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Facebook Expects FTC Privacy Fine Of Up To $5B

Law360 (April 24, 2019, 5:26 PM EDT) -- Facebook expects to be fined between $3 billion and $5 billion by the U.S. Federal Trade Commission for privacy lapses, in what would dwarf previous penalties the agency has given to technology giants, the company said Wednesday.

The company disclosed in its quarterly earnings report that it has already recorded a $3 billion loss on its balance sheet due to the FTC's ongoing probe into whether the social network violated a 2011 promise to be transparent about its privacy practices when it allowed researchers at Cambridge Analytica to hoover up the personal data of unwitting users before the 2016 presidential election....

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