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MarketWatch MarketPulseFeb 14, 2019
Facebook may face multi-billion-dollar FTC fine in privacy probe: report
Facebook Inc. could end up paying a record-setting fine as it negotiates a settlement with the Federal Trade Commission over an investigation into its privacy practices, the Washington Post reported Thursday. The social network and the FTC are currently negotiating a multi-billion-dollar fine, the Post reported. That would dwarf the highest privacy settlement ever -- Google's $22.5 million fine in 2012 -- and could rival the FTC's massive $14.7 billion settlement with Volkswagen over emissions cheating in 2016. The Post said talks are ongoing and may yet break down, which could lead to a court battle. The FTC investigation concerns the Cambridge Analytica data scandal, in which private data of about 87 million Facebook users was inappropriately accessed, and whether that incident broke a 2011 privacy agreement between the FTC and Facebook. Facebook shares were down fractionally in extended trading after the Post report was published.

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