12:51 PM EDT, 08/28/2024 (MT Newswires) -- Meta Platforms ( META ) was ordered by a Brazilian court to block ads that fraudulently use the name of the country's largest department store chain, Reuters reported Wednesday.

Santa Catarina state judge Joana Ribeiro gave the social media giant 48 hours to block ads that were not paid for by Havan and which mentioned it or its owner, billionaire Luciano Hang, the report said.

The company could face fines of up to 20 million reais ($3.6 million) if it does not comply with the order.

Meta did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 516.07, Change: -3.03, Percent Change: -0.58