Fair Fund Established In Facebook SEC Action; Tax Administrator Appointed

Mealey's (August 18, 2020, 1:16 PM EDT) -- SAN FRANCISCO — A federal judge in California on Aug. 17 granted a post-judgment motion filed by the Securities and Exchange Commission in an enforcement action against Facebook Inc., establishing a fair fund for $100 million in civil penalties the social media giant agreed to pay as part of a consent of final judgment stemming from Facebook's issuance of misrepresentations to investors concealing misuse of its user data by data analytics company Cambridge Analytica (Securities and Exchange Commission v. Facebook Inc., No. 19-4241, N.D. Calif.)....