WASHINGTON, D.C. — News media outlets are reporting that the Federal Trade Commission voted this week to approve a $5 billion settlement with Facebook following a long investigation of the company’s privacy practices. The FTC and Facebook have declined to comment, and details of the terms or restrictions that might be placed on Facebook have not been reported.
Marta Tellado, President and CEO of Consumer Reports, said, “While the size of the settlement is historic, we don’t yet have all the details. Fines alone will not reform a market ruled by digital giants that can afford $5 billion simply as a cost of doing business. We hope the FTC is going to take meaningful action, but given the weak privacy laws we have today, it’s unlikely to be enough. That’s why we need to raise the standards for data privacy and hold Big Tech accountable to ensure protections are in place across the board.”
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