Ohio retirement fund sues Facebook over investment loss

COLUMBUS, Ohio (AP) — Ohio’s largest public employee pension fund has sued Facebook, alleging that it broke federal securities law by purposely misleading the public about its product’s negative effect on children. The lawsuit by the Ohio Public Employees Retirement System also says Facebook also knew that its platform facilitated dissention, illegal activity, and violent extremism, but refused to correct it. The lawsuit filed last week in federal court in California says market losses resulting from publicity over Facebook’s actions caused investors including OPERS to lose more than $100 billion. A Facebook spokesperson called the lawsuit without merit and it the company would fight it.