(RTTNews) - Facebook Inc. (FB) has agreed to pay a 500,000 pounds fine imposed by the UK Information Commissioner's Office over its role in the Cambridge Analytica data sharing scandal in 2018. But, the company will not admit to any liability under a settlement with the ICO. Harry Kinmonth, Director and Associate General Counsel, Facebook said, ".... we wish we had done more to investigate claims about Cambridge Analytica in 2015. We made major changes to our platform back then, significantly restricting the information which app developers could access...."
The ICO had issued the fine last year, but Facebook appealed the ruling. Now, Facebook and the ICO will withdraw the appeals.
Last year, Facebook had faced severe criticism in the wake of revelations that data from 87 million people was accessed by political consulting firm Cambridge Analytica, linked to US President Donald Trump's election campaign, without their permission. Today's settlement enables Facebook to retain documents disclosed by the ICO during the appeal for other purposes, including furthering its own investigation into issues around Cambridge Analytica. The investigation had previously been put on hold at the ICO's direction, that can resume now.