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- Facebook Inc (NASDAQ: FB) lost a lawsuit over an initial order from the Irish Data Protection Commission’s threatening of the transfers of users’ data across the Atlantic, Bloomberg reports.
- The finalization of the order could lead to the suspension of the transfer of E.U. users’ personal information to Facebook’s U.S. servers, the Wall Street Journal reports.
- Facebook has time till mid-September to file its response.
- The dispute was triggered partly by the E.U.’s Court of Justice’s elimination of the EU-approved trans-Atlantic transfer tool, a Privacy Shield over citizens’ data safety concerns following U.S. shipment.
- The Irish authority also disallowed Facebook from using an alternative tool, known as standard contractual clauses for satisfying privacy rules following U.S. data shipment.
- Privacy campaigner Max Schrems has been complaining to the Irish watchdog against the safety of Facebook’s data transfers.
- The ruling will impact Facebook along with its users and other businesses, stated the social media company.
- Facebook acknowledged compliance with the European rules and appropriate data safeguards.
- The data transfer argument dates back to 2013 when former contractor Edward Snowden exposed the U.S. National Security Agency spying activities.
- The E.U. reinforced strict data protection rules with the 2018 General Data Protection Regulation.
- Price action: FB shares traded higher by 3.66% at $316.4 on the last check Friday.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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