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Facebook expects FTC fine up to $5 billion over privacy issues

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Facebook said on Wednesday that it expects to be fined up to $5 billion by the Federal Trade Commission for privacy violations, in what would…
Facebook said on Wednesday that it expects to be fined up to $5 billion by the Federal Trade Commission for privacy violations, in what would be a record penalty by the agency against a technology company.
The social network disclosed the amount in its quarterly financial results, saying it estimated a one-time charge of $3 billion to $5 billion in connection with an inquiry by the trade commission. Facebook added that “the matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome.”
The Menlo Park company and the FTC have been in negotiations for months over a financial penalty for claims that Facebook violated a 2011 privacy consent decree. In 2011, the company promised a series of measures to protect its users’ privacy after an investigation found that its handling of data had harmed consumers. The FTC opened a new investigation last year after Facebook came under fire for improper handling of user data involving consulting firm Cambridge Analytica, as well as for a major data breach.

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