Tech major Google (NASDAQ:GOOG) (NASDAQ:GOOGL) has reached a preliminary settlement in a lawsuit claiming the search giant secretly kept tabs on users’ private browsing.
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According to Reuters, a U.S. District Judge in Oakland, California, has now put the trial in the proposed class-action lawsuit on hold. The trial was slated for February 5, 2024. While settlement terms remained under wraps, the consumer privacy lawsuit had sought at least $5 billion.
Reportedly, the complaint alleged that Google’s plethora of tools, such as cookies and apps, allowed the company to track users’ activities even when they used the search engine’s “Incognito” mode or “Private” browsing modes on other browsers. The original complaint was filed in 2020, seeking at least $5,000 in damages per user since June 2016. In case of a loss, the total cost to Google for its snooping activities could have been to the tune of billions.
Notably, while users expect their browsing activity to be untraceable in “Incognito” mode, lawyers in the lawsuit cited internal communication at the company indicating tracking of users’ private browsing to sell ads and analyze online traffic.
Are Google Shares a Good Buy?
Shares of the company have soared by nearly 57% this year amid a major rally in the broader markets. Overall, the Street has a Strong Buy consensus rating on Google, and the average GOOG price target of $155.60 implies a modest 10.1% potential upside in the stock. At the same time, Google remains a top pick among analysts for 2024.
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