Facebook Inc may have paid $4.9 billion more than the maximum penalty it faced under a settlement agreement with regulators related to allegations it mishandled user privacy, according to a Wednesday court ruling.
The information made public by a Delaware judge who gleaned it from a “white paper” prepared by a law firm advising Facebook’s board of directors as they debated a proposed $5 billion settlement with the Federal Trade Commission. That agreement also protected Chief Executive Officer Mark Zuckerberg.
Vice Chancellor Joseph Slights of the Court of Chancery cited the paper by Gibson Dunn attorneys in his ruling directing Facebook to turn over documents to shareholders wh…
Keep on reading: Facebook may have vastly overpaid in data privacy settlement – court filing