California State Teachers’ Retirement System wants to join lawsuit against Facebook
The California State Teachers’ Retirement System says it wants to join a lawsuit seeking to change Facebook Inc.’s corporate governance practices.
The pension fund said Tuesday it will ask a judge to be added to a pending lawsuit against Facebook’s leadership, which includes its chief executive officer, Mark Zuckerberg.
Read: NZ pension funds pushing for change at Facebook, Google and Twitter
The Fireman’s Retirement System of St. Louis and retail investor Karen Sbriglio filed the lawsuit in August 2018 following the revelation that consulting firm Cambridge Analytica Ltd. had taken people’s personal information from the social media platform without their knowledge and used it for political purposes.
Aeisha Mastagni, the pension fund’s manager of sustainable investment and stewardship strategies, said it believes weak corporate governance practices contributed to the scandal and damaged Facebook’s stock price.