Facebook’s Settlement Stands and 3 Social Media Stocks Seeing Action
Facebook, Inc. (NASDAQ:FB): Current price $27.14
A divided Ninth Circuit Court of Appeals let stand a $9.5 million settlement wherein Facebook pays $3 million to the plaintiff lawyers who negotiated it and the rest to a charity that Facebook will create themselves. The settlement was upheld in an order refusing en banc review by the entire court. That drew a strong dissent from six conservative judges led by Milan D. Smith Jr., who said the agreement provides nothing for Facebook users and steers most of the money to a charity that is simply a bespoke creation of this settlement.