Facebook Said to Agree to Create Privacy Panel as Part of US FTC Settlement

The Federal Trade Commission is set to announce on Wednesday that Facebook has agreed to a sweeping settlement of significant allegations it mishandled user privacy and pay $5 billion (roughly Rs. 35,000), two people briefed on the matter said.

As part of the settlement, Facebook will agree to create a board committee on privacy and will agree to new executive certifications that users' privacy is being properly protected, the people said.

Facebook Chief Executive Mark Zuckerberg will have to certify every three months that the company is properly safeguarding user privacy, a person briefed on the matter said.