Reported $5B Facebook settlement is well-deserved punishment for abuses of user privacy

According to a report in The Wall Street Journal, the Federal Trade Commission has approved a settlement under which Facebook will pay a record $5 billion fine for violating an FTC order regarding its privacy practices.

The settlement, which still needs Justice Department approval, shows that Facebook is finally getting a well-deserved punishment for abusing the privacy of those who use the service.

The Journal reported that the FTC hit Facebook with the $5 billion fine for violating a 2011 agreement that required the social media giant to notify users when Facebook was going to allow third parties to snoop through their personal information. The fine is a recognition that Facebook has not learned its lesson.