$5bn fine set for Facebook on privacy probe: report | Fin24
 
  • Load Shedding Schedules

    Find information for Johannesburg, Durban, Cape Town and other cities.

  • Another Rescue?

    Edcon | Is there appetite from creditors to extend another helping hand?

  • Tough Times

    SA restaurants face job cuts and possible closures as lockdown continues.

Loading...

$5bn fine set for Facebook on privacy probe: report

Jul 13 2019 13:14

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.

facebook
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Voting Booth

Do you support a reduction in the public sector wage bill?

Previous results · Suggest a vote

Loading...