Fin24.com | $5bn fine set for Facebook on privacy probe: report

Fin24.com | $5bn fine set for Facebook on privacy probe: report


US regulators have approved a $5bn penalty to be levied on Facebook to settle a probe into the social network’s privacy and data protection lapses, the Wall Street Journal reported Friday.

The newspaper said the Federal Trade Commission approved the settlement in a 3-2 vote, with the two Democratic members of the consumer protection agency dissenting.

According to the report, the deal still needs approval from the Justice Department before it is finalized.Facebook did not immediately respond to an AFP query on the agreement.

The settlement would be in line with Facebook’s estimate earlier this year when it set aside $3 billion to $5 billion for legal settlements on “user data practices.”

The FTC announced last year it reopened its investigation into a 2011 privacy settlement with Facebook after revelations that personal data on tens of millions of users was hijacked by the political consultancy Cambridge Analytica, working on the Donald Trump campaign in 2016.

Facebook has also faced questions about whether it improperly shared user data with business partners in violation of the earlier settlement.

The leading social network with more than two billion users worldwide has also been facing inquiries on privacy from authorities in US states and regulators around the world.


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