Facebook faces 20-year consent agreement after privacy lapses

The social media giant Facebook Inc is headed toward an agreement with the US government over its privacy policies and practices that would put it under 20 years of oversight, according to a source knowledgeable about the discussions.

The agreement would resolve a probe of whether the company violated a similar consent pact reached in 2011.

There had been expectations a deal was imminent after Facebook set aside $3 billion to pay what it said it expected to be a $3 billion to $5 billion penalty. But two sources said on Monday that no deal was expected this week.