Facebook Agrees to Settle FTC Charges Over Privacy

November 29, 2011 Updated Nov 29, 2011 at 5:35 PM EDT

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Facebook Agrees to Settle FTC Charges Over Privacy

November 29, 2011 Updated Nov 29, 2011 at 5:35 PM EDT

According to a news release issued by the Federal Trade Commission on Tuesday, social networking giant Facebook has agreed to settle FTC charges for failing to keep privacy promises made to users.

According to the FTC news release, the proposed settlement "bars Facebook from making any further deceptive privacy claims, requires that the company get consumers' approval before it changes the way it shares their data, and requires that it obtain periodic assessments of its privacy practices by independent, third-party auditors for the next 20 years."

"Facebook is obligated to keep the promises about privacy that it makes to its hundreds of millions of users," Jon Leibowitz, Chairman of the FTC said in the news release. "Facebook's innovation does not have to come at the expense of consumer privacy. The FTC action will ensure it will not."

Read the Federal Trade Commission news release HERE.