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Meta bolsters legal-related accruals by $1.2 billion, warns of 'material' risk from Texas privacy trial

( April 25, 2024, 19:10 GMT | Official Statement) -- MLex Summary: Meta Platforms disclosed in a securities filing that it faces a material risk to its business from a jury trial scheduled in June where the Texas attorney general alleges Meta committed tens of millions of violations of the state's biometric privacy law through Facebook's use of facial recognition technology. "The CUBI statute was enacted over twenty years ago and has never been enforced before. Accordingly, there is little legal guidance regarding how it should be interpreted or how its penalty provisions should be applied," Meta said. In the same filing, Meta said it would increase legal-related accruals for regulatory fines and other legal costs to $7.8 billion from $6.6 billion.Filing and excerpt follow below:...

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