Meta sued over fake investment ads in Japan

ISTANBUL

The Japanese branch of Facebook’s parent company Meta on Thursday was hit by a lawsuit alleging false investment ads with fake celebrity endorsements.

Four plaintiffs accuse Meta of neglecting its duty to assess harm to customers and verify the authenticity of ads on Facebook and Instagram, according to Kyodo news.

They seek 23 million yen ($148,000) in damages, claiming they lost money due to Meta's negligence.

The ads falsely suggested endorsements from Yusaku Maezawa, founder of an online fashion retailer and Hiroyuki Nishimura, internet entrepreneur.

The complainants transferred money to accounts, thinking they were investing in foreign exchange trading.

Social media scams in Japan, using prominent figures' names without consent, reached 27.8 billion yen ($179 million) in 2023 according to Japan’s national police agency.

Meta is an American multinational tech conglomerate based in California.

ISTANBUL

The Japanese branch of Facebook’s parent company Meta on Thursday was hit by a lawsuit alleging false investment ads with fake celebrity endorsements.

Four plaintiffs accuse Meta of neglecting its duty to assess harm to customers and verify the authenticity of ads on Facebook and Instagram, according to Kyodo news.

They seek 23 million yen ($148,000) in damages, claiming they lost money due to Meta's negligence.

The ads falsely suggested endorsements from Yusaku Maezawa, founder of an online fashion retailer and Hiroyuki Nishimura, internet entrepreneur.

The complainants transferred money to accounts, thinking they were investing in foreign exchange trading.

Social media scams in Japan, using prominent figures' names without consent, reached 27.8 billion yen ($179 million) in 2023 according to Japan’s national police agency.

Meta is an American multinational tech conglomerate based in California.