03:59 PM EDT, 11/01/2024 (MT Newswires) -- (Updates with Meta's response.)

Meta Platforms ( META ) failed to convince a UK court to let it challenge a class action lawsuit that alleges Facebook exploited its dominant position and users' personal data, Bloomberg reported Friday.

Meta and Facebook's UK unit had filed an appeal with the UK's Court of Appeal to challenge a competition appeals court's decision to allow a revised version of the lawsuit, the report said, citing a court ruling.

The lawsuit, brought on behalf of 44 million British Facebook users, says the company is liable for at least 2.3 billion British pounds ($2.97 billion) in damages.

A Meta spokesperson told MT Newswires the claims were without merit and that the company planned to "vigorously defend against them."

"We are committed to giving people meaningful control of what information they share on our platforms and who with, and already invest heavily to create tools that allow them to do so," the spokesperson said.

(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.)

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