Zoom Communications Inc. has offered $18 million to settle a four-year-old US Securities and Exchange Commission probe related to its privacy policies and communications.
In the most recent quarter, the company recorded an $18 million expense for a “tentative settlement offer” with the financial regulator, Zoom disclosed Tuesday in a filing. A company spokesperson said the proposal still requires SEC approval.
The SEC first began investigating Zoom’s privacy policies, encryption and calculation of usage metrics in 2020. At the time, the company’s videoconferencing tool had catapulted to become a piece of essential communications infrastructure for Americans working from home during the pandemic.
That influx of users also led to government attention. In 2020, Zoom also received subpoenas from two US attorneys over interactions with foreign governments. These investigations remain “ongoing,” Zoom said in the filing. In November 2020, Zoom agreed to boost its security to settle claims with the Federal Trade Commission that it misled users about access to its meetings and privacy settings.
On Monday, Zoom changed its official name to reflect its efforts to expand beyond videoconferencing and offer a wider suite of business-oriented tools.
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