Cambridge Analytica files for voluntary bankruptcy in US

New York: British political consulting group Cambridge Analytica filed for voluntary Chapter 7 bankruptcy in the Southern District of New York, court documents showed. The firm, whose attorney filed late on Wednesday, announced early May that it would close and file for bankruptcy in Britain and the United States after failing to recover from the Facebook data scandal. The documents, seen by AFP, listed Cambridge Analytica LLC’s estimated assets in the range of $100,001 and $500,000, with estimated liabilities between $1 million and $10 million. Earlier this month, the company — which worked on Donald Trump’s 2016 presidential campaign — claimed its business had been ruined by “numerous unfounded accusations” which rendered operating the business “no longer viable.” The firm became embroiled in scandal in March when former analyst, 28-year-old Canadian Christopher Wylie, revealed it had used a Facebook personality prediction app to hijack up to 87 million Facebook users’ data — claims it denies. Soon after, CA chief executive Alexander Nix was suspended. — AFP