Facebook Reportedly Agrees $5bn FTC Privacy Settlement

It’s hardly been a secret that the Facebook social media platform has had more than a few problems in the last few years. Culminating most significantly with the Cambridge Analytica scandal, the company was found to be, at best, poor at handling or data or, at worst, complicit in sharing it with organisations we were not expressively told about.

Last February, however, it was made pretty clear that the FTC (Federal Trade Commission) was coming after Facebook. With what was going to represent one of the biggest fines in legal history. Although exact figures were not stated at the time, the word ‘billions’ was used.

Well, following a report via The Verge, it would appear that the social media platform may have agreed on a settlement figure. And yes, we’re still talking billions!

Facebook Reportedly Agree To Record Settlement Figure

In the report, it has been suggested that Facebook has agreed to pay a $5bn fine. This payment has been offered in order to settle the case promptly. Those lawyers don’t come cheap after all!

Although there has been no formal confirmation from the social media site or the FTC, the matter is now believed to have been formally escalated to the justice department. They will now make a ruling as to whether to accept the settlement or not.

That’s Not All Folks!

While it is likely that this settlement will be agreed, it doesn’t end there. Facebook is still currently either facing (or fighting) fines imposed by many other countries. For example, a fine imposed in the UK (or a comparatively paltry £500,000 (circa $630,000)) is currently being appealed.

Somewhat bizarre that they’ve seemingly agreed to $5bn, but are disputing a £500,000 fine. Given that Facebook made $16bn in just the last quarter, however, this may all just be a drop in the ocean to them.

What do you think? – Let us know in the comments!