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Facebook Expecting $3 billion Fine From US Federal Trade Commission

Facebook has said it is expecting a fine of between $3 billion and $5 billion from US regulators investigating the huge social network’s mishandling of private user data.

Facebook, in its quarterly earnings update said it had set aside $3 billion in its reserve to pay for such fines after the US Federal Trade Commission opened an investigation last year into a 2011 privacy settlement with the company.

“We estimate that the range of loss in this matter is $3.0 billion to $5.0 billion,” the company said.

“The matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome.”  The statement added.

 

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