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Facebook To Pay Up to $5 Billion In FTC Settlement

Video Credit: Wochit - Duration: 00:38s - Published < > Embed
Facebook To Pay Up to $5 Billion In FTC Settlement

Facebook To Pay Up to $5 Billion In FTC Settlement

Facebook said Wednesday that it expects to have to pay at least $3 billion to settle a Federal Trade Commission investigation.

Broadcasting Cable reports the investigation is into whether it violated a 2011 consent degree related to its data privacy practices.

The FTC has been expected to extract a multi-billion settlement, and that was reflected in the company's first quarter earnings reports.

"We reasonably estimated a probable loss and recorded an accrual of $3.0 billion in connection with the inquiry of the FTC into our platform and user data practices." It also said a settlement has not yet been finalized.

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