Tags: facebook | sec | fine

Facebook's $100M Fine Wasn't Approved Unanimously by SEC

Facebook's $100M Fine Wasn't Approved Unanimously by SEC
(Dolphfyn/Dreamstime)

Friday, 23 August 2019 05:29 PM EDT

The $100 million fine that Facebook Inc. agreed to pay last month over claims that it misled investors about business risks tied to Cambridge Analytica’s use of account holders’ private data wasn’t supported by all of the members of the U.S. Securities and Exchange Commission.

Robert Jackson Jr., who occupies a Democratic seat at the regulator, voted against the settlement, according to a tally of commission votes posted on the agency’s website.

Key Details

  • On Thursday, a federal judge signed off on the agreement between Facebook and the SEC.
  • The settlement was approved in a 3-1 vote, with SEC Chairman Jay Clayton and two Republican commissioners supporting it.
  • Jackson, who was only commissioner in Democratic seat at time of the June vote, declined to comment.
  • The SEC announced the settlement on July 24.
  • Facebook (FB) separately agreed to pay a $5 billion penalty levied by the Federal Trade Commission in a related case stemming from data obtained by Cambridge Analytica.
  • The FTC’s two Democratic commissioners opposed that agency’s settlement, arguing it was too weak.

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StreetTalk
The $100 million fine that Facebook Inc. agreed to pay last month over claims that it misled investors about business risks tied to Cambridge Analytica's use of account holders' private data wasn't supported by all of the members of the U.S. Securities and Exchange...
facebook, sec, fine
174
2019-29-23
Friday, 23 August 2019 05:29 PM
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