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Meta Sued For Allegedly Overcharging Advertisers By $4B

A gym in South Carolina has sued Meta Platforms for allegedly overcharging Facebook advertisers a collective $4 billion, starting in 2013 and continuing for at least four years.

In a class-action complaint filed late last week, Iron Tribe Fitness alleges that Facebook failed to honor representations that its auction system “would inherently protect bidders from overbidding.”

The allegations center on Facebook’s system for charging advertisers that submit winning bids in auctions.

Iron Tribe, headquartered in Mount Pleasant, South Carolina, alleges that Facebook purported to use a version of a “second price” auction system but instead, inadvertently, used a “blended price” system.

The move to a “blended price” system was due to an error in a 2013 software update, according to the complaint.
more at: https://www.mediapost.com/publications/article/405073/meta-sued-for-allegedly-overcharging-advertisers-b.html

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