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Facebook $5 Billion U.S. Privacy Settlement Approved by FTC

  • Agreement sparks outcry from lawmakers and privacy advocates
  • Settlement stems from Cambridge Analytica data scandal
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FTC Votes to Approve Facebook's Privacy Settlement
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U.S. officials approved a record $5 billion privacy settlement with Facebook Inc. to resolve the Cambridge Analytica data scandal, people said, prompting an immediate outcry from lawmakers and privacy advocates who said it didn’t go far enough.

Although details of the settlement with the U.S. Federal Trade Commission weren’t announced, the fine is steep but far from devastating for Facebook. The company, which reported revenue of almost $56 billion in 2018, had set aside $3 billion in anticipation of the fine.