Ohio Pension Fund sues Facebook for investment loss

Ohio’s largest government employee pension fund has sued Facebook, alleging that it violated federal securities law by deliberately misleading the public about the negative effect of their product on children

The lawsuit from the Ohio Public Employees Retirement System specifically claims that Facebook buried inconvenient results about how the company managed these algorithms, as well as the steps it said it took to protect the public.

The case also claims allegations that Facebook knew its platform facilitated disagreement, illegal activity and violent extremism, but refused to rectify it. The Associated Press and a coalition of other news organizations have reported extensively on Facebook actions, internal dissenters, warning of these issues and related issues around the world based on internal company documents, now known as Facebook Papers, leaked by the computer scientist and former Facebook employee Frances Haugen.

“Facebook said it was looking for our children and smelling out online trolls, but in reality, it created misery and division for profit,” Ohio Attorney General Dave Yost said in a statement. “We are not human for Mark Zuckerberg, we are the product, and we are being used against each other by greed.”

The lawsuit, filed last week in a California federal court, says that market losses due to publicity on Facebook’s actions caused investors – including OPERS – to lose more than $ 100 billion. A Facebook spokesman called the lawsuit without justification and said the company would fight it.

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