Facebook reached a settlement with the Federal Trade Commission today in regards to the privacy-related lawsuit that accused the social network of "unfair and deceptive" business practices. The FTC lawsuit claimed that the company repeatedly shared user information with the public despite telling users that their information would be kept private.
In a long blog post, Facebook CEO Mark Zuckerberg explained that many of the FTC complaints have already been addressed and that the company has today appointed Erin Egan and Michael Richter as the its two Chief Privacy Officers.
"Facebook has always been committed to being transparent about the information you have stored with us --- and we have led the Internet in building tools to give people the ability to see and control what they share," wrote Zuckerberg.
No fine was levied on Facebook, as the FTC does not have the authority to do so. "The most important thing here is to ensure consumer privacy going forward," said FTC Chairman Jon Leibowitz. The settlement is still waiting for a full approval by the FTC.