Privacy & Data Security Law News

Facebook Says Settling FTC Probe Could Cost Up to $5 Billion (1)

April 24, 2019, 9:16 PMUpdated: April 24, 2019, 9:15 PM

Facebook Inc. estimated that it will cost as much as $5 billion to resolve a U.S. investigation into its privacy practices, as the social-media company moves to put the fallout from the Cambridge Analytica scandal behind it.

Facebook said April 24 that it took a $3 billion charge related to the investigation by the Federal Trade Commission into whether the company violated a 2011 privacy settlement with the agency.

“We estimate that the range of loss in this matter is $3 billion to $5 billion,” Facebook said. “The matter remains unresolved, and there can be no assurance as to the...

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