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Facebook’s $5 billion settlement with the Federal Trade Commission over the Cambridge Analytica data-sharing scandal, originally agreed upon last July, is now official following approval by a federal court Thursday.
In addition to the fine, the agreement requires executive leaders at the company, including CEO Mark Zuckerberg, to certify compliance with the FTC quarterly and annually.
Facebook will also create a new privacy committee on its board of directors, made up entirely of independent directors, and the company will work with an independent third-party assessor who will regularly report on compliance to that committee.