Facebook-linked Cambridge Analytica files for bankruptcy in U.S.

Cambridge Analytica said it has commenced insolvency proceedings in the U.S.

Cambridge Analytica, the data firm accused of violating U.S. election laws and misusing the Facebook data of tens of millions of users, has followed through on its plan to file for bankruptcy in the U.S.

The firm announced more than two weeks ago it would be shutting down, saying in a May 2 statement:

"Over the past several months, Cambridge Analytica has been the subject of numerous unfounded accusations and, despite the Company's efforts to correct the record, has been vilified for activities that are not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas."

Court documents show that Cambridge Analytica LLC, the company's American arm, filed on Thursday in New York's Southern District.

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