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Facebook headquarters Photo: Jason Doiy/ALM

Facebook Inc. has set aside $3 billion for a settlement with the Federal Trade Commission over its consumer data privacy practices.

Menlo Park, California-based Facebook estimated a “probable loss” of $3 billion to $5 billion due to an ongoing FTC inquiry into its data protection and privacy practices in its first-quarter results 8-K filing Wednesday.

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Caroline Spiezio

Caroline covers the intersection of tech and law for Corporate Counsel. She's based in San Francisco. Find her on Twitter @CarolineSpiezio.

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