Facebook agrees to $550M slap on the wrist following facial recognition suit

Facebook's privacy violations are adding up. 

The Mark Zuckerberg-helmed behemoth has agreed to a $550 million settlement following a class-action lawsuit alleging the company violated an Illinois privacy law. So reports the New York Times, which notes that Facebook copped to the settlement in today's earnings call; a call that also happened to include the announcement of $21 billion in fourth quarter revenue.

In other words, the $550 settlement is chump change to the same company that successfully brushed a $5 billion FTC settlement off its shoulder. But that doesn't mean today's news of the settlement doesn't matter. Far from it. Read more...