Facebook fined $725 million for Cambridge Analytica

Meta agreed to pay $725 million to settle a class-action lawsuit that claimed the gave third parties access to its users' data without their consent.

It is the "largest fine ever imposed in a data privacy class action and the most Facebook has ever paid to settle a private class action," said Keller Rohrback LLP, the law firm representing the plaintiffs. about fb

The class-action lawsuit began in 2018 after Facebook revealed that the 87 million users were wrongly shared with Cambridge Analytica, a consulting firm linked to former President Donald Trump's 2016 election campaign.

The case was broadened to focus on Facebook's overall data sharing practices. The plaintiffs alleged that Facebook "gave various third parties access to Facebook users' content and information without their consent and that Facebook failed to adequately monitor third parties' access to and use of that information," according to the law firm behind from the lawsuit. .

Judges overseeing the case in the Northern District of California will now have to approve the settlement.

“We sought a settlement as it is in the best interest of our community and shareholders. Over the past three years, we've revamped our approach to privacy and implemented a comprehensive privacy program," he said. a Meta representative told CNBC.

The Cambridge Analytica scandal caused outrage around the world. So regulators decided to scrutinize Facebook's data practices.

Following the revelations, the Federal Trade Commission of began investigating Facebook over concerns that the social networking company had violated terms services, which requires the company to give its users clear notices when their data was shared with third parties. .

Facebook in 2019 agreed to a record $5 billion settlement with the FTC. Facebook also agreed to pay $100 million to settle a case with the US Securities and Exchange Commission over allegations that the company made misleading disclosures about the risk of its users' data being misused.

Cambridge Analytica, closed following the complaints in 2018.

Cambridge Analytica: the closure and birth of Emerdata

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Written by giorgos

George still wonders what he's doing here ...

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