The Federal Trade Commission is set to announce on Wednesday that Facebook Inc has agreed to a sweeping settlement of allegations it mishandled ...
WASHINGTON: The Federal Trade Commission is set to announce on Wednesday that Facebook Inc has agreed to a sweeping settlement of significant allegations it mishandled user privacy and pay US$5 billion, two people briefed on the matter said.
The Post also reported the FTC also plans to allege Facebook provided insufficient information to about 30 million users about a facial recognition tool, an issue identified earlier by Consumer Reports. The FTC confirmed in March 2018 it had opened an investigation into allegations Facebook inappropriately shared information belonging to 87 million users with the now-defunct British political consulting firm Cambridge Analytica. The probe has focused on whether the data sharing violated a 2011 consent agreement between Facebook and the regulator and then widened to include other privacy allegations.
Some in Congress have criticized the reported US$5 billion penalty, noting Facebook in 2018 had US$55.8 billion in revenue and US$22.1 billion in net income. Senator Marsha Blackburn, a Republican, said last week the fine should be US$50 billion.While the deal resolves a major regulatory headache for Facebook, the Silicon Valley firm still faces further potential antitrust probes as the FTC and Justice Department undertake a wide-ranging review of competition among the biggest U.S.
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