Facebook Agrees to $5 Billion Settlement, Agrees to Federal Oversight

The U.S. government issued an unprecedented rebuke of Facebook after a year of massive privacy mishaps, charging that the company deceived its users and “undermined” choices they made to protect their data as part of a settlement that requires the tech giant to pay $5 billion and submit to significant federal oversight of its business practices. Sixteen months after opening its investigation, the Federal Trade Commission alleged that Facebook had repeatedly misled its 2.2 billion users.