Thursday, November 10, was a big day for the FTC asserting its competition authority, from an announcement to strengthen FTC enforcement of Section 5 to weighing in on hiring restrictions. These stories, plus warnings of limited options for medication, an upcoming open Commission meeting, and more, after the jump.
The FTC had another light week as the Commission celebrated the anniversary of President Biden’s Executive Order on Promoting Competition in the American Economy. The Associate Director of the FTC’s Division of Financial Practices testified before the House Committee on Oversight and Reform Subcommittee on National Security about the FTC’s efforts to address fraud against the military community. These stories and more after the jump.…
The FTC had a busy week, taking multiple actions against alleged scammers and pyramid schemes in the finance and credit industries. In merger news, the agency announced a workshop on pharmaceutical mergers, and it took enforcement actions related to several mergers in a variety of industries. The FTC also issued a report showing that consumers have lost a whopping $1 billion in cryptocurrency scams since 2021. These stories and more after the jump. …
Monday, January 10, 2022
Consumer Protection: Cryptocurrency Payment Scams
- The FTC issued a warning alerting consumers to a new cryptocurrency scam. Scammers begin by impersonating government, law enforcement, or local utility companies. They message or call the victim to the tell them that they have won the lottery or a prize. Eventually, the scammer requests money from the victim and instructs the person to withdraw cryptocurrency from a cryptocurrency ATM. The scammer provides a QR code so the victim can transfer the cryptocurrency to themselves. Tracking the cryptocurrency is extremely difficult to do, which means most victims are not able to retrieve their funds. The FTC issued the warning due to the increased number of reported scams.
Monday, December 6, 2021
Consumer Protection: FTC’s Franchise Rule
- The FTC filed an amicus brief in pending litigation to advise the Supreme Court that the FTC’s Franchise Rule cannot be used to determine whether a franchisee is an employee or an independent contractor. The Franchise Rule, codified as 16 C.F.R. §§ 436–437, requires franchisors to provide certain material disclosures to all potential franchisees. In its brief, the agency explained that it enacted this Rule in 1978 in response to widespread deception in the sale of franchises, and that it should preempt state laws only if they offer less protection to prospective franchisees.
Monday, November 8, 2021
Antitrust: Hart-Scott-Rodino Act
- The Federal Trade Commission and the Justice Department’s Antitrust Division released the agencies’ 43rd Annual Hart-Scott-Rodino Report. The report provides HSR Premerger Notification data for fiscal year 2020, and its release coincides with an unprecedented surge in pre-merger filings during the current fiscal year.