The U.K. Information Commissioner's Office ("ICO") and Facebook, Inc. have reached a settlement, in which Facebook agrees to pay a fine of £500,000 ($645,000) to the ICO due to the company’s alleged failure to safeguard user’s data gathered by Cambridge Analytica.

As part of the agreement, Facebook and the ICO have agreed to withdraw their respective appeals, says a press release. In addition, Facebook has made no admission of liability in relation to the appeal. "The fine is not kept by ICO but is paid to HM Treasury’s consolidated fund. As is usually the case in such proceedings before the Tribunal, the ICO and Facebook will each pay their own legal costs of the proceedings. Further, the agreement enables Facebook to retain documents disclosed by the ICO during the appeal for other purposes, including furthering its own investigation into issues around Cambridge Analytica. Parts of this investigation had previously been put on hold at the ICO's direction and can now resume," says ICO.