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Facebook $5 Billion U.S. Privacy Settlement Approved by FTC

July 12, 2019, 8:08 PMUpdated: July 12, 2019, 11:40 PM

U.S. officials approved a record $5 billion privacy settlement with Facebook Inc. to resolve the Cambridge Analytica data scandal, people said, prompting an immediate outcry from lawmakers and privacy advocates who said it didn’t go far enough.

Although details of the settlement with the U.S. Federal Trade Commission weren’t announced, the fine is steep but far from devastating for Facebook. The company, which reported revenue of almost $56 billion in 2018, had set aside $3 billion in anticipation of the fine.

“This reported $5 billion penalty is barely a tap on the wrist, not even a slap,” said Senator Richard ...