logo
  

Facebook Fined In The U.K. For Continued Disregard Of Legal Obligations - Quick Facts

The Competition and Markets Authority in the U.K. has imposed a fine of 50.5 million pounds on Facebook for breaching an order imposed by the CMA during its investigation into Facebook's purchase of Giphy. GIPHY, a provider of visual expression and creation, joined Facebook in May 2020 as part of their Instagram team.

The CMA imposed an initial enforcement order on Facebook in June 2020 in relation to the purchase of Giphy. Despite repeated warnings from the CMA, Facebook significantly limited the scope of the regular updates outlining its compliance with the IEO. The CMA noted that this is the first time a company has been found to have breached an IEO by consciously refusing to report all the required information.

The CMA has issued a fine of 50 million pounds for the major breach. Also, Facebook was fined 500 thousand pounds for changing its Chief Compliance Officer on two separate occasions without seeking consent.

"We warned Facebook that its refusal to provide us with important information was a breach of the order but, even after losing its appeal in two separate courts, Facebook continued to disregard its legal obligations," Joel Bamford, Senior Director of Mergers at the CMA, stated.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Teleflex Inc., a provider of medical technologies for critical care and surgery, is recalling Arrow-Trerotola Over-The-Wire PTD Kit Percutaneous Thrombolytic Device: 7FR, the U.S. Food and Drug Administration said. The Arrow-Trerotola Percutaneous Thrombolytic Device or PTD Catheter, in conjunction with the Arrow Rotator Drive Unit, permits mechanical declotting of native arterio-venous or AV... Privately-held biotechnology company On Target Laboratories, Inc. announce that the U.S. Food and Drug Administration or FDA, has approved Cytalux (pafolacianine) for adult patients with ovarian cancer as an adjunct for intraoperative identification of malignant lesions. Cytalux is the first targeted fluorescent imaging agent that illuminates ovarian cancer intraoperatively. The Federal Trade Commission or FTC has ordered Walmart, Amazon, Kroger and certain other large wholesalers and suppliers to provide information to help it study causes of supply chain disruptions. The agency has launched an inquiry to find the reasons for empty shelves and exorbitant prices. Along with Walmart, Amazon.com, and Kroger, the order has been sent to C&S Wholesale Grocers, Associated..
Follow RTT