Facebook and the U.S. Federal Trade Commission (FTC) are in negotiations to settle an investigation into the social media giant’s privacy practices. The exact amount had not been agreed at the time of this writing, but is thought a multi-billion dollar fine will be paid.
Facebook Fine Set to Be Largest Ever for a Tech Firm
Facebook confirmed the discussions were ongoing to the Washington Post. It is understood that the fine will be the largest ever imposed on a tech company by the FTC. The previous record was the $22.5 million fine levied on Google in 2012. Furthermore, if the current talks fail, the battle could end up in court.
The FTC’s investigation began in March 2018, amid allegations that political consultancy Cambridge Analytica had inappropriately used personal data on the platform. The FTC is currently investigating whether Facebook broke a 2011 deal with it to tighten its approach to privacy.
Democratic Senator Richard Blumenthal of Connecticut said: “Facebook faces a moment of reckoning and the only way it will come is through an FTC order with severe penalties and other sanctions that stop this kind of privacy misconduct going forward”