The Federal Trade Commission confirmed on Wednesday it has agreed to a settlement by Facebook for violating consumer privacy in the Cambridge Analytica scandal, with the social network paying a $5 billion penalty and agreeing to new restrictions.

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The U.S. Federal Trade Commission has reportedly approved a $5 billion settlement with Facebook to resolve the latter's privacy violations in the Cambridge Analytica scandal.

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Facebook's negotiations with the Federal Trade Commission to end an investigation into the social network's alleged privacy violations may involve a 20-year period of government oversight, with a deal between the two potentially a month away from completion.

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Facebook is preparing to pay a record-setting fine to the U.S. Federal Trade Commission for privacy violations following the Cambridge Analytica fiasco, as the social network is earmarking $3 billion to go towards its expenses and a potential $5 billion fine, depending on how it negotiates with the regulator.

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Facebook and the U.S. Federal Trade Commission are in talks over a privacy violations fine that could cost the former billions of dollars.

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The firm best known for harvesting political data ignored a legal order to provide personal information when asked by a US academic. This contravenes UK data protection laws and saw them fined a total of $27,000.

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Apple has reportedly hired Sandy Parakilas, an outspoken critic of privacy practices at Facebook, to serve as a product manager on its privacy team.

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The attorney general for Washington, D.C. itself announced that the region is suing Facebook for its role in Cambridge Analytica's illicit collection of private data.

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In response to the Cambridge Analytica scandal, the European Parliament this week adopted a resolution calling on Facebook to take actions to stop interference in elections, and let E.U. agencies perform a full audit of the company's data protection.

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