Facebook Settles with Federal Regulators for over $5b

Facebook, Inc. agreed to pay a record-breaking $5 billion penalty to the FTC, and submit to new restrictions and a modified corporate structure relating to allegations that it violated a 2012 FTC order by deceiving users about their ability to control the privacy of their personal information relating to third party Cambridge Analytica. The order requires Facebook to restructure its approach to privacy from the corporate board-level down, and will hold Facebook executives accountable for the decisions they make about privacy. In a related action brought by the SEC, Facebook agreed to pay $100 million to settle charges that it made misleading disclosures regarding the risk of misuse of Facebook user data when it knew for more than two years that a third-party developer had actually misused Facebook user data. Andersen Sleater Sianni attorneys represent consumers and shareholders who have been deceived by company disclosures of information that are not as stated. Click to read more about the FTC and SEC settlements with Facebook.

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