California pension fund wants to join Facebook lawsuit

SACRAMENTO, Calif. (AP) — California’s teacher pension fund says it wants to join a lawsuit seeking to change Facebook’s corporate governance practices.

The California State Teachers’ Retirement System said Tuesday it will ask a judge to be added to a pending lawsuit against Facebook’s leadership, which includes CEO Mark Zuckerberg.

The Fireman’s Retirement System of St. Louis and retail investor Karen Sbriglio filed the lawsuit in August 2018 following the revelation that the Cambridge Analytica political consulting firm had taken people’s personal information without their knowledge from the social media platform and used it for political purposes.

The pension system’s manager of sustainable investment and stewardship strategies, Aeisha Mastagni, said the pension fund believes weak corporate governance practices contributed to the scandal and damaged Facebook’s stock price.

Categories: California News