US slaps $5 bn fine, curbs on Facebook in privacy probe

US regulators on Wednesday slapped a record $5 billion fine on Facebook for privacy violations in a settlement requiring the world's biggest social network to "submit to new restrictions and a modified corporate structure."
"The magnitude of the $5 billion penalty and sweeping conduct relief are unprecedented in the history of the FTC. The relief is designed not only to punish future violations but, more importantly, to change Facebook's entire privacy culture to decrease the likelihood of continued violations."
"The settlement imposes no meaningful changes to the company's structure or financial incentives, which led to these violations. Nor does it include any restrictions on the company's mass surveillance or advertising tactics."

Facebook lawyer Colin Stretch said the agreement "will require a fundamental shift in the way we approach our work and it will place additional responsibility on people building our products at every level of the company."