Facebook's $100 Million Fine Wasn't Approved Unanimously by SEC

(Bloomberg) -- The $100 million fine that Facebook Inc. agreed to pay last month over claims that it misled investors about business risks tied to Cambridge Analytica’s use of account holders’ private data wasn’t supported by all of the members of the U.S. Securities and Exchange Commission.

Robert Jackson Jr., who occupies a Democratic seat at the regulator, voted against the settlement, according to a tally of commission votes posted on the agency’s website.

Key Details

• On Thursday, a federal judge signed off on the agreement between Facebook and the SEC.
• The settlement was approved in a 3-1 vote, with SEC Chairman Jay Clayton and two Republican commissioners supporting it.
• Jackson, who was only commissioner in Democratic seat at time of the June vote, declined to comment.
• The SEC announced the settlement on July 24.
• Facebook separately agreed to pay a $5 billion penalty levied by the Federal Trade Commission in a related case stemming from data obtained by Cambridge Analytica.
• The FTC’s two Democratic commissioners opposed that agency’s settlement, arguing it was too weak.

Read More

• Facebook to Pay $100 Million SEC Fine Over Cambridge Data Use

To contact the reporter on this story: Ben Bain in Washington at bbain2@bloomberg.net

To contact the editor responsible for this story: Jesse Westbrook at jwestbrook1@bloomberg.net

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