Facebook to pay civil penalty of $5 bn to settle allegations by US FTC

The Federal Trade Commission (FTC) is set to announce on Wednesday that Facebook Inc has agreed to a sweeping settlement of significant allegations it mishandled user privacy and pay $5 billion, two people briefed on the matter said.

As part of the settlement, Facebook will agree to create a board committee on privacy and will agree to new executive certifications that users' privacy is being properly protected, the people said. Facebook Chief Executive Mark Zuckerberg will have to certify every three months that the company.....

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