The Federal Trade Commission slapped social media giant Facebook with a huge fine as part of a long-running investigation into the company’s privacy practices. According to reports in several media outlets, including the Wall Street Journal
and The New York Times
, the FTC voted to approve a $5 billion settlement of claims arising from the so-called Cambridge Analytica scandal.
The settlement, which would be the largest ever involving the FTC, still must be approved by the Department of Justice, the reports noted. The FTC declined to respond to The Green Sheet
’s request for confirmation. But Facebook made clear in an earnings report earlier this year that it expected the FTC’s investigation would result in a $3 billion to $5 billion hit.