Katie Mulvaney reports:
The state retirement system is suing Facebook and its co-founder, Mark Zuckerberg, alleging that the social media giant and its leaders breached their financial duties in connection with the collection of private data of millions of users.
“As Treasurer, my job is to stand up for the financial wellbeing of all Rhode Islanders, including the teachers, first responders and other community servants who depend on the Rhode Island pension fund for their retirement security,” General Treasurer Seth Magaziner said in a news release announcing the lawsuit filed by the Employees’ Retirement System of Rhode Island. “When Facebook leaders improperly allowed user data to fall into the hands of bad actors trying to influence elections in support of Donald Trump and others, they not only put our democratic system of government at risk, they also put shareholder capital at risk.”
Read more on The Providence Journal.