Apple Inc's AAPL app store. 
  • Meta was hit with a formal EU complaint in December for allegedly squeezing out classified ad rivals by tying the Facebook Marketplace to its social network.
  • Price Action: META shares traded lower by 0.40% at $245.75 premarket on the last check Wednesday.
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