WASHINGTON • US officials approved a record US$5 billion (S$6.8 billion) privacy settlement with Facebook to resolve the Cambridge Analytica data scandal, prompting an immediate outcry from lawmakers and privacy advocates who said it did not go far enough.
Although details of the settlement with the United States Federal Trade Commission (FTC) were not announced, the fine is steep but far from devastating for Facebook.
The company, which reported revenue of almost US$56 billion last year, had set aside US$3 billion in anticipation of the fine.
The settlement, which still needs approval from the Justice Department, is the largest privacy fine in the FTC's history.
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