Litigation & Arbitration
Oct. 19, 2023
Zoom agrees to pay $150M to settle investor lawsuit
The class’ attorneys are requesting 18.75%, or over $28 million, in attorney fees. They said in the motion for approval that had the investors fully prevailed, estimated reasonably recoverable damages at trial would have been approximately $525 million.
Zoom Video Communications Inc. has agreed to pay $150 million to settle investor claims that the company lied before its initial public offering about Zoom meetings being secured with end-to-end encryption and misused users’ data.
Zoom admitted no wrongdoing. Its attorneys contended that the company did not know personal information was being sent to Facebook and the issue was fixed shortly after news reporting on the matter.
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