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Showing posts with the label FTC | Press Release.

FTC Press Release | FTC Adds Requirements to 2014 Order to Remedy CoreLogic Inc.’s Compliance Deficiencies

ftc.gov FTC Adds Requirements to 2014 Order to Remedy CoreLogic Inc.’s Compliance Deficiencies The Federal Trade Commission today announced that it will modify an order entered in 2014 against CoreLogic, Inc., a California-based company that provides real estate data and analytics, including national assessor and recorder data, known as bulk data. CoreLogic agreed to the 2014 order to resolve Commission concerns about CoreLogic’s acquisition of DataQuick Information Systems, Inc. The Commission alleged that the proposed acquisition would significantly reduce competition in the market for national bulk data in violation of the federal antitrust laws. To resolve that concern, CoreLogic agreed to divest bulk data and information used by DataQuick to Renwood RealtyTrac LLC and provide other support so that RealtyTrac could replace DataQuick as a competitor in the national bulk data market. The Commission explains in its Ag

FTC | Press Release: Western Union Admits Anti-Money Laundering Violations and Settles Consumer Fraud Charges, Forfeits $586 Million in Settlement with FTC and Justice Department

ftc.gov   The Western Union Company (Western Union), a global money services business headquartered in Englewood, Colorado, has agreed to forfeit $586 million and enter into agreements with the Federal Trade Commission, the Justice Department, and the U.S. Attorneys’ Offices of the Middle District of Pennsylvania, the Central District of California, the Eastern District of Pennsylvania and the Southern District of Florida. In its agreement with the Justice Department, Western Union admits to criminal violations including willfully failing to maintain an effective anti-money laundering program and aiding and abetting wire fraud.

FTC | Press Release - November 17, 2016: FTC “Sharing Economy” Report Explores Evolving Internet And App-Based Services

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Report Highlights Competitive Benefits And Consumer Protection Challenges Triggered By Proliferation Of Online Services

FTC | Press Release - April 6, 2016: FTC Returns Money to Consumers Harmed by Scam That Collected Millions in Phantom Payday Loan Debts

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FTC Returns Money to Consumers Harmed by Scam That Collected Millions in Phantom Payday Loan Debts The Federal Trade Commission is mailing 1,701 checks totaling more than $596,000 to consumers who lost money to a fraudulent debt collection scheme that processed payments for payday loan debts they did not owe. In September 2015, a federal court banned Kirit Patel, Broadway Global Master Inc. and In-Arabia Solutions Inc. from the debt collection business. Affected consumers will receive checks in the average amount of $350.39 and should deposit or cash them within 60 days of the mailing date. The FTC never requires consumers to pay money or to provide information before refund checks can be cashed. Approximately 63 percent of consumers’ total loss is being returned. Consumers who receive checks and have questions can contact the FTC’s refund administrator, Analytics, at 844-449-3587. Follow the link to learn more about the FTC’s refund program . The Fed

FTC | Press Release - September 19, 2014: FTC Approves Final Order Preserving Future Competition in Generic Injectable Tuberculosis Drug Market.

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FTC Approves Final Order Preserving Future Competition in Generic Injectable Tuberculosis Drug Market Following a public comment period, the Federal Trade Commission has approved a  final order  settling charges that Akorn, Inc.’s acquisition of VersaPharm Inc. and its parent company, VPI Holdings Corp., would have likely been anticompetitive. Under the order,  first announced in August 2014,  Akorn is required to divest its Abbreviated New Drug Application for generic injectable rifampin – which is currently pending before the Food and Drug Administration – to Watson Laboratories, Inc. According to the FTC’s complaint, only VersaPharm and two other firms currently have FDA approval to sell generic injectable rifampin. There are no viable substitutes for rifampin as a course of treatment for tuberculosis. The FTC alleged that if Akorn had consummated its acquisition of VersaPharm as originally proposed, the combined company would have been likely to delay or cancel the intro

FTC | Press Release - September 3, 2014: FTC Announces Agenda, Panelists for Upcoming Big Data Workshop.

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FTC Announces Agenda, Panelists for Upcoming Big Data Workshop The Federal Trade Commission has announced the final agenda for its upcoming workshop, “ Big Data: A Tool for Inclusion or Exclusion? ” taking place at  9 a.m. on Sept. 15  in Washington, D.C. “Big data” generally refers to advancing technologies that are dramatically expanding the commercial collection, analysis, use, and storage of data. The workshop will examine the use of big data and its impact on consumers, including low-income and underserved consumers. The day-long program will feature presentations and panel discussions with academic researchers, consumer groups, industry representatives and others with expertise on these issues and include remarks by FTC Chairwoman Edith Ramirez and Commissioner Julie Brill. The workshop will take place in the auditorium of the Constitution Center, located at 400 7th Street, SW, in Washington, D.C. Registration will open at  8 a.m. The agenda and panelists are as fol

FTC | Press Release -June 4, 2014: FTC and DOJ Announce Agenda for June 23 Joint Agency Workshop on Conditional Pricing Practice.

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FTC and DOJ Announce Agenda for  June 23  Joint Agency Workshop on Conditional Pricing Practices The Federal Trade Commission and Department of Justice (DOJ) have issued the  agenda  for their joint public workshop , which will be held on  June 23, 2014 , to explore the economic and legal analysis of conditional pricing practices among firms in a supply chain.  Announced in early May , the workshop will focus on conditional pricing arrangements – practices in which prices are explicitly or effectively contingent on commitments to purchase or sell a specified share or volume of a single product or a mix of multiple products – such as loyalty or bundled pricing. A principal goal of the workshop will be to advance the economic understanding of the potential harms and benefits of conditional pricing practices and to reexamine their treatment under the antitrust laws. As detailed in the press release first announcing the event,  participants will focus primarily on: 1) Economic Le

FTC Issues Summary of Its 2013 Financial Acts Enforcement and Related Research and Consumer Education: FTC | Press Release -June 3, 2014-.

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FTC Issues Summary of Its 2013 Financial Acts Enforcement and Related Research and Consumer Education The Federal Trade Commission has issued its summaries of FTC enforcement and related activities during annual year 2013 regarding the  Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA) ; and the  Equal Credit Opportunity Act (ECOA) . The Commission has submitted the summaries to the Consumer Financial Protection Bureau (CFPB), at its request, so that it may include the FTC’s efforts in the CFPB’s annual report to Congress, which is required under the Dodd-Frank Act. The FTC and the CFPB generally have shared jurisdiction of these statutes, and coordinate their activities accordingly. The summary on TILA, CLA and EFTA addresses FTC’s enforcement actions related to non-mortgage credit (such as automobile advertising), mortgage lending advertisements, and forensic audit scams; rulemaking, research, and policy development related to

FTC | Press Release -May 27, 2014: FTC Recommends Congress Require the Data Broker Industry to be More Transparent and Give Consumers Greater Control Over Their Personal Information.

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FTC Recommends Congress Require the Data Broker Industry to be More Transparent and Give Consumers Greater Control Over Their Personal Information Agency Report Shows Data Brokers Collect and Store Billions of Data Elements Covering Nearly Every U.S. Consumer Note: A conference call for media with FTC Chairwoman Edith Ramirez will occur as follows: Date: May 27, 2014 Time: 12 noon , ET Call-in: (800) 288-8976, confirmation number 327858 Call-in lines, which are for media only, will open 30 minutes prior to the start of the call. The Chairwoman and FTC staff will be available to take questions from the media about the case. In a report issued today on the data broker industry, the Federal Trade Commission finds that data brokers operate with a fundamental lack of transparency. The Commission recommends that Congress consider enacting legislation to make data broker practices more visible to consumers and to give consumers g

FTC | Press Release - May 21, 2014: FTC Approves Fiscal Year (FY) 2013 HSR Premerger Notification Report

FTC Approves Fiscal Year (FY) 2013 HSR Premerger Notification Report The Federal Trade Commission, with the concurrence of the Department of Justice's Assistant Attorney General for Antitrust, released the  agencies’ 36 th  Annual Hart-Scott-Rodino (HSR) Annual Report (Fiscal Year 2013)  regarding the HSR Premerger Notification Program. The premerger notification program is instrumental in alerting the agencies to transactions that may substantially lessen competition in violation of federal law. The report notes that 1,326 transactions were reported to the antitrust agencies, a 7.2 percent decrease from the 1,429  transactions reported in FY 2012 . The report also summarizes the agencies’ merger enforcement activities, highlighting the 38 merger enforcement actions that preserved competition in many sectors of the economy, including pharmaceuticals, health care and health insurance, industrial and high tech goods, commercial air travel, consumer goods, waste collection, an

FTC | Press Release - May 20, 2014: FTC Chairwoman Meets with Officials of Chinese Antitrust Agencies.

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FTC Chairwoman Meets with Officials of Chinese Antitrust Agencies Federal Trade Commission Chairwoman Edith Ramirez met today in Beijing with officials from China’s three antitrust agencies to follow up on the U.S. and Chinese agencies’ high-level dialogue regarding antitrust developments and priorities . Chairwoman Ramirez held meetings with Shang Ming, Director General of the Anti-Monopoly Bureau of the Ministry of Commerce (MOFCOM), Hu Zucai, Vice Minister of the National Development and Reform Commission (NDRC), Xu Kunlin, Director General of NDRC’s Price Supervision and Anti-Monopoly Bureau, and Ren Airong, Director General of the Anti-Monopoly and Anti-Unfair Competition Enforcement Bureau of the State Administration for Industry and Commerce (SAIC). Ramirez traveled to Beijing, along with FTC Commissioner Maureen K. Ohlhausen, Leslie Overton, Deputy Assistant Attorney General with the U.S. Department of Justice (DOJ) Antitrust Division, and other FTC and DOJ officials,

FTC | Press Release - May 19, 2014: Ski Manufacturers Marker Völkl and Tecnica Settle FTC Collusion Charges Related to Ski Endorsers and Employees

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Ski Manufacturers Marker Völkl and Tecnica Settle FTC Collusion Charges Related to Ski Endorsers and Employees Two Companies Are Barred from Non-compete Agreements Ski equipment manufacturers Marker Völkl (International) GmbH and Tecnica Group S.p.A. have settled Federal Trade Commission charges that for many years they illegally agreed not to compete for one another’s ski endorsers or employees. The proposed orders settling the FTC’s charges bar each firm from engaging in similar anticompetitive conduct in the future. According to the FTC’s complaints [ Tecnica Group complaint  |  Marker Volkl complaint ], the most effective and costly tool for marketing ski equipment is securing endorsement agreements from well-known skiers. Typically, ski equipment companies compete to secure the endorsement of prominent skiers. When an agreement expires, the companies may try to induce the skier to switch from one company to another, for example, by offering more money in exchange for an

FTC | Press Release - May 16, 2014: Staff: Missouri and New Jersey Should Repeal Their Prohibitions on Direct-to-Consumer Auto Sales by Manufacturers.

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FTC Staff: Missouri and New Jersey Should Repeal Their Prohibitions on Direct-to-Consumer Auto Sales by Manufacturers Federal Trade Commission staff submitted written comments to  Missouri State Representative Michael J. Colona  and  New Jersey State Assemblyman Paul D. Moriarty  in response to requests for comment on legislative proposals that would alter the ability of automobile manufacturers to sell their cars directly to consumers. The proposed Missouri bill would expand current prohibitions of such sales by franchisors to also include sales by any manufacturer, regardless of whether they use independent dealers. In New Jersey, several bills would create limited exceptions to state law that, as currently interpreted, requires motor vehicles to be sold only through independent auto dealers. According to the comments by staff from the FTC’s Office of Policy Planning, Bureau of Competition, and Bureau of Economics, current laws in both jurisdictions “operate as a special pr