Facebook Expects to Be Fined Up to $5B by FTC Over Privacy Issues

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 “ongoing inquiry” with the F.T.C. Facebook added that “the matter remains unresolved.” The Silicon Valley company and the F.T.C.’s consumer protection and enforcement staff have been in negotiations for months over a financial penalty for claims that Facebook violated a 2011 privacy consent decree. In 2011, the company had promised a series of measures to protect its users’ privacy after an investigation found it had harmed consumers with its handling of their data.

Source: www.nytimes.com