- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-11-14T21:07:00
Meta, the parent company of Facebook, has been fined nearly 798 million euros (U.S. $841 million) by the European Commission to resolve the agency’s long-running investigation into alleged “abusive practices” by Facebook Marketplace.
Meta promised to appeal the fine.
The EC claimed that Meta abused its dominant positions in both the social media market and the online classified ads market in the European Union’s 27-member countries. Facebook did so by tying its online classified ads for Facebook Marketplace to Facebook, whether Facebook users wanted them or not. The arrangement “gives Facebook Marketplace a substantial distribution advantage which competitors cannot match,” the EC said Wednesday in a press release.
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The European Union’s Digital Markets Act is forcing many Big Tech companies to postpone the launch of artificial intelligence-powered features, like Apple Intelligence, over user privacy and data security concerns.
The European Commission informed X, formerly Twitter, that it may be the first company found to be in violation of the European Union’s Digital Services Act in areas “linked to dark patterns, advertising transparency, and data access for researchers.”
Alphabet, the parent company of technology giant Google, agreed to pay $350 million in a preliminary settlement with shareholders over alleged data privacy violations and materially false and misleading statements linked to now-defunct social media site Google+.
Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
