Britain fines Facebook $70 million for breaking order in Giphy deal

Facebook Net worth

Facebook Net worth

UK competition authority fined Facebook £ 50.5million ($ 69.6million) for violating a ban in an investigation into the purchase by US media giant GIF Giphy , the agency announced on Wednesday. The Competition and Markets Authority (CMA) said Facebook intentionally failed to obey its order and the fine served as a warning that no company was above the law. Facebook is increasingly under attack from regulators and lawmakers for its business practices.

He said he strongly disagreed with CMA. The regulator said Facebook has not provided full compliance updates to continue to compete with Giphy and not integrate its business with Giphys while the investigation continues. Facebook failed to provide the required information despite several warnings, the CMA said, interpreting this as intentional non-compliance. "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," said Joel Bamford, senior director of mergers at the CMA.

"This should serve as a warning to any company that thinks it is above the law.” Bamford's comments echo those of US employment attorney Seema Nanda on Tuesday, after Facebook agreed to pay up to $14.25 million to resolve civil compliance claims. A news article published on Wednesday suggested that Facebook was planning a rebrand, a change that would likely see a parent company oversee its brands. Responding to the CMA fine, Facebook said: "We strongly disagree with the CMA's unfair decision to punish Facebook for a best effort compliance approach, which the CMA itself ultimately approved. "We will review the CMA's decision and consider our options."

Sources:- the live mint

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