Facebook Waiting to Get Poked After Resolving FTC Complaint

Image via WikipediaSocial network leviathan Facebook, which as early as the first quarter of 2012 is expected to roll out an IPO that may top $100 billion, this week settled a complaint with the Federal Trade Commission filed in 2009 by the Electronic Privacy Information Center concerning changes in Facebook's privacy policies.

Under fire for a policy shift that allegedly made users' personal information accessible to third parties that previously had been unavailable, Facebook, pursuant to an agreement with the FTC, will have to undergo bi-annual privacy audits over the next two decades. Additionally, before initiating revisions to its privacy policies, Facebook henceforth must give users prominent notice of any alterations to privacy settings and obtain their consent.

The company has added two attorneys to oversee Facebook's privacy concerns. According to published accounts, Facebook's resolution of the FTC complaint could subject it to maximum fines of $16,000 per infraction if it violates the settlement terms.