James D. Rosener, a partner in the Commercial Department of Pepper Hamilton, was quoted in the July 23, 2019 Real Money article, "Facebook and Fines."
"It's not significant to Facebook's market cap," James D. Rosener, a partner at Pepper Hamilton who heads the firm's International Practice Group told Real Money, adding that the company's setting aside of billions ahead of expected penalties means "it won't hurt too much."
Still, Rosener said that the fine is a step in the right direction that will likely speed along California-style GDPR rules and more oversight of internet companies run amok.
"It's a statement," he said, clarifying that a $5 billion fine shouldn't be taken too lightly. On the subject of GDPR, he noted that investors need to contend with mounting fines from independent regulators, telling Real Money that there is no reason for fines abroad to be encumbered by fines levied in other jurisdictions.
"I just hope it doesn't become a battle for who can levy the biggest fines," he added.
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