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SEC Aggressively Pursues Executive Compensation Clawbacks: The Morning Minute
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September 16, 2022 at 06:00 AM
6 minute read
WHILE YOU WERE SLEEPING
MIGHTY FINE(S) - South Korea has issued its largest privacy fines ever to Google and Meta, parent company of the massively popular social apps Instagram and Facebook, Law.com International’s Jessica Seah reports. Google and Meta are to pay up $50 million and $22 million, respectively. In a statement, the Personal Informational Protection Commission said that Google and Meta did not clearly inform users or obtain their consent as they collected information about their online activities when they used other websites and apps outside their own platforms. Specifically, the default choice available to users was to “agree” while further options were only made available via the settings function. The data collected was used to create tailored and targeted advertisements. According to the commission, the penalties were the largest ever imposed by South Korea for privacy law violations. “Not only these fines are largest ever in our country, in case of Google, its amount is more than ten times of the amounts to the previous largest ones, which were imposed against Meta in 2020 and 2021,” said Kwang Bae Park, a partner at Korea’s Big Six firm, Lee & Ko, who has been advising both domestic and foreign companies on compliance with domestic data privacy laws.
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