Facebook fined $5 billion by FTC, must update and adopt new privacy, security measures. Facebook must pay a record-breaking $5 billion fine as part of a settlement with the Federal Trade Commission, by far the largest penalty ever imposed on a company for violating consumers’ privacy rights.
When did Facebook get fined?
Facebook, Inc. will pay a record-breaking $5 billion penalty, and submit to new restrictions and a modified corporate structure that will hold the company accountable for the decisions it makes about its users’ privacy, to settle Federal Trade Commission charges that the company violated a 2012 FTC order by deceiving …
What did Facebook get fined?
The Federal Trade Commission has approved a fine of roughly $5 billion against Facebook for mishandling users’ personal information, according to three people briefed on the vote, in what would be a landmark settlement that signals a newly aggressive stance by regulators toward the country’s most powerful technology …
Did Facebook get fined 5 billion?
“The $5 billion penalty against Facebook is the largest ever imposed on any company for violating consumers’ privacy and almost 20 times greater than the largest privacy or data security penalty ever imposed worldwide,” the FTC said in a statement.
Who gets the $5 billion Facebook fine?
Facebook’s record-breaking $5 billion fine is required by law to go straight to the U.S. Treasury. The money goes to the department’s general fund.
Why did Facebook get a 5 billion fine?
Facebook to pay record $5 billion U.S. fine over privacy; faces antitrust probe. … It was triggered last year by allegations that Facebook violated a 2012 consent decree by inappropriately sharing information belonging to 87 million users with the now-defunct British political consulting firm Cambridge Analytica.
Did Facebook break the law?
US federal regulators and more than 45 state prosecutors have sued Facebook, accusing the social media company of taking illegal actions to buy up rivals and stifle competition. The lawsuits are one of the most significant legal actions the US government has taken against the firm.
What is the biggest fine in history?
JP Morgan Chase – $13 billion
While this deal is a tentative one as of 2013, it remains the biggest fine in history.
Is the FB settlement real?
Judge approves $650m settlement of privacy lawsuit against Facebook. A federal judge has approved a $650m settlement of a privacy lawsuit against Facebook for allegedly using photo face-tagging and other biometric data without the permission of its users.
Did Facebook violate its own policies?
Users have the ability to report content on Facebook they believe violates its policies. But of the 150 pieces of such content that The Journal reported this way — and that Facebook later confirmed violated its rules — the company’s review process didn’t take down the content in roughly 25% of cases.
What happened to the Facebook settlement?
Waiting for your $345 from the Illinois Facebook privacy settlement? … Payouts in the $650 million Illinois Facebook class-action privacy settlement have been delayed after three users of the social media platform appealed a court decision approving $345 each for 1.6 million class members.
What is the biggest fine in US history?
The biggest corporate fine to date was levied against BP in the wake of the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, the largest in history. BP settled with the U.S. Department of Justice for $20.8bn in 2016; the total compensation ultimately paid out by the company reportedly exceeded $65bn.
How much did the Facebook breach cost?
Facebook’s Big Data Breach Could Cost It Over $1 Billion.
Who is the 1st Facebook user?
1. Mark Zuckerberg. As you might have guessed it, #1 on Facebook is Mark Zuckerberg, the founder of Facebook. He founded Facebook on February 4, 2004, together with a few Harvard classmates, and he was the first one to create an official Facebook profile with ID no.
How much money does Facebook make in a day?
We can say that Facebook makes about $ 21.5 million per day spent in the calendar, which is an impressive sum given that their costs per day were greater than 15% of this amount of money they make each year.
How much does Facebook make a year?
The company reported revenue of $26.17 billion for the quarter, which was up 48% compared with a year prior. Facebook’s net income grew 94% to $9.5 billion, from $4.9 billion a year prior.