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- The Federal Trade Commission just slammed Facebook with a record $5 billion penalty over its handling of user data following the giant Cambridge Analytica breach last year.
- Facebook said last month that it had set aside $3 billion to $5 billion for the settlement.
- Visit Business Insider’s homepage for more stories.
The Federal Trade Commission announced today that it has slapped Facebook with a $5 billion penalty over its handling of user data which came to light after the Cambridge Analytica scandal.
The settlement is the result of Facebook violating a 2012 agreement with the FTC, in which it promised not to hand over user data to third parties without consent.
It represents the biggest penalty the FTC has handed down to a technology company, with the regulator calling it “unprecedented.”
Facebook assessed $5 billion penalty, subjected to sweeping new restrictions on user privacy decisions to settle FTC charges the company violated a 2012 FTC order by deceiving users about their ability to control privacy of their personal info. Read more: https://t.co/NYx2JnKmJV pic.twitter.com/7KVd3Vg02J
— FTC (@FTC) July 24, 2019
Facebook said it was expecting the fine in its first-quarter earnings report last month, saying that it had set aside $3 billion to $5 billion in anticipation.
This story is developing…
SEE ALSO: ‘Shame on Mark Zuckerberg’: Facebook enraged lawmakers again after evading questions about its year from hell
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