Facebook faces a $5B FTC fine, the largest ever in tech.
At $5 billion, the fine the FTC is about to levy on Facebook is by far the largest it's given to a technology company, easily eclipsing the second largest, $22 million for Google in 2012.
The case now moves to the Justice Department's civil division for review. It's unclear how long the process would take, though it is likely to be approved. A Justice Department spokeswoman declined to comment on the Facebook matter. But while Wall Street — and likely Facebook executives — may be breathing a little easier, the fine alone has not appeased Facebook critics, including privacy advocates and lawmakers.
"Privacy regulation in the U.S. is broken. While large after-the-fact fines matter, what is much more important is strong, clear rules to protect consumers," said Nuala O'Connor, president and CEO of the Center for Democracy and Technology. The CDT is pushing for federal online privacy legislation.
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