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Legal tail risk could raise expected damages and legal costs; ongoing trials and settlements may pressure near-term sentiment and valuation, especially if verdicts escalate or settlements become likely.
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The 9th Circuit ruled that Section 230 defense is not an immunity from suit, allowing thousands of social-media addiction claims against Meta and peers to move forward. The development preserves meaningful litigation tail risk, following prior verdicts including a $3M compensatory and $3M punitive award in California and a $375M NM ruling with a $567M further fine. The ongoing litigation could influence Meta's legal costs, settlements, and longer-term regulatory exposure.
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