WEST SACRAMENTO, Calif. (May 16, 2023) – In response to the Delaware Court of Chancery’s ruling in the derivative lawsuit against Facebook, CalSTRS General Counsel Brian Bartow said:
"The Court’s pivotal ruling advances a groundbreaking case to hold the defendants, including Mark Zuckerberg and Sheryl Sandberg, accountable to Facebook’s (now known as Meta) shareholders for repeatedly failing to protect user data in accordance with legal and regulatory obligations. Such accountability is a necessary part of good corporate governance, and that is what this derivative lawsuit is about. The complaint alleges a failure of governance on the part of the defendants and Facebook’s board that resulted in billions of dollars in investor losses and the continued erosion of user trust in the company. As a shareholder in Facebook, and a lead plaintiff in the case, CalSTRS’ goal is to ensure the company is made whole by the defendants for these losses and that our investment on behalf of California’s educators remains secure."
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CalSTRS provides a secure retirement to more than 1 million members and beneficiaries whose CalSTRS-covered service is not eligible for Social Security participation. On average, members who retired in 2021–22 had 25 years of service and a monthly benefit of $4,809. Established in 1913, CalSTRS is the largest educator-only pension fund in the world with $311.1 billion in assets under management as of April 30, 2023. CalSTRS demonstrates its strong commitment to long-term corporate sustainability principles in its annual Sustainability Report.