So do we get any of that money? Apparently not.
The FTC voted 3-2 along party lines to adopt the settlement, which requires court approval. Democrats opposed it, saying it did not go far enough or require a large enough fine.
“Despite repeated promises to its billions of users worldwide that they could control how personal information is shared Facebook undermined consumers’ choices,” FTC Chairman Joe Simons, a Republican, said in a statement.
Democratic FTC Commissioner Rohit Chopra said the penalty provided “blanket immunity” for Facebook executives “and no real restraints on Facebook’s business model” and does “not fix the core problems that led to these violations.”
Facebook agreed to pay an additional $100 million to settle allegations that it misled investors about the seriousness of the misuse of users’ data, the Securities and Exchange Commission said on Wednesday.
The FTC said that Facebook’s data policy was deceptive to “tens of millions” of people who used its facial recognition tool and also violated its rules against deceptive practices when it did not disclose phone numbers collected for a security feature would also be used for advertising.
Facebook is also now barred from asking for our email passwords to other services when consumers sign up. Plus, they can’t use telephone numbers obtained in a security features, like two-factor authentication, for advertising. For facial recognition, they must get user consent in advance, so read those disclaimers before you check yes!
The U.S. Justice Department said on Tuesday it was opening a broad investigation of major digital technology firms into whether they engage in anticompetitive practices, the strongest sign the Trump administration is stepping up scrutiny of Big Tech.
The review will look into “whether and how market-leading online platforms have achieved market power and are engaging in practices that have reduced competition, stifled innovation, or otherwise harmed consumers,” the Justice Department said in a statement. It did not identify specific companies but said the review would consider concerns raised about “search, social media, and some retail services online” — an apparent reference to Alphabet Inc, Amazon.com Inc and Facebook Inc, and potentially Apple Inc.
Susan Saunders 7/24/19
