Cambridge Analytica files for chapter 7 bankruptcy in U.S. court

Cambridge Analytica files for chapter 7 bankruptcy in U.S. court

Cambridge Analytica, overwhelmed by a scandal over how it harvested data from Facebook to influence the last USA election, filed for bankruptcy in NY.

In a filing late Thursday, the United Kingdom -based company declared Chapter 7 bankruptcy protection in U.S. Bankruptcy Court Southern District of NY.

It said in a NY court filing that its assets totalled 100,001 to 500,000 dollars (£75,000 to £370,000).

The American proceeding could also shed light on some of the company's relationships and finances, as U.S. legal proceedings are more transparent than those in the United Kingdom, and creditors can use bankruptcy law to subpoena information and probe asset transfers.

Cambridge Analytica and its British parent SCL Elections said earlier this month that they would shut down immediately and begin bankruptcy proceedings after suffering a sharp drop in business.

This past March allegations surfaced that Cambridge Analytica, hired by President Donald Trump's 2016 United States election campaign, improperly used data of 87 million Facebook users beginning in 2014.

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Bannon, along with billionaire Robert Mercer, wanted to use the targeted advertisement technology as part of an "arsenal of weapons to fight a culture war", Wylie said Wednesday.

Facebook itself has also been sued dozens of times over the data breach, and if it loses suits, could be expected to turn to Cambridge Analytica for damages. The social giant said an internal investigation revealed that info on up to 87 million users may have been "improperly shared" with Cambridge Analytica. Wylie said Nix and Cambridge Analytica made presentations and sent documents to Lukoil, including a white paper about Cambridge Analytica's data collection and online targeting of Americans.

Facebook has scrambled to respond to the Cambridge Analytica blowback, which caught the company off guard and resulted in CEO Mark Zuckerberg testifying in two US congressional hearings.

The whistle-blower who revealed how Cambridge Analytica harvested Facebook Inc. user data to target election ads said the company could have shared that information with Russian Federation.

Separately, it was announced that Mr Zuckerberg will meet leaders of the European Parliament in a closed-door meeting on Tuesday about the data protection scandal that has engulfed his company.

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