Meta to pay $1.4 billion over biometric data lawsuit

  • 3 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Meta has to fork over $1.4 billion.

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Transcript
00:00I'm Conway is reporting from the New York Stock Exchange. Here's what we're
00:03watching on the street today. Nervousness during the busiest week of
00:06earnings season knocked the Nasdaq lower but the Dow was in rally mode. Sales and
00:11profits at PayPal topped forecast and JetBlue swung to a surprise quarterly
00:15profit. Wall Street is awaiting the Federal Reserve's latest decision on
00:19interest rates. Chairman Jerome Powell is expected to lay the groundwork for
00:23September rate cut when the two-day meeting wraps up on Wednesday. Turning
00:28now to other headlines, a record 1.4 billion dollars. That's how much Facebook
00:34parent Meta has agreed to pay to settle a facial recognition lawsuit with the
00:38state of Texas. The lawsuit claimed Facebook was using facial recognition
00:43technology to illegally gather biometric data on millions of Texans. The
00:48information was extracted without users legal permission from photos and videos
00:53posted on the site. Quote, unbeknownst to most Texans for more than a decade Meta
00:59ran facial recognition software on virtually every face contained in the
01:03photographs uploaded to Facebook capturing records of the facial
01:07geometry of the people depicted according to the office of Texas State
01:11Attorney General Ken Paxton. If you've ever used the tag feature on a Facebook
01:15post it's likely your biometric information ended up stored on Facebook's
01:20servers. Even though Meta got rid of Facebook's tag suggestion feature and
01:24announced in 2021 it was shutting down its facial recognition system, it
01:29continues to say it did nothing wrong. That'll do it for your daily briefing
01:33from the New York Stock Exchange. I'm Conway Gittins with the street.

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