Facebook to pay record $5 billion U.S. fine over privacy violations; critics call it a bargain. YahooFinance
WASHINGTON - Facebook Inc will pay a record-breaking $5 billion fine to resolve a government probe into its privacy practices and will boost safeguards on user data, the U.S. Federal Trade Commission and the social media company said on Wednesday.
Republican FTC Chairman Joe Simons stressed the FTC's limited authority and desire to avoid a long court fight. The Securities and Exchange Commission said Facebook agreed to pay an additional $100 million to settle allegations that it misled investors about the seriousness of its misuse of users' data.
Under the deal, Zuckerberg and other Facebook executives must sign quarterly certifications attesting to privacy practices. The FTC said a false certification could result in civil and criminal penalties. The FTC also said that Cambridge Analytica's former CEO Alexander Nix and former app developer Aleksandr Kogan had agreed to a settlement restricting how they conduct business.
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