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Facebook to be fined $5bn over Cambridge Analytica scandal

Facebook to be fined $5bn over Cambridge Analytica scandal
US regulators have approved a record $5bn (£4bn) fine on Facebook in order to settle an investigation into data privacy violations, as per reports by US media.

The allegations investigated by The Federal Trade Commission (FTC) are levied on political consultancy “Cambridge Analytica” which improperly obtained the data of up to 87 million Facebook users.

The settlement was approved by the FTC in a 3-2 vote, sources told US media. Facebook and the FTC told the BBC they had no comment on the reports.

FTC initiated the investigating Facebook in March 2018 following reports that “Cambridge Analytica” had accessed the data of tens of millions of its users.

The investigation focused on whether Facebook had violated a 2011 agreement under which it was required to clearly notify users and gain "express consent" to share their data.

The fine still needs to be finalised by the Justice Department's civil division, and it is unclear how long this may take, the sources said.

If confirmed, it would be the largest fine ever levied by the FTC on a tech company. Facebook earlier this year said that they are expecting a fine of up to $5bn.