From Corporate Counsel
Facebook Expects Up to $5B Loss in Possible FTC Fine Over Data Privacy Mishaps
By Caroline Spiezio
Facebook Inc. has set aside $3 billion for a settlement with the Federal Trade Commission over its consumer data privacy practices.
Menlo Park, California-based Facebook estimated a “probable loss” of $3 billion to $5 billion due to an ongoing FTC inquiry into its data protection and privacy practices in its first-quarter results 8-K filing Wednesday...
Richard Newman, a data privacy and FTC compliance attorney at Hinch Newman, said in an email that “data privacy regulation remains atop the FTC’s enforcement policy agenda.” But University of California, Berkeley, privacy law professor Chris Hoofnagle said “the money doesn’t matter” and the bigger question is “whether Zuckerberg himself is held liable...”
Chris Jay Hoofnagle is an adjunct full professor at the UC Berkeley School of Information and School of Law.
