Facebook to pay $5 billion to settle FTC privacy investigation The vote puts Facebook and the FTC on the cusp of a record-setting agreement, with a financial penalty that’s bigger than anything the FTC has collected previously.

Facebook is on the cusp of a record-setting $5 billion government settlement over its handling of user data, a deal that would dwarf previous agreements and offer the clearest indication yet of Washington’s growing interest in reeling in big tech.

But the deal could also leave Facebook relatively unscathed depending on the details of the terms, which have yet to be announced. On Friday, consumer advocates and tech industry critics denounced the deal as being too soft on Facebook, though the company faces further investigation and litigation from state attorneys general as well as governments in Europe.

The Federal Trade Commission voted behind closed doors this week to approve the $5 billion settlement with Facebook over a series of privacy issues, according to a person familiar with the agreement who was not authorized to speak publicly. The vote was originally reported by The Wall Street Journal.