FTC reportedly hits Facebook with record $5 billion settlement — from wired.com by Issie Lapowsky and Caitlin Kelly
Excerpt:
AFTER MONTHS OF negotiations, the Federal Trade Commission fined Facebook a record-setting $5 billion on Friday for privacy violations, according to multiple reports. The penalty comes after an investigation that lasted over a year, and marks the largest in the agency’s history by an order of magnitude. If approved by the Justice Department’s civil division, it will also be the first substantive punishment for Facebook in the US, where the tech industry has gone largely unregulated. But Washington has taken a harsher stance toward Silicon Valley lately, and Friday’s announcement marks its most aggressive action yet to curb its privacy overreaches.
Also see:
- Facebook gets its $5 billion slap on the wrist. Now will it change its ways? — from fastcompany.com by Ruth Reader