Cambridge Analytica Commences Insolvency Proceedings in U.K.

(Bloomberg) -- British political-consulting firm Cambridge Analytica filed applications to commence insolvency proceedings in the U.K. following accusations it improperly obtained the personal data of as many as 87 million Facebook users.

• The company is immediately ceasing all operations, it in a statement
• Parallel bankruptcy proceedings will soon be commenced on behalf of Cambridge Analytica and its U.S. affiliates in the United States Bankruptcy Court for the Southern District of New York
• Cambridge Analytica intends to fully meet its obligations to its employees, including notice periods, severance terms, and redundancy entitlements

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