{"id":19079,"date":"2019-04-24T14:37:12","date_gmt":"2019-04-24T22:37:12","guid":{"rendered":"https:\/\/associatednews.info\/content\/facebook-could-face-up-to-5-billion-fine-for-privacy-violations\/"},"modified":"2019-04-24T14:37:12","modified_gmt":"2019-04-24T22:37:12","slug":"facebook-could-face-up-to-5-billion-fine-for-privacy-violations","status":"publish","type":"post","link":"https:\/\/associatednews.info\/content\/facebook-could-face-up-to-5-billion-fine-for-privacy-violations\/","title":{"rendered":"Facebook Could Face Up To $5 Billion Fine For Privacy Violations"},"content":{"rendered":"

By Aarti Shahani<\/a><\/span> <\/p>\n

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\n Facebook CEO Mark Zuckerberg speaks during the Facebook F8 developers conference on May 1, 2018, in San Jose, Calif.<\/p>\n

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Justin Sullivan\/Getty Images<\/p>\n

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Justin Sullivan\/Getty Images<\/p>\n

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Facebook expects to pay a fine of up to $5 billion in a settlement with federal regulators. The tech giant disclosed that figure in its first-quarter 2019 financial results<\/a>. <\/p>\n

Facebook has been in negotiations with the Federal Trade Commission following concerns that the company violated a 2011 consent decree. Back then, company leaders promised<\/a> to give consumers “clear and prominent notice” when sharing their data with others and to get “express consent.” <\/p>\n

But, experts say, Facebook broke its promise. Just one example: giving user data to Cambridge Analytica<\/a>, the political consulting firm that did work for the 2016 Trump campaign.<\/p>\n

Facebook estimates the fine will be in the $3 billion to $5 billion range and has set aside $3 billion for payment. The company’s statement says, “The matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome.”<\/p>\n

This would not be the largest fine issued by the FTC. In 2016, the agency reached settlements with Volkswagen totaling up to $14.7 billion<\/a>. Facebook’s total revenue for the first quarter stood at more than $15 billion. So whatever the final figure, the company has the money to pay for the estimated fine.<\/p>\n