Linde Gas: Company Appears to Have Been Aware of Dangerous Problems With Nitric Oxide Device for Years but Represented to Customers and FDA That Product Was Safe

A Capitol Forum investigation has found that Linde Gas (LIN) appears to have been aware of a fatal flaw with its NOxBOXi nitric oxide therapy device for newborns for several years but continued to market the device to hospitals and represent to the Food and Drug Administration that it was safe and effective. At issue […]

With Few Textual Requirements for USMCA Review, Trump Could Play It Safe or Go ‘Nuclear’

The text of the U.S.-Mexico-Canada Agreement (USMCA) provides few formal requirements for next year’s review, leaving stakeholders to envision a wide range of scenarios—from small tweaks around the edges to a full-scale renegotiation—and to attempt to align their proposed changes with the perceived priorities of the Trump administration, which has yet to publicly outline its […]

Stride Learning, Inc.: Texas Shutters One Campus with a Teacher Student Ratio of 65:1; Requires Another School to Implement a ‘Turnaround Plan’

A Stride Learning, Inc. (LRN) elementary school in Texas will close at the end of the year after repeatedly failing to meet state academic standards. The forced closure comes after the Texas Online Preparatory School (TOPS) Elementary, which serves 824 students in grades three through five, submitted a “turnaround plan” that was rejected by the […]

Meta Heading Toward More EU Fines for Breaking Digital Rules as Apple Makes Progress, Sources Say

Meta (META) is veering toward potentially hefty penalties under the EU’s digital antitrust rules as talks with the enforcer over changes to its “pay-or-consent” data use model for users of its social networks have proved unproductive, according to two sources familiar with the matter.  Meta and Apple (AAPL) faced EU fines of €200 million and […]

EU to Probe Chinese Thermal Paper Subsidies After Industry Complaint, Sources Say

The European Commission is set to open an anti-subsidy investigation into imports of lightweight thermal paper from China, according to people familiar with the matter. The move comes in response to a request from EU manufacturers seeking protection from what they claim are unfairly subsidised Chinese imports. In its complaint, filed in September, the European […]

Skyworks/Qorvo: Deal to Create U.S. Computer Chip Giant in RF Technology Likely to Face Rigorous SAMR Review

Skyworks Solutions’ (SWKS) proposed acquisition of rival components maker Qorvo (QRVO) to create a $22 billion U.S. powerhouse in critical radio frequency technology used in smartphones is set to undergo a rigorous investigation by China’s antitrust authority, legal practitioners and industry experts said.

EU Advances Cookie Consent Overhaul in Controversial Move that Risks Re-opening Landmark Privacy Rules

Brussels is weighing a politically charged plan to scrap the EU rules that underpin the ubiquitous “accept cookies” pop-ups, with senior officials mulling over the move as early as today, said two sources with direct knowledge of the matter. The step would lead to the reopening of the bloc’s landmark data-protection regime and likely trigger […]

Brussels Set to Probe Chinese Tire Subsidies Amid EU Industry Complaint, Sources Say.

The European Commission is poised to launch an anti-subsidy investigation into Chinese imports of passenger car and light truck tires, following a formal complaint from EU manufacturers, according to two people familiar with the matter. The surge in Chinese imports—fuelled by state support and domestic overcapacity—has steadily eroded the market share of European producers including […]

EU’s €234 billion Bid to Close Investment Gap in Strategic Sectors Progressing Smoothly, Leaked Draft Shows

The Capitol Forum has obtained the latest version of the European Union’s proposal for a €234 billion “Competitiveness Fund” to boost the bloc’s digital, defense, clean energy and biotech industries, ahead of political negotiations on the draft next month. The latest draft was circulated following a meeting between the European Commission, European Parliament and European […]

Kalshi: Cracks in Legal Theory Beginning to Emerge After Early Court Victory

Kalshi, the U.S.-based prediction market operator that recently introduced sports betting to its platform, notched an early courtroom win in Nevada earlier this year, bolstering the notion that the company’s novel interpretation of the law could open the door for nationwide sports betting, free from the fees and regulatory hassle imposed by individual states…

UnitedHealthcare’s Cost-Cutting Drive Could Mean Fewer Mental Health Services—Especially for Kids

As CEO of Sun Behavioral Health, Steve Page has the unenviable task of trying to maintain services at his small chain of four mental health facilities amid federal cuts to Medicaid. Sun Behavioral Health provides services for children and adults who suffer from conditions ranging from anxiety and suicidal thoughts to severe depression and schizophrenia. […]

Merger Lobbying Picks Up as ‘MAGA Lobbyists’ Cash in on Trumpworld Connections

Merger-related lobbying ticked up slightly in the third quarter as lobbyists connected to President Donald Trump worked to boost support for pending deals involving Nexstar (NXST), Tegna (TGNA), Norfolk Southern (NSC) and other clients. So-called “MAGA lobbyists” have been in high demand during the president’s second administration, especially amid the controversial success of Trump-connected advocates […]

Zillow: Realtors Are Required to Drive Business to Zillow’s In-House Lending Arm, Potentially Raising Buyer Costs; Agents Express Concern They Are Violating RESPA

Zillow’s (Z) commission-splitting Flex program could violate anti-kickback provisions of the Real Estate Settlement Procedures Act (RESPA) because it requires that real estate agents steer homebuyers to Zillow’s mortgage arm, realtors tell The Capitol Forum. The Flex program is an offshoot of Zillow’s Premier Agent program, in which realtors pay a flat fee to connect […]

Gildan/HanesBrands: Paperwork Pulled and Refiled, Giving FTC More Time to Conduct Initial Review

Gildan Activewear (GIL) pulled and refiled the HSR form for its planned acquisition of HanesBrands (HBI), according to a company spokesperson, giving the FTC 30 additional days to conduct an initial review of the $2.2 billion deal. The companies initially filed their HSR forms on September 18. Gildan withdrew its application yesterday and refiled today, […]

Saudi Role in Electronic Arts Takeover Likely to Face EU Scrutiny Under Foreign Subsidies Rules, Sources Say

The European Commission is expected to assess whether Saudi Arabia’s role in a consortium to acquire Electronic Arts (EA) for $55 billion will give the country outsized influence over the EU gaming sector, multiple sources told The Capitol Forum. The U.S.-based videogames company is being acquired by a consortium comprising Saudi Arabia’s sovereign wealth fund, […]

Ski Gear Maker Tecnica Confirms EU Antitrust Raid of Austrian Facility

Tecnica Group, the Italian owner of the Rollerblade inline skates brand, was among the companies raided by the European Commission as part of a cartel investigation into the ski equipment sector yesterday, a company spokesperson told The Capitol Forum. Commission representatives visited Tecnica Group’s production facility in Mittersill, Austria, on Monday “as part of a […]

CMA Faces First Major Test of Labour’s Pro-Consumer Agenda with Food Retail Tie-Ups

Greencore’s (LON: GNC) $1.6 billion proposed purchase of Bakkavor (LON: BAKK) and Kingsmill’s (LON: ABF) $100 million planned merger with Hovis are likely to test the Competition and Markets Authority’s appetite to intervene in UK-specific mergers following clear messaging from the government to focus on protecting vulnerable British consumers rather than policing global deals, according […]

Google Proposes New Search Changes Amid Threat of Fresh Fine Under EU Digital Rules

Google (GOOG) is proposing additional changes to results for shopping queries in its dominant search engine amid pressure to dodge a potential fine from the European Commission under the EU’s digital rules, according to two sources familiar with the matter. The commission in March charged the company preliminarily with violating the bloc’s Digital Markets Act […]

Paramount Skydance/Warner Brothers Discovery: Paramount Considers Hostile Bid, Not Planning Equity Financing

Paramount Skydance (PSKY) is considering a hostile bid for Warner Brothers Discovery (WBD), a source familiar with the matter said. The move comes after Paramount and Warner executives have discussed a potential deal for weeks but remain far apart on the contours of a final agreement, sources said.

Harrow Shakes Up Imprimis Leadership Following Accusation from CA Board of Pharmacy

Amid significant scrutiny of its drug compounding practices, ophthalmic pharmaceutical company Harrow (HROW) announced October 6 that John Saharek, the former CEO and president of its drug compounding arm, ImprimisRx, had stepped down. On the same day, Harrow said Frank Mullery would serve as the new CEO of ImprimisRx and Bridseida Cruz as Head of […]

SHEIN and Temu Look to Europe for Growth After End of De Minimis Exemption in U.S., Raising Concerns Among EU Policymakers

Chinese e-commerce companies Temu and SHEIN will no longer be able to rely on their low-cost direct-to-consumer model in the U.S. following the end of a trade exemption known as de minimis. As the companies look to Europe for growth, however, European policymakers are preparing to push back.   The companies’ growth paths have diverged following […]

EU to Propose Steep Tariffs on Excess Steel Imports to Curb Chinese Overcapacity and Re-engage with U.S.

Brussels is set to unveil a new trade instrument next week aimed at curbing tariff-free steel imports linked to global overcapacity, particularly from China. The move is also intended to lay the groundwork for negotiations with Washington over the removal of Trump’s tariffs that continue to weigh on European steelmakers, according to sources familiar with […]

UK Merger Review in Retreat: Lawyers Declare ‘Open Season’ as They Tell Companies to Skip Notifying Deals

Deal advisors in the UK are starting to see a window of opportunity for completing more complicated global mergers without intervention from the antitrust agency, as the Competition and Markets Authority sticks to the government’s economic growth agenda. Some lawyers view the CMA’s current approach to enforcement as a “new era” and an “open season” […]

Mars/Kellanova: EC Leaning Towards Clearing Deal, Sources Say

The European Commission is leaning towards clearing Mars’s $36 billion proposed acquisition of Kellanova (K) without remedies because it’s struggling to back up the concerns that motivated its in-depth review, according to sources familiar with the probe. The enforcer last week resumed its phase 2 investigation into the deal following a six-week pause as it […]

Anglo American/Teck Resources: Merger Set to Face ‘Canada Strong,’ ‘America First’ Agendas in Foreign Investment Reviews

London-based Anglo American (LSE: AAL) and Teck Resources’ (TECK) plan to create a $50 billion-plus copper-mining behemoth will likely encounter regulatory scrutiny driven by “Canada Strong” and “America First” agendas. In Ottawa, the main focus will be on whether the deal results in a “net benefit” for the country as defined under the Investment Canada […]

ADNOC/Covestro: Remedies Expected to be Filed as Early as Wednesday, Sources Say

Abu Dhabi National Oil Company (ADNOC) is set to file remedies with the European Commission as early as tomorrow in a bid to clear its €14.7 billion acquisition of German chemicals company Covestro (COV: ETR), sources said.  The proposed remedies will address the major concerns raised by the European Commission, andwould ensure that ADNOC’s state […]

Linde Gas: FDA Observes Serious Problems with NOxBOXi Device that Led to Neonatal Deaths and Injuries; Company Repeatedly Failed to Identify Patterns in Malfunctions, Investigate and Address Known Issues That Could Cause Death, and Report Problems to the FDA

Linde Gas (LIN), the world’s largest industrial gas supplier, repeatedly failed to appropriately investigate and fix serious problems with its NOxBOXi device, which administers inhaled nitric oxide therapy to newborns and monitors nitrogen dioxide and oxygen levels, according to a July inspection report obtained by The Capitol Forum through a Freedom of Information Act Request. […]

GTCR/Surmodics: Private Equity Firm’s Economist Disputes FTC’s Contention That Merged Company Would Dominate Hydrophilic Coatings Market

The FTC’s estimate that GTCR’s acquisition of Surmodics (SRDX) would create a company that produces 60% of the hydrophilic coatings for medical devices in the U.S. is far too high, the private equity firm’s economics expert said in court today. Instead, the market share would be 27%, said Paul Wong, a director of economic consulting […]

Nexstar/Tegna: With Massive DMA Overlap, Buyer Plans to Argue Changed Market Dynamics. Is it Enough to Convince Slater to Abandon Decades of DOJ Practice?

Nexstar’s (NXST) proposed $6.2 billion acquisition of rival broadcast television group Tegna (TGNA) is at first glance an audacious bet—the deal not only violates multiple FCC rules, but is also presumptively illegal under decades of DOJ antitrust division practice. Still, Nexstar is projecting extreme confidence in the transaction’s closing prospects…

Stanley Woodward Included in Second Batch of Trump Nominees Thune Will Bring to Confirmation Vote

Senator John Thune (R-SD) will include Stanley Woodward, the president’s choice to become DOJ’s No. 3 official, in a second batch of nominees that Republicans plan to bring to the Senate floor for a confirmation vote, a spokesperson for the majority leader said. Woodward, whose nomination to be associate attorney general was voted out of […]

Financials Friday: Trump Debanking Crusade Could Buttress a Consumer Protection Law; Cboe Joins Rush to Offer Popular Crypto Bets; U.S. Banks Look to Shed Low-Yielding Loans and Investments; Banks Fair Lending Gets an Inadvertent Boost in Debanking Crusade

The Trump administration’s vow to end “debanking” could end up fortifying a federal law that requires banks to help vulnerable communities, said a leading consumer advocate. Banks may not jettison clients based on their political allegiance or other factors deemed to constitute a “reputational risk” to the bank, the White House said last month…

Trump’s U.S. Customs and Border Patrol Has Dramatically Reduced Policing of Forced Labor Violations as the Agency Focuses More Resources on Tariffs

Customs and Border Patrol’s (CBP) policing of the Uyghur Forced Labor Prevention Act (UFLPA) has fallen dramatically since the act was first implemented in 2022, according to publicly available statistics published by Customs and Border Patrol. The UFLPA bans imports from China’s Xiangjiang province, where the Uyghurs and other minority groups are detained and forced […]

ADNOC/Covestro: Acquirer Spoke With Ribera Amid Stalled EC Review, Sources say

ADNOC’s top brass spoke with EU competition chief Teresa Ribera in the past few days regarding its proposed $16 billion acquisition of German chemicals company Covestro (ETR: 1CO), sources told The Capitol Forum. The conversation came after a tentative remedy offer and public criticism on the EC’s Foreign Subsidies Regulation investigation on Thursday, A phone […]

Health Care Policy: Analysis of Potential Policy Outcomes, Industry Effects of MAHA’s Efforts to Target Direct-to-Consumer Pharma Ads

The White House’s Make America Healthy Again (MAHA) Commission, led by Department of Health and Human Services (HHS) Secretary Robert F. Kennedy Jr., is expected to release a “Make Our Children Healthy Again” policy plan tomorrow. The strategy may include a crackdown on direct-to-consumer (DTC) pharmaceutical advertisements, a practice Secretary Kennedy has criticized in the […]

Merger Monthly: The Antitrust Division is Open for Dealmaking, With Partial UnitedHealth/Amedisys Fix the Latest Example; Outlook for Key Transactions Including Mars/Kellanova, Omnicom/Interpublic and Union Pacific/Norfolk Southern

DOJ’s August 7 consent decree settling its long-running litigation challenge to UnitedHealth’s $3.3 billion purchase of home health rival Amedisys “secure[d] the largest divestiture of outpatient healthcare services to resolve a merger challenge,” Assistant Attorney General Gail Slater said in a press release accompanying the settlement announcement…

Google Set to Get EU Adtech Fine as Early as Today, Sources Say

Google (GOOG) is expected to receive a fine as early as today from the European Commission over alleged abuses in its advertising technology business, according to two people with direct knowledge of the matter.  The Brussels enforcer has had a decision ready for months to fine the Big Tech firm and was due to announce […]

Caris Life Sciences: A Closer Look at Opportunities, Roadblocks for Widespread Adoption of AI-Based Precision Oncology Tools

Caris Life Sciences (CAI) earned Food and Drug Administration (FDA) approval for MI Cancer Seek, a tool that runs genetic sequencing on tumor tissue, for use as a companion diagnostic—atest that helps identify the best course of treatment for a patient—in November 2024. Since then, the company has touted the product, which incorporates artificial intelligence […]

AT&T/EchoStar: FCC or DOJ Has Power to Kill Part of Spectrum Deal Without Seeking Court Approval—If They So Choose

The federal government has the power to kill part of AT&T’s (T) proposed $23 billion airwaves purchase from EchoStar (SATS) without going to court. The question is whether DOJ or the Federal Communications Commission will do so. Under a 2020 agreement to help establish Dish as a fourth national wireless carrier, the company pledged to […]

Roblox: We Created 95 Underage Roblox Accounts in 1 Hour; Why It Matters and What It Says About Safety Issues With the Platform

As Roblox (RBLX) continues to announce new safety features and policies amid a growing wave of lawsuits alleging the company facilitates the sexual exploitation of children and teens, one thing remains constant—it is remarkably easy for individuals claiming to be any age to create accounts on the immensely popular online gaming platform. How easy? Last […]

Keurig Case Could Influence Outcome of Major Antitrust Actions Against Big Tech, Live Nation, Visa

After more than 10 years, a major private antitrust case against Keurig Dr Pepper (KDP) is approaching a milestone that could have ramifications not only for the world’s largest maker of single-serve coffee products but also for U.S. government lawsuits against Big Tech behemoths, Live Nation Entertainment (LYV) and Visa (V). Judge Vernon Broderick of […]

Keysight/Spirent: As Deadline Looms, SAMR Pauses Review Clock, Buying Extra Time to Negotiate, Market Test Proposed Remedies

China’s antitrust authority recently paused the review clock on its investigation into Keysight Technologies’ (KEYS) proposed takeover of rival Spirent Communications (LON: SPT) to allow extra time to negotiate and market test the parties’ proposed remedy package, sources familiar with the matter said.

Trump Pondering Executive Order Implementing ‘Transshipment’ Tariffs, Defining Non-Local Content Rules, as Soon as Next Week, Sources Say

President Donald Trump is pondering an executive order to define the percentage of content from high-tariff countries in imported goods that would trigger his recently announced 40% ‘transshipment’ tariffs, three sources familiar with the matter said. The administration on July 31 said it would apply an additional 40% tariff on ‘transshipped goods,’ or goods shipped […]

LiveRamp: Data Broker Distances Itself From Sensitive Consumer ‘Segments’ in Response to Privacy Class-Action Complaint

LiveRamp (RAMP) tried to distance itself from sensitive audience “segments” sold on its Data Marketplace in a recent response to an amended data privacy class-action complaint against the company, after a federal judge ruled last month that the case could proceed. LiveRamp repeatedly stated in its answer to the first amended complaint, which accuses the […]

Google: Ad Tech Giant Facing Possible Class Action, More Publisher Lawsuits in Coming Months; Liability Could Stretch Into Billions

Following a favorable April ruling in the federal antitrust lawsuit against Google’s (GOOG) ad-tech business, publishers are likely considering filing their own lawsuits against the company. The biggest publishers could be looking at hundreds of millions—even billions—of dollars in damages if successful. And those publishers may soon have deadline to make their decision, as a […]

Former DAAG Roger Alford Plans to Blast Mizelle, Woodward for Role in ‘HPE/Juniper Merger Scandal,’ Call DOJ ‘Pay-to-Play Antitrust Enforcement’ Status Quo ‘Simply Unsustainable

Roger Alford, the antitrust division’s former No. 2 official, in a speech today will blast DOJ Chief of Staff Chad Mizelle and Associate Attorney General nominee Stanley Woodward for their role in the “HPE/Juniper merger scandal” and enabling “MAGA-In-Name-Only lobbyists” to create an environment of “pay-to-play antitrust enforcement,” according to prepared remarks seen by The Capitol Forum…

Metro CEO Urges EU Cap on Visa, Mastercard Interchange Fees, Seen as ‘Silent Tax’

Obscure and rising commercial card fees that Visa (V), Mastercard (M) and other major card networks set for business-to-business payments should be capped by the EU, Metro CEO Steffen Greubel said in an interview with The Capitol Forum. “It’s a money-making machine for them and a value-destroying machine for us and our customers, and at […]

Dozens of Federal Judges Attended Antitrust Seminars Hosted by Big Tech-Funded Group, Records Show

Dozens of federal judges attended seminars in idyllic locales like Hawaii and Portugal held by a George Mason University (GMU) law school organization that received Big Tech funding, a Capitol Forum review of public records found. The university’s Antonin Scalia Law School, one of the country’s leading conservative legal institutions, has a long history of […]

Blackstone/TXNM: Activists May Oppose $11.5 Billion PE Buyout Over Self-Dealing, Environmental Concerns

New Mexican climate and consumer advocacy groups said they’ll likely oppose Blackstone’s (BX) proposed $11.5 billion acquisition of utility operator TXNM Energy (TXNM) over concerns the private equity firm would favor its own financial interests at the expense of ratepayers and the state’s environmental goals.

Providence Equity Partners/Cantaloupe: Deal to Consolidate Self-Described Micro-Market ‘Duopoly’ Could Draw Close Antitrust Scrutiny

Providence Equity Partners, in announcing its $848 million agreement to acquire Cantaloupe (CTLP), a self-service retail software and hardware rival, pitched the deal as combining companies with “complementary strengths.” But that’s not how Cantaloupe executives have always described their company’s competitive dynamic with 365 Retail Markets, which is part of private equity firm Providence’s portfolio.

Roblox: Moderation Loopholes Raise Child Safety Concerns as New Lawsuits Call Platform a ‘Hunting Ground’ for Predators

“Ultimately, ‘Roblox’ is the safest place for anyone on the internet.” That’s what Roblox (RBLX) CEO David Baszucki told NPR on July 23 when asked whether parents should be worried about child predators using the immensely popular gaming platform to reach minors. The company frequently touts its dedication to children’s safety, with one blog post […]

Veteran EU Competition Chief Dismisses Tech Fine ‘Tariff’ Claims as Political Theatre

American characterizations of EU fines on U.S. technology giants under the bloc’s digital rules as de facto taxes or tariffs are a way for the Trump administration to ramp up political pressure on the bloc, said Olivier Guersent, the former top antitrust enforcer at the European Commission for the last five and a half years, […]

Lenovo Group/Infinidat: Unwinding of Jupiter Systems Deal Could Signal Problems for Chinese Server Company’s Transaction

The Trump administration’s order this month forcing China’s Suirui Group to unwind its purchase of California-based Jupiter Systems is more than a delayed enforcement action—it’s a powerful signal of the U.S. government’s rapidly hardening stance against Chinese control of sensitive technologies, especially as cyber threats escalate.

American Axle/Dowlais: SAMR Likely to Closely Examine Deal’s Impact on Auto Parts Supply Chain and Joint Ventures

American Axle and Manufacturing’s (AXL) $1.16 billion pound ($1.44 billion) bid for London-listed Dowlais (LON: DWL) will likely face rigorous scrutiny from competition regulators in China, a key automotive market, lawyers and industry experts said.

Omnicom/IPG: Publicis Precedent Key to EU Clearance Bid for $13.3 billion Deal

Omnicom (OMC) is preparing to cite the European Commission’s previous clearance of its proposed merger with Publicis (EPA: PUB), as well as its French rival’s market prowess in hopes of obtaining unconditional EU approval for its $13.3 billion acquisition of Interpublic Group (IPG) after summer, according to sources familiar with the upcoming review.

Prosus/Just Eat Takeaway.com: EC to Market Test Phase 1 Remedy Offer, Sources Say

The European Commission is seeking market feedback on Prosus’s offer to sell down its stake in food delivery platform Delivery Hero (ETR: DHER) before it decides whether to accept the remedy or send the investment firm’s €4.1 billion acquisition of Just Eat Takeaway.com (AMS: TKWY) to phase 2, according to sources familiar with the matter.

Stride Learning, Inc: New Mexico School District Pursues Debarment of Online Learning Provider

A New Mexico school district is pursuing an action against Stride Learning, Inc. (LRN) that could cause the company to be placed on a registry of vendors that are excluded from receiving state government contracts, potentially jeopardizing Stride’s ability to secure or renew contracts with public schools in New Mexico or other states that become […]

Google Says Its Comments on AI’s Link to Search Are Consistent, But Some See Them as Contradictory, Confusing

What a difference two years has made in Google’s comments about artificial intelligence’s relationship to its dominant search engine…

Encompass Health: Facilities Across the Country Misusing Neurological Diagnosis to Increase Medicare Payments; Conduct Echoes Those Highlighted in 2019 DOJ Settlement

In 2019, Encompass Health (EHC), the country’s largest operator of inpatient rehabilitation facilities (IRF), entered into a settlement with the Department of Justice for $48 million to resolve allegations that its hospitals falsely diagnosed patients to increase Medicare payments and enrolled patients unsuitable for rehabilitation therapy.

HPE/Juniper: As Fight Between DOJ Leadership and Antitrust Division Broils, Tunney Act Proceeding Looms

After DOJ’s suit to block HPE’s (HPE) $14 billion acquisition of Juniper Networks (JNPR) culminated in a highly unusual settlement, the consent decree faces one last barrier to becoming final: Tunney Act review by U.S. District Judge Casey Pitts.  That’s typically a rubber stamp. But given the settlement’s atypical substance and process, plus third parties […]

Anthropic Facing Massive Potential Damages in Newly Certified Copyright Class Action; Other AI Companies Also at Risk

Anthropic is facing a certified class action lawsuit—and the prospect of massive statutory damages—over its use of pirated datasets to train its generative AI systems. “It’s a huge deal,” Edward Lee, a professor at Santa Clara University Law School told The Capitol Forum, of U.S. District Judge William H. Alsup’s July 17 move to certify […]

Prosus/Just Eat Takeaway.com: Acquirer To Offer EC Divestiture Remedies, Sources Say

This article has been updated with a statement from Prosus. Prosus is offering to sell down its stake in food delivery platform Delivery Hero (ETR: DHER) to single digits in hopes of avoiding an in-depth European Commission investigation into its proposed acquisition of Just Eat Takeaway.com (AMS: TKWY), sources familiar with the matter told The Capitol […]

BlackRock/Allete: Judge’s Recommendation Energizes Opponents as Focus Turns to Commission Decision in Fall

After a judge Tuesday recommended the rejection of a $6.2 billion deal that would give BlackRock (BLK) control of Allete’s (ALE) Minnesota Power, opponents and supporters alike turned their attention to the state’s public utility authority, which will decide the transaction’s fate. Energized by the recommendation, opponents urged the Minnesota Public Utility Commission…

Novo Nordisk: Company Did Not Report or Investigate Deaths Potentially Caused by Ozempic

Novo Nordisk (NVO) did not report multiple deaths that may have been caused by its blockbuster weight loss drug Ozempic to the FDA, according to an agency inspection report obtained by The Capitol Forum through a Freedom of Information Act request… The rest of this article is currently locked and only available to subscribers. Request […]

Antitrust Agenda: DOJ Indicts Oak View Group CEO for Arena Bid Rigging; Low Efficacy of Post-Merger Divestitures Indicates Need for Stronger Enforcement, New Paper Concludes; Manufacturers Neglect of Repair Manuals and Materials Could Run Afoul of Right-to-Repair Laws

Live entertainment executive indicted on criminal bid-rigging charges. The Justice Department last Wednesday indicted Timothy Leiweke, the CEO of the live entertainment company Oak View Group (OVG), for allegedly orchestrating a bid-rigging conspiracy to secure the contract for the University of Texas’s Moody Center arena in Austin, Texas. Leiweke stepped down as CEO last Wednesday.

Prestige Consumer Healthcare: Subsidiary Kept Mold-Contaminated Enemas on Market and Declined to Investigate Source of Outbreak, According to FDA Inspection

Between 2023 and 2025, Fleet, a subsidiary of Prestige Consumer Healthcare (PBH) that manufactures enemas and suppositories, received several complaints that its adult and pediatric enemas were being shipped to customers with visible signs of mold. Despite these complaints, however, the company declined to investigate the cause of the mold and kept enemas that were […]

Inspire: Company Files Patent Lawsuit Seemingly to Delay Competition; A Closer Look at the Patents at Issue and Potential Paths Forward

Nyxoah, a Belgian company whose implantable sleep apnea device, Genio, has been on the market in Europe since 2020, plans on launching its device in the U.S. upon earning final approval from the Food and Drug Administration (FDA)—a decision company executives say is imminent…

The Trade Desk: Adtech Company Reports Low Opt-Out Numbers Despite Developing Unique Identifier Tied to 245 Million Individuals

Last year only nine Californians asked The Trade Desk (TTD) to delete personal data processed by the company, despite the adtech giant developing and utilizing a persistent identifier created from the information of more than 245 million individuals to facilitate targeted advertising campaigns.

Merger Monthly: After Novel Omnicom/Interpublic, HPE/Juniper Remedies, is Everything Settleable?; Outlook for Key Transactions Including Getty/Shutterstock, Mars/Kellanova, and UnitedHealth/Amedisys

In the months after Inauguration Day, the Trump administration’s merger policy appeared to be slowly but surely rounding into form: To wit, meaningful continuity from the Biden administration (retaining the 2023 Merger Guidelines and updated HSR Form), coupled with substantive pull back on the margins (DOJ leadership’s decision not to challenge Capital One’s acquisition of […]

Chess Grandmaster Accuses Platform of Abusive Conduct in EC Complaint

The world’s largest online chess platform, Chess.com, is abusing its dominance through a host of anticompetitive practices, including killer acquisitions, price discrimination and exclusivity clauses, according to a complaint filed with the European Commission by former world chess champion Vladimir Kramnik. Kramnik, a Russian grandmaster based in Switzerland, told The Capitol Forum that he filed […]

ADNOC/Covestro: Deal Headed for In-Depth EU Subsidy Probe, Sources Say

ADNOC’s €14.7 billion planned acquisition of chemicals producer Covestro (ETR: 1CO) is likely headed for an in-depth EU foreign subsidies investigation at the end of this month because the European Commission wants the United Arab Emirates oil giant to give up its unlimited state funding, according to sources familiar with the probe…

T-Mobile/UScellular: Team Telecom’s Deference Gives DOJ, FCC Flexibility to Penalize Buyer If It Violates Agreement

When the interagency panel known as Team Telecom declined last month to recommend action on T-Mobile US’s (TMUS) $4.4 billion bid for United States Cellular’s (USM) wireless business, it was seen as a milestone on the deal’s regulatory path.

Prosus/Just Eat Takeaway.com: State-of-Play Meeting Signals EU ‘Serious Doubts,’ Raising Prospects of In-Depth Probe or Remedy Offer

Prosus is set to meet European Commission officials next week for a state-of-play meeting to discuss the enforcer’s initial concerns about the investment firm’s €4.1 billion takeover of Just Eat Takeaway.com (AMS: TKWY), according to two sources familiar with the review.

Brussels Readies Google Antitrust Penalty as Breakup Pressure Mounts

The European Commission has had a decision ready for months to fine Google (GOOG) over alleged abuses in its advertising technology business, three people with direct knowledge of the matter told The Capitol Forum.

The European Antitrust Agenda: Google’s Search Redesigns Spark Criticism; Ireland’s Regulator Hires More Staff Amid Surge in Tech Complaints

Welcome to The European Antitrust Agenda, written by Europe Executive Editor Javier Espinoza and Senior Correspondents Charley Connor, Vesela Gladicheva and Lydia O’Neal. This week, Google is up for a grilling over its compliance with the EU’s digital antitrust regime and the Irish media watchdog is getting a slew of complaints related to the bloc’s […]

EU Competition Chief says Bloc ‘Won’t Compromise Sovereignty’ in Talks with U.S., Criticizes American Big Tech Crackdown

European Commission competition chief Teresa Ribera dismissed reports that the EU might water down its digital antitrust rules in trade negotiations with the U.S. and criticized America’s own effort to rein in the power of Big Tech as slower and less effective than the bloc’s regime. “We will not compromise […] around sovereignty and around […]

Omnicom/Interpublic: EC, CMA Reviews Set to Grapple with Truncated FTC Investigation, Novel Theory of Harm, Behavioral Remedies

The FTC’s move this week to clear Omnicom’s (OMC) proposed acquisition of advertising holding company rival Interpublic (IPG) through a truncated process culminating in an unusual complaint and consent order places European competition enforcers in unfamiliar, and largely unprecedented, positions in their own reviews of the $13.5 billion deal…

Medicaid Policy: Approval Timeline for Tennessee’s 1115 Waiver Amendment Remains Uncertain, Could Be Complicated by Forthcoming Legislative Changes

Tennessee is waiting on the Centers for Medicare and Medicaid Services (CMS) to approve an amendment to its Medicaid managed care program, TennCare III, that would authorize additional payments to hospitals that meet certain access and quality improvement benchmarks. While it remains to be seen how the new administration will handle Tennessee’s application, the fact that Congress is currently […]

FTC Staff Set to Vacate Constitution Center, Move to GAO Building by Year End

FTC staff are poised to depart their current Constitution Center offices for the U.S. Government Accountability Office building by the end of the year, sources familiar with the matter said…

Life360: Family Safety App Selling Datasets Based on Users’ Personal Information on LiveRamp’s Data Marketplace

More than three years after family safety app Life360 (LIF) announced it would transition away from the sale of users’ precise geolocation data in favor of providing business partners with “aggregated” data analytics, the company appears to be creating thousands of audience “segments” based on users’ location visits and selling them through LiveRamp Holdings, Inc. (RAMP)’s Data Marketplace, […]

EU Scrutinizing Google’s AI Summaries for Potential Digital Rules Breaches

The European Commission is asking industry players about Google’s (GOOG) integration of artificial intelligence features into its search engine as the EU builds up pressure on Big Tech firms to fall in line with its digital antitrust rules.

Apple Offering Last-Minute Steering Revamp in Bid to Dodge More EU Fines Under Digital Rules

Apple (AAPL) is preparing to offer changes to its rules for developers in Europe as soon as Thursday to avoid additional fines over its restrictions on apps seeking to steer users to promotions outside of its App Store, according to two sources with direct knowledge of the matter…

Keysight/Spirent: SAMR Poised to Start Phase 3 Review as Deadline Looms

China’s antitrust authority is set to start a phase 3 review of Keysight Technologies’ (KEYS) proposed 1.16 billion pound ($1.5 billion) takeover of rival Spirent Communications (LON: SPT), sources familiar with the matter said…

Equitable Financial Life Insurance Company: Modified Coinsurance Transactions Obscure Company’s Financial Condition

Equitable Financial Life Insurance Company has reinsured nearly half of its in-force life insurance and annuity policies with an affiliate insurer in a series of transactions that have allowed it to upstream billions of dollars out of policyholders’ reach while maintaining the slimmest surplus ratio of all major U.S. life insurers, experts have told The […]

Universal Health Services: Problematic Hospital in California Did Not Consistently Report Patient Abuse to Regulators Because It ‘Would Be Reporting All the Time,’ Administrators Told State

Del Amo Behavioral Health, a psychiatric hospital in Torrance, California, owned by Universal Health Services (UHS), is not reporting severe physical and sexual assault of patients in its care, a Capitol Forum investigation has found.

Influential Conservative Think Tank’s President Touts Legislation Targeting ACA, Medicaid Enrollment and Spending at House Hearing, Says Expansion Match Rate is Still a Problem

Brian Blase, the president of a conservative health policy group with links to the Trump administration, called on Congress at a June 25 House Budget Committee hearing to crack down on enrollments in the Affordable Care Act (ACA) Marketplace, de-incentivize states from expanding their Medicaid populations, and curtail a common funding mechanism for Medicaid payments […]

Mars/Kellanova: EC to Launch In-Depth Review on Wednesday, Sources Say

The European Commission will on Wednesday announce a phase 2 investigation into Mars’s proposed $36 billion acquisition of Kellanova (K), according to two sources with intimate knowledge of the probe…

‘Just Get on with It’: Growing Frustrations with EC’s Digital Rules Rollout

As the European Commission begins hearings on Big Tech’s compliance with the bloc’s digital antitrust rules, critics say the law is triggering unintended consequences and that the regulator has been too slow and soft when policing some of the world’s most powerful companies.

Under EU Pressure, Google Revamps Travel Search Page to Avoid Antitrust Fines

Google (GOOG) has proposed a new design of its search results page for travel queries in an attempt to dodge fines under the EU’s digital antitrust rules, according to two sources familiar with the matter. The Alphabet unit is also planning to unveil…

The European Antitrust Agenda: CMA Signals Strong Enforcement Ahead of Apple, Google Digital Markets Rulings; Regulators to Eye Meta/Scale AI for Extra Scrutiny

The European Antitrust Agenda: CMA Signals Strong Enforcement Ahead of Apple, Google Digital Markets Rulings; Regulators to Eye Meta/Scale AI for Extra Scrutiny  Welcome to The European Antitrust Agenda, written by Europe Executive Editor Javier Espinoza and Senior Correspondents Charley Connor, Vesela Gladicheva and Lydia O’Neal. This week, the UK’s Competition and Markets Authority (CMA) […]

Draft Report: EC Says Boosting Scale of Defense Sector Crucial for Competitiveness

The European Union is seeking to boost its defense competitiveness by removing legal and bureaucratic barriers, stimulating investment, and making the sector more self-reliant, according to a draft communication obtained by The Capitol Forum…

Qualcomm/Alphawave: Deal Could Become Flashpoint as Worries About UK’s Tech Economy Mount

Qualcomm’s (QCOM) proposed $2.4 billion acquisition of Alphawave Semi (LSE: AWE) threatens to undercut the UK plan to rebuild domestic artificial intelligence and semiconductor capacity while also exposing deep structural weaknesses in its tech economy, several international trade and national security experts said. 

BlackRock/Allete: PE Firm’s Attempted Utility Takeover Generates Opposition in Minnesota

A $6.2 billion deal that would hand BlackRock (BLK) control of Allete’s (ALE) Minnesota Power, the second-largest electric utility in the state, has prompted concerns that the private equity giant’s drive for returns would lead to higher rates, and less reliable and safe service…

The Asia Antitrust Agenda: SAMR Warns of Risks in Semiconductor Materials, Patent Database Sectors; HKCC Ends Auto-Fuel Supplier Probe; Japanese Regulator Releases Generative AI Findings; KTFC Fines Temu

SAMR flags antitrust risks in semiconductor materials, patent database sectors. China’s State Administration for Market Regulation (SAMR), the antitrust authority, warned in its annual report of potential risks in the semiconductor materials and patent database service provider sectors, both of which are controlled by a small number of players…

Privacy Policy: New State Laws and Enforcement Actions Target Collection of Children’s Data, Precise Geolocation

Nearly halfway through 2025 a flurry of new state privacy laws and enforcement actions are taking aim at invasive data collection practices, including the sale of precise geolocation and minors’ data, amid the continued absence of comprehensive federal privacy legislation. While policy approaches vary, an increasing number of states have passed their own comprehensive consumer […]

Tencent Music/Ximalaya: Deal That Could Create Spotify Competitor Will Be Submitted for SAMR Review

Tencent Music Entertainment Group (TME), China’s largest online music and audio entertainment platform, plans to submit its proposed $2.4 billion acquisition of audio content platform Ximalaya to the country’s antitrust authority for review, sources familiar with the matter said.

Mars/Kellanova Faces Key EU State-of-Play Meeting This Week, Sources Say

Representatives for Mars and Kellanova (K) are set to meet with European Commission officials this week for a critical discussion that could help the enforcer decide whether to clear the companies’ $36 billion proposed merger in phase 1 or push it to an in-depth investigation, according to two sources familiar with the matter.

FTC Advertising Collusion CIDs Target Nonprofits, Raising Jurisdictional Questions

The FTC Bureau of Competition’s move last month to issue lengthy civil investigative demands (CIDs) to more than a dozen media tracking and advertising organizations—many organized as nonprofits—raises a host of important questions…

UnitedHealth/Amedisys: DOJ, Parties Engaging in Serious Talks to Settle Case; Number of Divestitures Under Discussion

Prospects are brightening for UnitedHealth Group’s proposed takeover of Amedisys as DOJ and the parties’ representatives engage in serious negotiations to settle the department’s suit to block the $3.3 billion deal, sources familiar with the matter said…

Visa, Mastercard Probe: EU Should Enforce Fair Fee Split, Terminal Provider Says

The European Commission should force Visa (V) and Mastercard (M) to make banks, card terminal providers and retailers pay their fair share of fees to break the stronghold of the two giant credit card companies… 

Omnicom/Interpublic Group: Unique Advertising Agency Dynamics Raise Market Concentration, Competitive Landscape Questions

Omnicom’s proposed $13.3 billion acquisition of Interpublic Group presents the FTC with an unusually complicated set of market definition and concentration questions given the unique market dynamics inherent to advertising agency competition, industry sources said…

The European Antitrust Agenda: EC Appetite Grows for In-Depth Probes; EU Courts to Hear Major Big Tech Appeals

Brussels hungry for phase 2 reviews. With just one in-depth merger investigation opened so far this year, the European Commission is signaling a renewed appetite for phase 2 investigations, according to sources familiar with the commission’s thinking. “The bar is very low” to initiate a deeper review probe, one person said. Last year…

USTR Fees on Chinese Ships Likely to Lead to Increase in Orders for Korean, Japanese, and European Shipbuilders, Experts Say; Shipping Industry Cartel Could Raise Prices, Increase Profits

New fees on Chinese ships proposed by the United States Trade Representative (USTR) are likely to raise freight prices but are unlikely to generate significant revenue as companies will have multiple strategies available to avoid the fees, according to experts and industry members.   These strategies primarily involve swapping out large Chinese vessels for smaller non-Chinese […]

Getty Images/Shutterstock: Similar Pricing, Pay for Stock Photos Could Indicate Close Rivalry

If DOJ staff reviewing Getty Images’ (GETY) proposed $3.7 billion merger with Shutterstock (SSTK) want a general idea of how closely the two photo agencies compete, they need look no further than their base prices on stock photos.

Ametek/Faro: Faro Engaged Advisor to Explore Sale in January, Months After Announcing Plans to Sunset Overlap Laser Projector Line, Proxy Filing Shows

Faro Technologies in a securities filing Friday disclosed that it first engaged an investment bank to explore a sale in January—a timeline that could bolster arguments that its pending laser projector market exit isn’t an attempt to avoid U.S. antitrust scrutiny of its proposed $920 million acquisition by Ametek…

EC Sees Digital as ‘Core’ to Boost Competitiveness: Draft Report

The European Commission plans to boost its digital influence as part of a broader push to sharpen its competitiveness and compete against China and the U.S., according to a confidential draft strategy seen by The Capitol Forum. The draft, and its annex, outline a sweeping plan… The rest of this article is currently locked and […]

Bancorp: Struggling Biotech Firm Steps in as Prospective Buyer of Foreclosed Aubrey Multifamily Property After Original Purchaser Twice Delayed Purchase

After The Bancorp (TBBK) failed to offload a 436-unit multifamily foreclosed property in Houston to the original prospective buyer, an unlikely purchaser—a flailing biotech firm—has acquired the right to close the deal.

Financials Friday: Flagstone’s Nonperforming Loan Level Referred to as ‘Frightening’; Crypto Threats Result in Democratic Support for Stablecoin Bill; Appeal to Vacate Real Estate Price-Fixing Settlement Alleges Widespread Circumvention as New Study Shows Commissions Remain High

Flagstar’s amount of nonperforming loans called “frightening.” U.S. banks reported billions more dollars in loans have gone 90 days or more without a payment, according to first-quarter data. These loans, categorized as “nonperforming,” span everything from car loans to credit cards, mortgages and commercial real estate, regulators’ call reports reveal…

Ametek/Faro: Target’s Pending Market Exit Poised to Complicate U.S. Antitrust Analysis of Deal to Combine Close 3D Laser Projection Competitors

Industrial giant Ametek’s proposed $920 million acquisition of Faro Technologies would unite two companies whose 3D laser projectors have competed closely over the past decade for use in a host of complex industrial applications, industry sources told The Capitol Forum…

FICO: A Simple Change Could Widen Access to U.S. Mortgages. Why Won’t Fannie and Freddie Make It?

Lenders and mortgage industry watchers say a simple change to allow competition in credit scoring for U.S. mortgages could help more people get real estate loans, but government-sponsored enterprises Fannie Mae (FNMA) and Freddie Mac (FMCC) are dragging their feet. Veterans Affairs and some Federal Home Loan Banks last year started accepting loans scored by […]

U.S. Film Tariffs Could Violate WTO Agreement Prohibiting Tariffs on Digital Services, Inviting Retaliation and Complicating Efforts for Extension, Experts Say

Tariffs on foreign-produced films would violate a WTO moratorium on customs duties for digital services, known as the “e-Commerce Moratorium,” said Greg Shaffer, a professor of International Law at Georgetown University Law Center. While “e-Commerce” can sometimes refer to items bought digitally and shipped physically, the “e-Commerce Moratorium” refers strictly to digital services. On March […]

Amid Soaring Hard Disk Drive Profits and ‘Healthy’ Supply-Demand Dynamics, Western Digital, Seagate Execs Tout Company, Industry ‘Discipline’ on Price, Output

Executives of Western Digital Corporation and Seagate Technologies have used recent public statements to call for industry-wide supply discipline and signal that they won’t undercut their rivals on output or price as demand rises, in language that could serve to facilitate anticompetitive coordination in the hard disk drive (HDD) market, a Capitol Forum review of the comments […]

Letta Calls for EU Defense and Telecom Consolidation Amid Geopolitical Shifts

The European Union must accelerate consolidation in its defense and telecommunications sectors to stay globally competitive and respond to rising geopolitical and economic pressures, Enrico Letta, author of a landmark report on the EU single market and former Italian prime minister told The Capitol Forum in an interview….

In Win for Big Tech, Trump USTR, in Change from Biden Administration, Calls Canadian and Australian Laws Compelling Big Tech to Pay for News ‘Discriminatory Non-Tariff Barriers’

The Biden Administration’s approach to trade policy included a rethink of Big Tech’s role in establishing U.S. trade policy priorities. In contrast, the Trump administration, despite continuing major antitrust litigation against Big Tech, has been vocal in its criticism of European policies and fines that target Silicon Valley tech giants. Further, an early report from […]

Mars/Kellanova: EC Taking Retailer Concerns Seriously in Deal Review, Sources Say

The European Commission is taking seriously the concerns of retailers about the bargaining power of Mars following its proposed $36 billion acquisition of Kellanova (K), as the agency kicks off its phase 1 investigation of the transaction, sources close to the matter told The Capitol Forum…

The Asia Antitrust Agenda: SAMR Fines Pharma Suppliers for Price-Fixing; ACCC Kicks Off Omnicom/IPG Review; China’s Regulators Warn Food-Delivery Platforms Over Competition Concerns; Indian Supreme Court Issues Landmark Ruling in Abuse of Dominance Case

SAMR fines four pharmaceutical suppliers 354 million yuan for price-fixing. The Tianjin branch of China’s State Administration for Market Regulation (SAMR) announced on May 9 that it had levied a total of 354 million yuan ($49 million) in penalties on four pharmaceutical suppliers for alleged price-fixing of the raw materials that are the ingredients for […]

European Commission Tests Microsoft Teams Remedies With Rivals: Sources

The European Commission is preparing the imminent market testing of Microsoft’s (MSFT) proposed remedies aimed at leveling the playing field between its Teams app and other chat tools for users of its workplace products, according to two sources familiar with the matter…

Keysight/Spirent: Consent Negotiations Between Companies, DOJ Enter Final Stages

Keysight Technologies’ 1.16 billion pound ($1.5 billion) bid for testing and measuring equipment provider Spirent is advancing toward antitrust clearance in the U.S., sources familiar with the matter said…

Safelite: Safelite Solutions Alleged Conduct to Steer Customers to Safelite Glass Shops Could Run Afoul of State Laws

Already facing a Department of Justice probe into alleged self-preferencing of company-owned glass repair shops by its third-party administrator (TPA) business, Safelite is also encountering scrutiny at the state level…

Synopsys/Ansys, Keysight/Spirent: Optimism Grows That SAMR Will Approve Chip-Related Deals, Buoyed by U.S.-China Talks’ Progress

The prospect has grown that two high-profile semiconductors transactions—Synopsys’s proposed acquisition of Ansys and Keysight Technologies’ pending purchase of Spirent Communications—will be cleared by China’s antitrust authority after the Asian country and the U.S. over the weekend temporarily agreed to deescalate their trade war, sources familiar with the matter said…

The Trade Desk: Adtech’s Persistent Identifier Can Be Tied to Potentially Sensitive Information as Lawsuits Allege Unfair Data Collection Practices

Adtech company The Trade Desk (TTD) enables advertisers to target millions of individuals based on unique persistent identifiers that can potentially be associated with a host of sensitive information, from precise geolocation to data capable of inferring a consumer’s gender, ethnicity, religion, health status, and sexual orientation, a Capitol Forum investigation has found.

EC Preparing Charges in Glovo-Delivery Hero No-Poach Cartel Probe

The European Commission is preparing formal charges against delivery food companies Glovo and Delivery Hero (DHER: DE) for allegedly agreeing not to poach each other’s workers, according to two sources with intimate knowledge of the matter. The rest of this article is currently locked and only available to subscribers. Request a trial to receive unlimited access to […]

Labor Thursday: California Sues Packers Sanitation Services/Fortrex Over No-Poach Agreements; Labor Department Drops Enhanced Independent Contractor Enforcement; Agri Stats Wins Bid to Intervene in DOJ Wage-Fixing Settlement Brawl

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the FTC, DOJ, and NLRB. This week, The Capitol Forum looks at the California attorney general’s lawsuit alleging that Fortrex forged agreements with customers to prevent them […]

Mars/Kellanova: Companies Prepare to File in EU Amid Portfolio Effects Questions

The European Commission’s investigation of Mars’ proposed $35.9 billion takeover of Kellanova (K) is focusing on whether the deal would give the U.S. snack food acquirer increased bargaining leverage with European retailers that stock Kellanova’s brands portfolio, including Kellogg’s cereals, according to sources familiar with….

The Asia Antitrust Agenda: Indian Watchdog Settles Google Smart TV Case; SAMR Warns CK Hutchison/BlackRock Against Evading Port Deal Review; KTFC Ends Microsoft Probe; Singapore Regulator Clears Omnicom/IPG

Indian watchdog settles with Google. The Competition Commission of India’s (CCI) recent settlement with Google (GOOG) creates a path for other U.S. tech giants to come forward and resolve their cases with the regulator. On April 21, the CCI issued its first-ever settlement order. The settlement related to the firm’s alleged abuse of its dominance […]

Lenovo, NTT Data, Thales Could Face Closer Scrutiny Under New DOD Regulations, Boosting Fortunes for Domestic Government Contractors

Foreign-owned firms that are U.S. government contractors such as Chinese tech multinational Lenovo Group (HKEX: 0992), NTT Data Group (TSE: 9613) and Thales (ENX: HO) are likely to face heightened scrutiny under new Department of Defense (DOD) regulations. This regulatory framework will require non-U.S. contractors to undergo Foreign Ownership, Control, or Influence (FOCI) assessments before […]

EC Deepens Probe into Visa, Mastercard Over Scheme Fees Paid by Retailers

The European Commission is deepening a preliminary probe into whether Visa (V) and Mastercard’s (MA) scheme and processing fees unfairly harm competition in the card payments market. Officials are looking at how the two dominant card networks set fees paid by acquirers such as Elavon and Global Payments and ultimately passed on to retailers—specifically scheme […]

Labor Thursday: Google Workers’ Union Asks to Weigh In on Search Remedies; Slater Highlights Vertical Restraints as Potentially Harmful to Workers; Unions Push California on Adoption of Updated Antitrust Laws; Labor Weekly Litigation Tracker Updates

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the Federal Trade Commission, Justice Department, and National Labor Relations Board. This week, The Capitol Forum updates our Labor Conduct and Merger Litigation Tracker with key developments […]

Safelite: Company Leverages Third Party Administration Dominance to Steer Claimants to Affiliated Glass Repair Shops, Industry Sources Say

Safelite Solutions—a third party administrator that manages auto glass repair claims for most top U.S. insurance companies—incentivizes employees to steer claimants to its affiliated glass repair shops, and has made it increasingly difficult for customers to take their claims to the company’s retail rivals, a Capitol Forum investigation has found.

LiveRamp: Marketplace Sells Hundreds of Child-Related Datasets as State Laws, FTC Move to Protect Kids’ Personal Information

Hundreds of audience “segments” sold on data broker LiveRamp Holdings, Inc.’s (RAMP) Data Marketplace offer advertisers the ability to target households based on the presence of children and teens—in some cases relying on potentially sensitive information like individuals’ ethnicity, financial status, and precise geolocation a Capitol Forum investigation has found.

Roper Technologies’ Strata’s Information Sharing Practices, Tools for Health Care Providers, Could Bring Antitrust Scrutiny

Health care providers can access rivals’ detailed output data and receive customized pricing recommendations through Roper Technologies subsidiary Strata Decision Technology’s software tools, according to company marketing materials reviewed by The Capitol Forum…

Experts Say Cuts to International Labor Oversight Undermine USMCA, Competitiveness of U.S. Small Businesses and Workers, Highlighting Main Street’s Frustration with Trump Agenda

Throughout the 2024 presidential campaign and first few months in office, President Donald Trump and his cabinet touted their ability to protect workers and small business. No longer is the priority to champion big business, they said. Trump’s policies would instead boost American workers and home-grown companies—part of the broader America First campaign.

Experts Say Cuts to International Labor Oversight Undermine USMCA, Competitiveness of U.S. Small Businesses and Workers, Highlighting Main Street’s Frustration with Trump Agenda

Throughout the 2024 presidential campaign and first few months in office, President Donald Trump and his cabinet touted their ability to protect workers and small business. No longer is the priority to champion big business, they said. Trump’s policies would instead boost American workers and home-grown companies—part of the broader America First campaign. “I’m proud […]

Focus Media/Xinchao Media: Elevator Advertising Giant’s Planned Takeover of Rival Could Face Close SAMR Scrutiny

Shanghai display advertising giant Focus Media Group’s proposed $1.3 billion takeover of rival Xinchao Media Group, which would expand the buyer’s Chinese empire for ads posted in elevators, will face close scrutiny from China’s antitrust authority, legal practitioners and industry analysts said… The rest of this article is currently locked and only available to subscribers. Request […]

USMCA ‘Tariff-Shift’ Provisions Offer ‘Massive’ Incentive for Plastics Manufacturers to Route Supply Chains Through Mexico Rather than Rebuild Manufacturing Capacity in U.S.

A provision in the United States-Mexico-Canada Agreement (USMCA), a free trade agreement negotiated by the first Trump administration, could enable Chinese plastics manufacturers to reduce their tariff burden, according to lawyers, supply chain experts, and an industry executive. Manufacturers could qualify for the provision by importing intermediate goods to Mexico and Canada and using them […]

EC Revisits Dominance Safe Harbor in Abuse Guidelines Following Criticism

The European Commission is considering whether it should reinsert a safe harbour provision in its upcoming exclusionary abuse guidelines that would protect the conduct of companies under a certain market share, sources familiar with the matter told The Capitol Forum…

Omnicom/IPG: Indian Regulator Poised to Approve Mega Advertising Agency Deal Soon

India’s antitrust regulator is set to greenlight advertising behemoth Omnicom’s (OMC) proposed $13 billion acquisition of rival Interpublic Group (IPG) in the coming weeks, according to sources familiar with the matter. The deal, filed with the Competition Commission of India (CCI) on March 3, is unlikely to have any significant impact on the Indian market, […]

Hewlett Packard Enterprise/Juniper Networks: Pitts’ Skepticism About Corporate Power in Some Cases Could Favor DOJ, But Judge Also Has Sided With Tech Giants

U.S. District Judge P. Casey Pitts, who’s presiding over DOJ’s challenge to Hewlett Packard Enterprise’s proposed Juniper Networks buyout, has had little experience with antitrust cases since he reached the federal bench in 2023 and in his prior position as a public-interest lawyer…

U.S. v Google: Divesting Chrome Feasible, Not Burdensome, Computer Expert for DOJ Says

DOJ’s proposal that Google divest its Chrome browser is technically feasible, said a Harvard computer science professor appearing for the department in federal court today…

PROS Holdings: Airline Price Optimization Platform Could Invite Antitrust Scrutiny, Private Lawsuits

Revenue management and pricing optimization platform PROS Holdings (PRO) could face legal scrutiny for its airline pricing solutions that, by replacing carriers’ independent competitive decision-making, opens the door for industry-wide coordination, a Capitol Forum investigation found. PROS offers a real-time AI-based suite of solutions to optimize every shopping and selling experience, according to its most […]

Labor Thursday: Amazon Hit with Labor Board Complaint Seeking Recognition of Teamsters Warehouse Unit; DOJ Fights to Hold on to Criminal Wage-Fixing Win Amid Mistrial Bid; NCAA Settlement Needs Roster Limits Fix, Judge Says; CVS’ Signify Transitions Some Independent Contractors to Employees

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the Federal Trade Commission, Justice Department, and National Labor Relations Board. This week, The Capitol Forum looks at efforts to compel Amazon to bargain with a Teamsters […]

Breton Decries DMA Fines on Apple, Meta as ‘Regrettable’, Says Goal is Compliance, Not Penalties

Thierry Breton, the former commissioner in charge of enforcing the EU’s landmark digital rules, said multi-million euro fines imposed on Apple (AAPL) and Meta (META) earlier this week were regrettable, emphasizing that financial penalties aren’t the aim of the bloc’s Digital Markets Act (DMA). Rather than a triumphant moment for Big Tech enforcement, the fines […]

As Scrutiny Over Alleged Anti-Competitive Pricing Gains Attention, Mortgage Credit Score Giant FICO Steps Up Lobbying

As elected officials and industry participants ramp up calls for an investigation into price hikes by Fair Isaac Corporation, the company is spending more money than ever to retain its position as Fannie Mae and Freddie Mac’s sole credit-score arbiter…

Capital One/Discover Financial: New York Attorney General Will Not Sue to Stop Merger

New York Attorney General Letitia James has decided not to sue to block Capital One’s proposed takeover of Discover Financial, said sources familiar with the matter—likely removing the last obstacle for a transaction that federal banking regulators approved last week…

FDA’s Plan to Reduce Drug Testing on Animals May Take Longer Than Three to Five Years, But Lays Out Clear Blueprint for Phasing in Alternative Technologies, Scientists Say

In line with an ongoing, bipartisan push in Congress to reduce the pharmaceutical industry’s reliance on animal testing, the Food and Drug Administration (FDA) published a roadmap on April 10 laying out policy steps to transition drugmakers to non-animal methods for testing drug function and safety. Among these so-called New Approach Methodologies (NAMs) are computational […]

Labor Thursday: Justice Department Wins First-Ever Criminal Labor Conspiracy Trial Verdict; Judge Rules Burger King Must Face Long-Running No-Poach Lawsuit; Democrats Seek Answers About Mine Safety, Federal Contracting Compliance Cuts

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the Federal Trade Commission, Justice Department, and National Labor Relations Board. This week, The Capitol Forum looks at DOJ’s first win in a criminal trial conviction in […]

TSMC Poised to Extend Chip Manufacturing Monopoly into Advanced Packaging, Industry Participants Say

Taiwan Semiconductor Manufacturing Company (TSM) is poised to leverage its microchip manufacturing dominance to box competitors out of the increasingly important advanced packaging market, semiconductor industry participants told The Capitol Forum. TSMC has an effective monopoly in the market for advanced semiconductor manufacturing, the tiny hardware at the center of modern technology from self-driving cars […]

FTC v. Meta: Trial That Could Break Up Social Network Giant to Show Clashing Views of Online Ecosystem

After a wait of more than four years, the trial of the FTC’s antitrust case against Meta begins today, pitting an enforcer bent on reining in Big Tech against a company defending past acquisitions that arguably hold the key to its future…

President Trump’s Tariffs Could Cause Companies to Lower Ad Spend as Brands Look to Reduce Costs

Companies that are dependent on ad spend may see revenue drops as advertising budgets shrink due to President Trump’s tariffs, an escalating trade war with China, and lingering market uncertainty, a Capitol Forum investigation has found…

ADNOC/Covestro: EU Sets Sights on Deal in Fresh Foreign Subsidy Rules Test

The European Commission is poised to use its only in-depth foreign subsidies case as a blueprint as it weighs potential concessions from UAE oil giant ADNOC, ahead of a €14.7 billion deal filing expected as early as this month.

GTCR/Surmodics: Judge’s Record of Holding Companies Accountable Favors FTC; Agency, Companies Will Need to Focus on Details

After a legal career filled with civil and voting rights cases, U.S. District Judge Jeffrey Cummings has moved into antitrust law in a big way. He’s presiding over the FTC’s suit to block GTCR’s proposed buyout of medical-device coatings maker Surmodics (SRDX) and private litigation against frozen potato product companies.

Trump Tariff War Could Sink Hopes for Fannie, Freddie Privatization

Trade war market turmoil may doom efforts to sell off government-sponsored entities Fannie Mae and Freddie Mac, as deep-pocketed private investors feel the effect of the market rout and political support for further disruption to the mortgage market wanes…

Labor Thursday: Chief Justice Steps in to Keep Fired NLRB Member Off Board; Google Workers Win End to Antitrust Speech Restrictions; NCAA Athlete Settlement Snags; Raytheon No-Poach Suit Nears Final Deal; Teamsters Workers Meet with Slater

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the Federal Trade Commission, Justice Department, and National Labor Relations Board. This week, The Capitol Forum looks at Chief Justice Roberts’ order that President Trump’s removal of […]

SAMR Raids DuPont Office, Probe Likely Focuses on Alleged Abuse of Monopoly Power in Tyvek Market

Case handlers at China’s antitrust authority conducted a surprise inspection of the Shanghai office of DuPont (DD) last week amid an investigation of the U.S. chemical giant for alleged anticompetitive conduct, according to sources familiar with the matter. The State Administration for Market Regulation’s (SAMR) probe likely focuses on whether DuPont abuses its monopoly power […]

Universal Health Services: Hospital System Could Be at Risk if Congress, States Curb Supplemental Medicaid Payments

Universal Health Services (UHS), a health care management company that runs acute care and behavioral health facilities, could face financial risk if proposed policies targeting Medicaid supplemental payments—state reimbursements to hospitals that exceed the baseline Medicaid rate—pass on the federal or state level.

LiveRamp: Company Hosts Marketplace Selling Datasets that Target Millions of Americans Based on Sensitive Information, Military Status

Data broker LiveRamp Holdings, Inc. (RAMP) operates a vast digital marketplace that exchanges the personal information of hundreds of millions of individuals grouped into highly specific audience “segments”—many of which include potentially sensitive information denoting everything from a consumer’s religious beliefs and ethnicity to their health and financial status, a Capitol Forum investigation has found.   LiveRamp’s […]

LiveRamp: Company Hosts Marketplace Selling Datasets that Target Millions of Americans Based on Sensitive Information, Military Status

Data broker LiveRamp Holdings, Inc. (RAMP) operates a vast digital marketplace that exchanges the personal information of hundreds of millions of individuals grouped into highly specific audience “segments”—many of which include potentially sensitive information denoting everything from a consumer’s religious beliefs and ethnicity to their health and financial status, a Capitol Forum investigation has found. […]

Labor Thursday: Ferguson Says Noncompetes Remain FTC Priority; Wilcox Again Removed from NLRB by Appeals Court; Labor Weekly Litigation Tracker Updates

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the Federal Trade Commission, Justice Department, and National Labor Relations Board. This week, The Capitol Forum updates our Labor Conduct and Merger Litigation Tracker with key developments in the last month, looks at comments from […]

FTC’s Ferguson, DOJ’s Slater Signal Less Aggressive Merger Approach Than Biden Predecessors, Openness to Remedies

FTC Chairman Andrew Ferguson and DOJ antitrust chief Gail Slater today indicated they would take a less aggressive approach to merger enforcement than their Biden administration predecessors and be more willing to entertain remedies. “Healthy pro-competitive M&A that allows American communities to thrive passes through [the FTC] quickly with certainty, and it’s the anticompetitive stuff […]

Bancorp: Missed Deadline to File a Replacement Annual Report Raises More Red Flags, Experts Say; Weak Internal Controls Continue Despite Previous SEC Charges

When The Bancorp retracted its annual report on March 4, it said that it expected to meet the March 18 extended deadline to file an updated version. But that date came and went, and Bancorp provided no update to investors about the status of its annual report…

Nippon Steel/U.S. Steel: Impending Proxy Fight at U.S. Steel Threatens a Still-Tenuous Trump-Backed Deal

The Trump administration is unlikely to sign off on any restructured deal between U.S. Steel (NYSE: X) and Japan’s Nippon Steel (Tokyo: 5401) until an activist hedge fund’s high-stakes play to replace the American company’s leadership and board is resolved, a Capitol Forum analysis indicates.

Capital One/Discover Financial: DOJ Refocuses on How Deal Would Affect Borrowers Without Credit Histories; Divided Over Strength of Case

DOJ has refocused its review of Capital One’s (COF) proposed takeover of Discover Financial (DFS) on how the $35.3 billion deal could harm consumers with no credit history after determining it wouldn’t have a strong enough court case to block the transaction based on staff’s concerns about the subprime sector, sources familiar with the matter […]

Labor Thursday: Supreme Court Won’t Touch NLRB Deference; Last DOJ Criminal Wage-Fixing Prosecution Goes to Trial; Tennis Players Sue Leagues Over Labor Monopsony; Trump’s NLRB General Counsel Pick’s Anti-Union Past; Teamster’s O’Brien Meets With DOJ Antitrust Chief Slater

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the Federal Trade Commission, Justice Department, and National Labor Relations Board. This week, The Capitol Forum looks at DOJ’s final outstanding criminal wage-fixing case, a lawsuit accusing the tennis men’s and women’s governing […]

Universal Health Services: Review of State Inspection Records Finds Conduct That Could Result in Additional Lawsuits Against the Company, Potentially Resulting in Large Judgments

Last year, a jury awarded $535 million in damages to the family of a 13-year-old girl that was sexually assaulted during a 2020 stay at the Pavillion Behavioral Health System, an Illinois residential treatment program owned and operated by Universal Health Services (UHS).

Dexcom: FDA Warning Letter States Company Made Changes to Continuous Glucose Monitors Without Necessary Approval from Agency; Letter States Company Commits to Ceasing Distribution of Sensors with Design Changes that Caused ‘Higher Risks for Users’

The FDA has published a warning letter it sent to Dexcom (DXCM) earlier this month regarding issues with the manufacturing and validation of its continuous glucose monitors (CGMs) that affected their accuracy. The warning letter states that Dexcom failed to gain necessary approvals for the design changes to its glucose sensors, which the company knew […]

Teva: Drugmaker Requests Delisting of Inhaler Patents from Orange Book in Response to Court Order; Boehringer Ingelheim, Novo Nordisk Have Also Asked FDA to Pull Disputed Drug-Device Patents

Teva (TEVA), the drugmaker at the center of the Federal Trade Commission’s efforts to curb the improper listing of patents in the Food and Drug Administration’s Orange Book, has asked the FDA to delist five patents associated with its asthma inhaler, ProAir HFA, in response to a recent court order, according to the FDA’s patent […]

Herc Holdings/H&E Equipment Services: Competition from National, Regional Rivals, Low Entry Barriers Could Constrain Post-Merger Price Increases, Industry Sources Say; Parties’ Noncompetes, Information Sharing May Attract Agency Questions

If Herc Holdings (HRI) completes its proposed $5.3 billion acquisition of rival H&E Equipment Services (HEES), construction companies around the country should still have plenty of viable options for renting heavy equipment, according to industry sources and a Capitol Forum analysis.

Labor Thursday: Trump Ends Federal Contractor Minimum Wage Threshold; Wilcox Firing Faces Divided Appeals Court; House Antitrust Probes Medical Resident Matching Program; D.C. Says Gopuff Misclassified Workers; Largest Anesthesiology Provider in North America Loses Poaching Suit

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the Federal Trade Commission, Justice Department, and National Labor Relations Board. This week, The Capitol Forum analyzes President Trump’s move to rescind Biden executive orders mandating federal contractors pay their workers a $15 […]

Capital One/Discover Financial: DOJ Staff Finds Deal Would Be Anticompetitive in Subprime Sector

DOJ staff has determined that Capital One’s (COF) proposed $35.3 billion acquisition of Discover Financial (DFS) would harm competition in the subprime sector, sources familiar with the matter said…

Labor Thursday: FTC Seeks Pause in Noncompete Litigation, Citing Need to ‘Reconsider;’ NLRB Member Returns to Board as Appeal Begins; DOJ Seeks to Extend Wage Information-Sharing Consent Decree Against Poultry Processors; Chavez-DeRemer Confirmed

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the Federal Trade Commission, Justice Department, and National Labor Relations Board. This week, The Capitol Forum looks at the FTC’s decision to “reconsider” its legal defense of the rule banning noncompetes, the potential […]

Trump’s Metal Tariffs Set to Increase Costs for U.S. Producers, Consumers Corporate Customers Say

U.S. businesses that rely on steel and aluminum say the Trump administration’s forthcoming tariffs will raise costs, reduce profitability, curb investment, and ultimately lead to higher consumer prices…

The Asia Antitrust Agenda: SAMR Head Outlines Increased Platform Regulation; Hong Kong Regulator Announces a First in Its Criminal Convictions; Australia Issues Guidance on Merger Reform Transition; Taiwan, U.S. to Scrutinize ASMedia/Techpoint

The Asia Antitrust Agenda is a biweekly column showcasing key regulatory developments in the region. This week, The Capitol Forum looks at comments from head of SAMR Luo Wen on plans to increase oversight of digital platforms this year, guidance published by the Australian Competition and Consumer Commission on navigating merger filing requirements, and regulatory […]

Zeta Global: Company Removes References to ‘Opted-In’ Data in 10-K Filing, Experts Question Data Collection Claims

Marketing technology company Zeta Global Holdings Corp., which claims to possess one of the world’s largest compilations of consumers’ personal data, removed all references to its data being “opted-in” in its latest annual filing, raising questions over how the company sources and promotes its data set, a Capitol Forum investigation has found…

Labor Thursday: Litigation Tracker Updates; Labor Board Member Finds Receptive Judge in Termination Case Against Trump, Teeing Up Appeal

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the Federal Trade Commission, Justice Department, and National Labor Relations Board. This week, The Capitol Forum updates our Labor Conduct and Merger Litigation Tracker and looks at a hearing on whether President Trump’s termination of […]

Labor Thursday: Litigation Tracker Updates; Labor Board Member Finds Receptive Judge in Termination Case Against Trump, Teeing Up Appeal

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the Federal Trade Commission, Justice Department, and National Labor Relations Board. This week, The Capitol Forum updates our Labor Conduct and Merger Litigation Tracker and looks at […]

DOJ Investigates Whether Egg Industry Players Are Fixing Prices

DOJ has launched an investigation to determine whether Cal-Maine (CALM), Rose Acre and other egg industry participants are fixing prices, driving up the cost of the staple, sources familiar with the matter said…

Sportradar: Sports Data Provider Also Hit with Antitrust Lawsuit Alleging Illegal Tying of Exclusive League Data with In-House Betting Technology

PANDA Interactive, a sports betting technology platform, also amended its patent infringement lawsuit against Sportradar to include antitrust allegations related to the tying of exclusive official real-time sports data with allegedly unnecessary betting app technology…

EU Set to Order Apple to Open iOS or Face Billions in Fines – Sources

The European Commission is set to order Apple to open up its iOS system or risk hefty penalties as high as 10% of its global turnover, two people with direct knowledge of the cases told The Capitol Forum…

U.S. Launches Trade War Against Canada, China and Mexico

The Trump Administration on Tuesday raised tariffs on its three largest trading partners—Mexico, China and Canada—and in doing so, launched America’s broadest and most consequential trade salvo since the Great Depression…

GTCR/Surmodics: As FTC Staff Urges Suit, Company Representatives Prepare to Defend Deal in Commissioner Meetings

With FTC staff recommending a suit to block GTCR’s proposed takeover of Surmodics, representatives of the merging parties are scheduled to meet with commissioners this week to defend the $627 million deal, sources familiar with the matter said…

Labor Thursday: Labor Task Force at FTC Shows Focus on Worker Harm Continues Post-Biden; NLRB Incapacitation Could Open Door to State Labor Boards; Meador Promises Noncompete Enforcement; California Lawsuit Adds to Litigation Wave Against Globe Life

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the Federal Trade Commission, Justice Department, and National Labor Relations Board. This week, The Capitol Forum examines the FTC’s newly created Joint Labor Task Force, […]

Labor Thursday: Labor Task Force at FTC Shows Focus on Worker Harm Continues Post-Biden; NLRB Incapacitation Could Open Door to State Labor Boards; Meador Promises Noncompete Enforcement; California Lawsuit Adds to Litigation Wave Against Globe Life

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the Federal Trade Commission, Justice Department, and National Labor Relations Board. This week, The Capitol Forum examines the FTC’s newly created Joint Labor Task Force, evaluates the possibility of state and local governments regulating labor relations in […]

GTCR/Surmodics: Facing Potential FTC Suit, Companies Allow Brief Review Extension to Early Next Month

Facing a potential FTC suit against GTCR’s planned $627 million Surmodics (SRDX) buyout, the companies have agreed to extend the antitrust review into early next month and continue discussions with the agency, sources familiar with the matter said.

Planned CFPB Action Against Meta in Limbo After Chopra Ouster

The Consumer Financial Protection Bureau (CFPB) was poised to sue Meta (META) over alleged targeted ad abuses when Rohit Chopra, the former director, was ousted this month, sources familiar with the matter said. Now the agency’s plans are unclear as President Donald Trump –who had said he ultimately wants to eliminate the CFPB—tries to install […]

The Asia Antitrust Agenda: KTFC Balances Big Tech Concerns Against Pressures to Uphold U.S. Relationship; China Eases FDI Rules; Taiwan Issues Environmental Guidelines; Australia Releases Airline Competition Report

This is the inaugural edition of The Asia Antitrust Agenda, a biweekly column showcasing key regulatory developments in the region. KFTC juggles platform regulations, potential U.S. trade conflict. The Korea Fair Trade Commission (KFTC) will closely engage with the U.S. government over proposed rules that are likely to affect American tech platform operators such as Google […]

Some EU Member States Weigh Urging Retaliatory Measures Against U.S. Tariffs, Raising Risks for American M&As on Continent

Some European Union member states are considering whether to urge the European Commission to invoke a powerful new trade tool in response to U.S. President Donald Trump’s reinstatement this month of 25% tariffs on steel and aluminum imports, sources familiar with the matter said. The EC’s Anti-Coercion Instrument (ACI), which has never been used since […]

Hims & Hers Health: Questions Remain About Compounding Viability Post Resolution of Semaglutide Shortage

The Food and Drug Administration announced on Feb. 21 that the years-long shortage of semaglutide, the active ingredient in Novo Nordisk’s blockbuster weight-loss injections Ozempic and Wegovy, had been resolved.

EC’s Broadcom Probe Stalls amid Industry Concerns Over Geopolitical Hesitations

The European Commission is signaling reluctance to launch a formal investigation of Broadcom’s (AVGO) contentious pricing and contract changes for its software unit VMware, prompting concerns among industry groups that geopolitical considerations are influencing enforcement decisions.

Labor Thursday: DOL Nominee Praises Right-to-Work, Walks Back Labor Bill Support in Hearing; Concerns About Union Political Donations Possible Issue for Globe Life; Ferguson Sticks With 2023 Merger Guidelines; NLRB Acting Head Ends Noncompete Focus, College Athlete Union Policy, Among Others

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the Federal Trade Commission, Justice Department, and National Labor Relations Board. This week, The Capitol Forum examines comments from DOL nominee Lori Chavez-DeRemert during a nomination hearing, confirmation that the 2023 Merger Guidelines […]

AppLovin: Experts Question Efficacy of Mobile Gaming Ad Channel

As app monetization and analytics company AppLovin pivots to advertising for e-commerce brands across mobile games, some marketing experts question whether in-game advertisements can effectively boost sales in an ad space that has traditionally focused on promoting other games and at times uses dark patterns to drive user clicks and downloads.

China Appears to Reverse Course and Champion AI Development With Few Restrictions

After leading global efforts to regulate artificial intelligence, China appears to be reversing course, stressing the need to encourage innovation and advances in the vital field.

Oscar Health: Forthcoming Rulemaking on ACA Could Create Risk by Reducing Marketplace Enrollment

A proposed rule from the Trump administration targeting the individual health insurance exchange under the Affordable Care Act (ACA) could significantly impact companies that depend on ACA Marketplace enrollees, including health tech and insurance company Oscar Health, the sixth-largest insurer in the individual exchange in 2023.

Johnson & Johnson/Intra-Cellular: Depression Overlap Poised to Draw FTC Questions, but Clinical Differentiation, Other Factors, Point to Abbreviated Review

Johnson & Johnson’s proposed $14.6 billion acquisition of Intra-Cellular Therapies is poised to draw FTC questions over whether the tie-up might affect competition in markets for drugs used to treat major depressive disorder (MDD), according to a Capitol Forum analysis.

Disney/Fubo: DOJ Staff Asks Industry Players About Post-Merger Incentives to Boost Programming Rates

DOJ staff attorneys are asking media industry players if Disney’s (DIS) plan to combine its Hulu + Live TV business with rival sports streaming service Fubo (FUBO) would lead to the entertainment giant raising pay-TV distributors’ costs for programming such as ESPN, sources familiar with the matter said.

A Market for Training Data and No Intermediate Copying Defense: How the Reuters v Ross Summary Judgment Could Affect Generative AI Copyright Lawsuits

The recent summary judgment ruling in the first-ever AI training data copyright lawsuit may give courts some guidance on how to consider generative AI copyright cases. If so, that’s good news for copyright holders. In Thomson Reuters v. Ross Intelligence, Judge Stephanos Bibas, a Third Circuit judge sitting by designation in the Delaware District Court, […]

MAUDE Monthly: Byte Continues Working Through Backlog of Reports as Dentists Increasingly Advise Patients to Stop Treatment; Mentor Breast Implants Increasingly Rupturing Inside of Patients; Procept Biorobotics Reports Increases in Patient Bleeding from Aquablation Procedure; Update on Medtronic ICDs

The information contained in this report is compiled from the FDA’s Manufacturer and User Facility Device Experience (MAUDE) database. The MAUDE database contains reports of deaths, injuries, and malfunctions relating to the use of medical devices and is updated monthly with reports from users, physicians, and device manufacturers. The FDA uses MAUDE reports to monitor […]

EC Ready to Break Up Google Adtech Business, Pending U.S. Case Outcome

The European Commission is prepared to order the breakup of Google’s (GOOG) advertising technology business over antitrust concerns but is waiting to see whether the new Trump administration takes a similar step, sources familiar with the matter said. Competition enforcers in Brussels are willing and ready to move against the U.S. tech giant’s lucrative business […]

Bancorp: Sale of $82 Million in REBL Loans Raises Questions About How Much Risk Company Retained

On the last day of the year, Bancorp Bank, a subsidiary of The Bancorp (TBBK), closed on the sale of an $82 million Real Estate Bridge Loan (REBL) portfolio, collateralized by apartment buildings, the company disclosed in a recent SEC filing.

Oscar Health Accused of Misusing No Surprises Act to Delay Payments, Underpaying CA Health Systems

Oscar Health (OSCR), a health insurance technology company and the fifth largest insurer in the public health exchange market, faces several lawsuits accusing it of underpaying health providers or even failing to pay for medically necessary services, including emergency care.

Capital One/Discover Financial: New York, California AGs Lead State Group Considering Suit to Block Deal

A multi-state coalition including New York and California is considering an antitrust suit to block Capital One’s (COF) proposed $35.3 billion acquisition of Discover Financial (DFS), sources familiar with the matter said. Enforcers at both the federal and state levels are wrapping up their reviews of the tie-up and could determine how they’ll proceed as […]

Almost Half of UnitedHealth Group’s Revenue Faces Legislative and Regulatory Risk, According to Capitol Forum Analysis

Some 45 percent of UnitedHealth Group’s (UNH) $551 billion in annual revenue may be at risk from myriad political and legal issues facing the company, according to an analysis by The Capitol Forum.

AppLovin: Popular Mobile Games Host Deceptive Advertisements, Potentially Expose Users to Privacy Risks

Some of AppLovin’s (APP) most popular mobile games redirect users to app stores and to download apps through dark patterns in advertisements, including a series of ads for a Hong Kong-based app that may process users’ location data and other personal information in China, a Capitol Forum investigation has found

In Challenging Juniper Acquisition, Acting DOJ Antitrust Chief Assefi Defies Expectations, Continues Aggressive Approach

On the face of it, a DOJ suit last week to block Hewlett Packard Enterprise’s (HPE) attempted takeover of Juniper Networks (JNPR) seemed unlikely. But acting DOJ antitrust chief Omeed Assefi defied the expectations of some and challenged the $14 billion deal.

Exclusive Interview with Former European Commissioner for Competition Margrethe Vestager

Click here to see the full transcript of our exclusive interview with Margrethe Vestager. Margrethe Vestager is rejecting calls for a broad overhaul of EU merger rules, arguing that European policymakers should instead focus on strengthening the single market to compete with the U.S. and China as a global economic power. In an exclusive interview […]

FCC Policy: Eleventh Circuit One-to-One Rule Vacatur Limits FCC Rulemaking Authority; TCPA Class Actions to Continue

As the lead generation industry celebrates the last-minute vacatur of the FCC’s one-to-one rule, legal experts warn that the ruling has cast uncertainty over the commission’s future rulemaking ability and that disputes around the legality of telemarketing practices will continue to drive costly private litigation.

Bancorp: Property With $14.1 Million Loan Transferred to Newly Created Entity with Ties to Original Borrower

Bancorp Inc. (TBBK) recently transferred a $14.1 million loan originally issued in 2022 to finance The Dylan, a multifamily property in Fort Worth, Texas, to a newly created entity with ties to the original borrower, according to transaction documents signed by a person associated with both the old and new borrowers and the company that […]

Skydance/Paramount: Conservative Group Criticized Deal After Learning David, Not Larry, Ellison Would Lead Combined Firm

After they agreed to merge in July, Skydance Media and Paramount Global (PARA) told regulators that Larry Ellison, the Oracle (ORCL) chairman and conservative political megadonor, would lead the combined company.

Lenovo/Infinidat: Bid for Data Storage Firm Provides Test for CFIUS Under New Administration

Lenovo Group’s (HKSE: 992) proposed acquisition of Israeli-American data storage company Infinidat is shaping up as a critical litmus test for the Committee on Foreign Investment in the United States (CFIUS) under the Trump administration, according to a Capitol Forum analysis.

Hewlett Packard Enterprise/Juniper Networks: DOJ Still Leaning Toward Suit Following Meeting With Companies’ Representatives

Hewlett Packard Enterprise’s (HPE) efforts to head off a DOJ suit to block its proposed Juniper Networks (JNPR) acquisition haven’t yielded results yet as department officials continue to lean toward filing a challenge, according to sources familiar with the matter.

Hewlett Packard Enterprise/Juniper Networks: DOJ Still Leaning Toward Suit Following Meeting With Companies’ Representatives

Hewlett Packard Enterprise’s (HPE) efforts to head off a DOJ suit to block its proposed Juniper Networks (JNPR) acquisition haven’t yielded results yet as department officials continue to lean toward filing a challenge, according to sources familiar with the matter.

GTCR/Surmodics: FTC Staff Raises Concerns About Deal Creating Dominant Maker of Coatings for Medical Devices

GTCR’s attempted $627 million takeover of Surmodics (SRDX) could be in jeopardy as FTC staff raises concerns that the deal would transform the acquirer into the dominant maker of coatings for a number of medical devices, sources familiar with the matter said.

Hewlett Packard Enterprise/Juniper Networks: DOJ Leans Toward Suit, Schedules Meeting With Companies’ Representatives Tomorrow

Hewlett Packard Enterprise’s (HPE) proposed Juniper Networks (JNPR) acquisition enters a perilous phase as DOJ is scheduled to meet with the companies’ representatives tomorrow to discuss that it’s leaning toward suing to block the $14 billion deal, according to sources familiar with the matter.

Antitrust Agenda: Caffarra Conference Thursday; Analysis of Staffers from the Texas AG Joining National Economic Council; BlackRock Case’s Antitrust Policy Implications; Recap of Ferguson’s First Week as FTC Chair

Christina Caffarra’s conference “The Perfect Storm: A Time of Truth for Europe” is this Thursday, January 30. Cristina Caffarra’s annual must-attend conference on competition, trade, and industrial policy takes place this Thursday in-person in Brussels and livestreamed. Caffarra set the table for the conference with a blog post laying out how the conference will discuss […]

Schlumberger/ChampionX: Norwegian Regulator Prepares to Review Deal

Schlumberger’s (SLB) proposed $7.8 billion acquisition of rival ChampionX (CHX) will be reviewed in Norway, a spokesperson for country’s competition enforcer told The Capitol Forum. European scrutiny of the deal, which combines two U.S. oil field service providers, is expected to home in on the horizontal overlaps in chemicals that both companies provide to oil […]

Capital One/Discover Financial: Acquirer Shortchanges Rescue Fund, FDIC Finds; OCC Backs Bank

Capital One is shortchanging a bank rescue fund meant to protect taxpayers from having to pay for a future Wall Street bailout, officials at the Federal Deposit Insurance Corporation have found, according to sources familiar with the matter.

Dexcom: FDA Staff Observe Several Potential Regulatory Violations During Recent Inspection; Practices Could Negatively Affect Accuracy of CGMs

FDA inspectors at the San Diego headquarters of Dexcom, a manufacturer of continuous glucose monitors (CGMs), observed several quality control and process issues at the facility, according to an inspection report obtained by The Capitol Forum via a Freedom of Information Act Request.

The Bancorp Inc: Lender’s Handling of Loans to Troubled Real Estate Investment Firm Raises Questions About Diligence and Controls

A lawsuit filed last week by Bancorp Bank involving nearly $10 million in real estate bridge loans (REBL) for multifamily residential properties tied to a beleaguered investment company spotlights a history of questionable diligence in the bank’s handling of the loans

Labor Thursday: Novel Study Explores Worker Behavior Under Noncompetes, Undermining Justifications for the Employment Restrictions; New Labor Guidance Updates Information Sharing Standards, But Faces Potential Withdrawal by GOP Majority

Groundbreaking study undermines arguments in favor of noncompete agreements. One of the main criticisms lobbed at the Federal Trade Commission’s noncompete ban as it wended its way through rulemaking was that the agency lacked sufficient justification for the regulation, which labeled the agreements illegal in virtually all employment contexts. Noncompetes prevent trade secrets from leaking […]

TSMC Critics Set to Urge Trump Administration to Launch Antitrust Probe Against Chip Manufacturer

Critics of Taiwan Semiconductor Manufacturing Company are preparing to urge the newly installed Trump administration to launch a wide-ranging antitrust investigation into the No. 1 computer chipmaker.

Capital One/Discover Financial: New York AG May Confront Legal Headwinds With Suit to Block Deal if Federal Officials Approve It

New York Attorney General Letitia James would encounter legal barriers if she decides to sue to block Capital One’s (COF) proposed $35.3 billion acquisition of Discover Financial (DFS), according to industry and consumer advocate sources.

Health Care Antitrust Weekly: TCF Launches Monthly Litigation and Investigations Tracker; Judge Rules in Teva Patent Case; Corcept at Risk of Losing Market Share, Per 2025 Formulary Design Changes

The Federal Trade Commission publishes second report on PBMs, focusing on how the Big Three PBMs markup specialty generic drug prices. The PBMs enjoyed excess revenues of $7.3 billion, the FTC wrote in its report, comparing revenues to the National Average Drug Acquisition Cost (NADAC), an industry-respected benchmark that estimates what a drug costs to […]

Harrow: VEVYE Excluded from Stand-Alone Part D Plans in 2025, Amid Company’s Claims of ‘Market Access Win’ in Medicare

VEVYE, a dry eye disease drug marketed by Harrow (HROW), doesn’t appear to be covered by any Medicare Part D prescription drug plans in 2025, despite the ophthalmic health care company advertising that the drug was slated to get coverage in that market, a Capitol Forum investigation has found.

Medicare Formularies Shift to Covering Generic Mifepristone Instead of Branded Korlym for 2025

Corcept’s (CORT) flagship product Korlym (mifepristone) has been removed from the preferred drug lists, or formularies, of nine out of 12 national prescription drug plans under Medicare Part D in 2025, a Capitol Forum investigation has found. Korlym, which treats a type of Cushing’s disease, can cost patients $16,000 to $64,000 a month and is […]

Dave: Company Voluntarily Eliminates Optional Tips and Express Fees for ExtraCash Product, Online Reviews Reveal Some Customers’ Negative View of New Fee Structure

The Department of Justice filed an amended complaint against Dave (DAVE) late last month, taking over the case from the Federal Trade Commission. The amended complaint seeks civil penalties and names the company’s CEO Jason Wilk as a defendant.

Synopsys/Ansys: Deal Enters Phase 2 SAMR Review, but Could Face Complications from U.S.-China Trade Tensions

Synopsys’ (SNPS) proposed $35 billion buyout of Ansys (ANSS) last week entered an in-depth phase 2 merger review in China, as regulators start to ask market participants about the tie-up of the two chip-design software makers, sources familiar with the matter said.

Labor Thursday: FTC Continues No-Hire Crackdown, Boosting Workers’ Union Campaign at Planned Companies; Commission Tees Up Vote on Expanding Clayton Act Labor Exemption to Independent Contractors; UnitedHealth Moves to Dismiss DOJ Case

FTC finds building services contractors’ no-hire agreement unlawful. The commissioners voted unanimously on Monday to order Planned Companies to cease its policies prohibiting building owners from hiring workers employed by Planned. The contractor’s no-hire rules are a violation of Section 5 of the FTC Act, the Commission said, because they restrict worker mobility, reduce compensation […]

Xponential Fitness: Studio Growth in Club Pilates, StretchLab Brands, Others Continue to Show Stagnation and Low Studio Utilization

Club Pilates and StretchLab, the two consistent growth brands within the Xponential Fitness (XPOF) portfolio of boutique fitness studio franchises, entered 2025 with more studios than they had at the start of December, while the rest of the company’s brands showed stagnation or declining studio counts, a Capitol Forum review of studio website data has […]

Merger Monthly: Scramble Over AI Companies Calls to Mind Past Tech Battles—And Enforcers’ Response to Them

For those not around for the decades-long string of events that led to Big Tech becoming the target of antitrust enforcers, you’re in luck. Companies’ current fights for dominance in artificial intelligence should give you an idea of what you missed in the development of Internet search, advertising technology, mobile phones and e-commerce. Much like […]

Nippon Steel/U.S. Steel: Legal Challenge to Biden Ban Faces Tough Odds

Nippon Steel faces a tough task in overturning President Joe Biden’s decision to block its proposed $14.9 billion acquisition of U.S. Steel, according to a Capitol Forum analysis.

RB Global’s Rouse Services Could Face Antitrust Scrutiny Over Information Sharing as Enforcers Target Third-Party Benchmarking

RB Global (RBA) subsidiary Rouse Services, which provides benchmarking and appraisals to the construction equipment rental industry, could be at risk of regulatory scrutiny as U.S. antitrust regulators target algorithmic intermediaries across the economy. Rouse’s business model resembles those of benchmarking firms that have faced lawsuits and probes from the Department of Justice, according to […]

IBM/HashiCorp: Companies’ Optimism Increases as Early 2025 FTC Decision Approaches

The merging parties’ optimism of closing IBM’s attempted $6.4 billion takeover of HashiCorp is growing as the FTC approaches a decision early next year, sources familiar with the matter said.

Labor Thursday: Judge in Kroger/Albertsons Case Doesn’t Rule on FTC’s Worker Argument But Provides Guidance for Future Challenges; Manchin, Sinema Block NLRB Chair’s Renomination 

The FTC’s federal court victory Tuesday in blocking Kroger’s (KR) attempted $24.6 billion acquisition of rival Albertsons (ACI) didn’t advance labor-related antitrust law as far as advocates had hoped. But U.S. District Judge Adrienne Nelson’s opinion did provide some guidance on how U.S. enforcers can bring future so-called labor monopsony cases. The FTC in its […]

Labor Thursday: FTC Cracks Down on Building Services Contractor’s No-Hire Agreement; Union Worker Charges Kroger and Albertsons with Colluding During Strike; Apple’s Employee Surveillance Under Fire; Amazon Contractors Win Preliminary Ruling to Begin Organizing, Amazon to Appeal; Aveanna Healthcare Faces Nurse Wage Suit

FTC orders building services contractor to cease no-hire agreement, saying Sherman Act and FTC Act violations caused harm to workers. The Federal Trade Commission reached a settlement with Guardian Service Industries Inc., a building services contractor with over 2800 employees, to stop enforcing a policy that prohibited building owners and managers from hiring Guardian workers. […]

Novo/Catalent: Buyer Negotiating Contract Extensions with Complaining Drugmakers

Novo Holdings is negotiating contract extensions with drugmakers complaining to antitrust enforcers about its proposed $16.5 billion acquisition of pharmaceutical contract manufacturer Catalent (CTLT), sources familiar with the matter said.

Rio Tinto/Arcadium Lithium: Spokesperson for House Panel Monitoring China’s Rise Raises Concerns About Deal

Rio Tinto’s (RIO) attempted takeover of Arcadium Lithium (ALTM) is sparking concern on a U.S. House committee focused on limiting China’s power over key technologies and raw materials.

Verizon/Frontier: Service Problems Would Be Buyer’s Mess to Clean Up, State Regulators Indicate as Their Deal Reviews Begin

West Virginia officials probing repeated outages on Frontier Communications’ (FYBR) network found dead batteries, bad copper cable and lines lying on the ground.

Google Hotel Search Results to Revert to Plain Blue Links in Three EU Countries in Response to DMA Probe

Eight months into a European Commission investigation of whether its search results violate the Digital Markets Act (DMA), Google (GOOG) is reverting to responding to hotel queries in Germany, Belgium and Estonia with a list of blue hyperlinks.

BrightSpring Health: Former Employees and Regulators Raise Concern Regarding Medical Care and Oversight of Patients

Some intellectually-disabled residents at group homes and facilities operated by ResCare, a subsidiary of BrightSpring Health (BTSG), are not receiving proper levels of medical care from staff, according to an ongoing Capitol Forum investigation of the company.

ADNOC/Covestro: EC Foreign Subsidies Review Likely to Home in on UAE State Support for Bidder in Case That Could Test Novel Issues

Abu Dhabi National Oil Company’s (ADNOC) 14.7 billion euro ($16.3 billion) bid for German plastic materials maker Covestro (XETR: 1COV) could face close European Commission scrutiny over the support it receives from the emirate, according to a Capitol Forum analysis.

Apple’s Motion to Dismiss DOJ Suit Puts Refusal-to-Deal Law in Spotlight; Potential Trump Antitrust Appointee, Republican Lawyers Have Backed Case

The outcome of Apple’s (AAPL) effort to dismiss a Department of Justice lawsuit might shape the development of a contentious area of law—the antitrust “duty to deal”—that tech giants are increasingly using as a shield against legal liability, experts said.

Brookfield Wealth Solutions: PHL Rehabilitator’s Report Highlights Potential Problems with Asset Treatment of Excess of Loss Agreements

Excess of loss arrangements and intercompany transactions can artificially inflate an insurance company’s financial statements, according to the Rehabilitator’s First Accounting and Status Report filed in the PHL Variable Insurance Company rehabilitation proceeding.  The Capitol Forum recently reported on these concerns related to its ongoing coverage of insurance companies owned by Brookfield Wealth Solutions (NYSE: […]

Labor Thursday: Google Workers Met with DOJ Over Search Monopoly Remedy; FTC Commissioner Bedoya Lays Out Case for Federal Workplace Privacy Law and Greater Enforcement; Bedoya Plans Speech on Children and AI, Says He’s Concerned with Unfair Franchise Relationships; Challenges to NLRB Constitutionality Mount

Unionized Google workers met with the Justice Department over search monopoly remedy proposals. Representatives of a group of Google (GOOG) employees who unionized in 2021 with the Communications Workers of America (CWA) asked DOJ lawyers last month to take worker concerns into account while crafting proposed remedies in the Google Search monopoly case, which is […]

Hewlett Packard Enterprise/Juniper Networks: DOJ Likely to Either Sue or Clear Unconditionally, With No Proposed Remedy on Table; Review Could Extend Past This Week

DOJ will likely either clear unconditionally or sue to block Hewlett Packard Enterprise’s proposed acquisition of rival Juniper Networks and isn’t assessing a proposed remedy to address any concerns with the $14 billion deal, sources familiar with the matter said.

Labor Thursday: Republican Control of NLRB Likely to Hinder Teamsters’ Amazon Driver Union Push; UnitedHealth/Amedisys Deal Would Harm Nurses, DOJ Says; GOP Win a Boon for NCAA in Labor and Antitrust Battles Over Athlete Pay, Employment Status

Efforts to organize Amazon delivery drivers, and broader unionization campaigns, will face headwinds from the National Labor Relations Board under a Trump Administration. Some of the most consequential impacts of President-elect Donald Trump’s return to office will be on a federal agency responsible for many of the Biden administration’s most pro-worker policies.

Merger Monthly: Tapestry/Capri Decision Encouraging for Enforcers Seeking to Build Cases With Documents

U.S. District Judge Jennifer Rochon last month in her Tapestry/Capri decision ever so slightly nudged documents toward the top of the evidence pile. Her reliance on company slide deck presentations, strategy papers and executives’ emails not only resulted in a victory for the FTC but also boosted the Biden administration’s effort to demystify antitrust, make […]

Siemens/Altair: Parties’ Deep Chinese Ties, Industry Consolidation Could Trigger SAMR Review; Company Spokesperson Says Deal Should Obtain Clearances

Siemens’s $10.6 billion bid for Altair Engineering could trigger a review by the Chinese antitrust authority due to both companies’ deep business ties to the Asian country and ongoing consolidation in the design simulation software sector, China-based lawyers and industry analysts said

Trump Specter Over Broadcast Licenses Meets Shifting Sentiment Inside FCC

Donald Trump has threatened to pull TV networks’ licenses while promising to end the independence of the Federal Communications Commission and bring it under his authority.

UnitedHealth/Amedisys: DOJ Leans Toward Suing to Block Deal as Early as This Week

DOJ is leaning toward suing to block UnitedHealth Group’s (UHG) proposed $3.3 billion acquisition of home health care rival Amedisys (AMED) as soon as this week, sources familiar with the matter said.

Dentsply Sirona: Internal Company Email Discloses That Sales of Byte Aligners Will Not Resume in Near Term; Company to Conduct Layoffs

An internal email sent to staff of at-home dental aligner company Byte, a subsidiary of Dentsply Sirona (XRAY), indicates that the company does not intend to market its products to new customers in the near term and will conduct layoffs to sales, marketing, and production departments.

Money-Laundering Ring Opened Phony Accounts with Wells Fargo, Bank of America, Chase, Crypto Platform

Colombian drug gang members opened bogus accounts at Wells Fargo, JPMorgan Chase, Bank of America and crypto-currency firms Coinbase and Binance to launder millions of dollars, according to court documents

Trulieve: Cannabis Retailer Allegedly Shares Users’ Personal Information With Adtech Companies for Marketing Services

Some online health service providers share users’ potentially sensitive health information with adtech companies and third-party advertisers for marketing purposes—a practice that has drawn increasing scrutiny from the Federal Trade Commission and is allegedly engaged in by medical marijuana website and retailer Trulieve Inc., according to a proposed class action lawsuit.

Trucking Advocacy Groups Send Letter to FTC Alleging Price Fixing and Anticompetitive Behavior from Freight Brokers

Four trucking advocacy organizations sent a letter to the FTC, alleging that the behavior of freight brokers—the middlemen connecting truckers, or carriers, with the shippers who want to hire them to transport a load—is anticompetitive and contributing to unfair labor practices.

Privacy Policy Update: CPPA to Review Proposed Dark Pattern Regulations at November Board Meeting

The California Privacy Protection Agency (CPPA) will discuss proposed changes to the California Consumer Privacy Act (CCPA) Regulations, including new examples of dark patterns and requirements for companies to comply with the law, at its board meeting on November 8.

Rio Tinto/Arcadium Lithium: Proposed Acquisition of Critical U.S. Lithium Producer Likely to Face Intense National Security Review

Anglo-Australian mining giant Rio Tinto’s (RIO) proposed $6.7 billion acquisition of Arcadium Lithium (ALTM), which produces a key component of the rechargeable batteries used in electric vehicles, energy and military technologies, and mobile devices, likely will face intense scrutiny from the U.S. government, national security experts said.

Aveanna: Inspectors Find Home Health Company Providing Insufficient Services for High-Need Patients; Fort Wayne Location Sanctioned for Neglect of Patient

Home health company Aveanna (AVAH) provides in-home healthcare to some of the most “medically complex, high-cost patient populations,” according to the company’s SEC filings. Those patients often require round-the-clock nursing care and help with activities such as bathing and dressing, but a Capitol Forum review of inspection reports by state regulators finds that chronic understaffing […]

Dentsply Sirona: Company Suspends Worldwide Sales of Byte Aligners, Citing Potential for Patient Injuries and Discussions With the FDA

Dentsply Sirona (XRAY), the parent company of at-home orthodontic treatment Byte, announced yesterday that it was voluntarily suspending the sales of Byte aligners and impression kits. On a phone call this morning, Dentsply Sirona CEO Simon Campion told investors that the suspension was immediate and applied to all global sales and marketing of Byte products.

“Not Medically Necessary”: Inside the Company Helping America’s Biggest Health Insurers Deny Coverage for Care

“Not Medically Necessary”: Inside the Company Helping America’s Biggest Health Insurers Deny Coverage for Care This article is being published in collaboration with ProPublica. Every day, patients across America crack open envelopes with bad news. Yet another health insurer has decided not to pay for a treatment that their doctor has recommended. Sometimes it’s a […]

Fair Isaac Corporation: Risk of Government Intervention Appears to Have Emboldened Company to Increase Price on Mortgage Industry; New Policy Could Further Entrench Company’s Hold on the Industry

After several recent price hikes on credit scores used in the mortgage lending business, the Fair Isaac Corporation (FICO) is rumored to be readying yet another increase at the start of 2025—a move that will again leave customers with no recourse because of the entrenched nature of the FICO score in the mortgage lending industry.

IBM/HashiCorp: FTC Asks Industry Players About Potential Foundation Remedy to Ensure Open-Source Access to Terraform, Vault

The FTC has asked software industry participants whether their concerns with IBM’s proposed $6.4 billion acquisition of HashiCorp would be addressed by placing the target firm’s cloud management software within a foundation that would guarantee open-source access to the products, according to sources familiar with the matter.

Financials Friday: Banks Hope Delay on Debit Card Rule Signals Fed Wavering; Trump Advisor Proposes Appointing ‘Shadow’ Fed Chair to Undercut Powell; TD Bank Pays $3 Billion and Caps Assets to Settle Money Laundering Charges; Real Estate Broker Warns of ‘Catastrophic’ Litigation if Industry Abandons Mandatory MLS Listings

It’s been nearly a year since the Federal Reserve proposed lowering the costs of debit card swipe fees and big banks hope the delay might mean the proposal is in trouble. The Fed capped swipe fees at 21 cents plus a small fraction of the transaction amount back in 2011. For more than a decade, […]

Brookfield: Post-Acquisition Dividends and Restructuring Removed $3.8 Billion From Retirement Security Insurer; Assets Moved Out of the Direct Reach of Policyholders and Regulator

Stockholder dividend-taking and a rapid growth in American National Insurance Company’s annuity business leaves policyholders’ retirement security at risk, a Capitol Forum investigation has found.

Health Care Antitrust Weekly: Powerful Republican Senator Excoriates FDA Over Orange Book Inaction; Democratic Senators Urge FTC to Scrutinize New PBM Vertical Integration Play; Surescripts Deal with PE Alarms Pharmacists

HELP Committee ranking member lambasts FDA Commissioner for inaction on clarifying patent listing requirements on the FDA Orange Book. Echoing concerns raised by industry stakeholders, Bill Cassidy (R-LA) wrote a letter to the FDA saying the agency’s reticence has resulted in the FTC “polic[ing]” the Orange Book, a list of approved drug products and their […]

Tech Tuesday: Epic v. Google Judge Orders Google to Open Android Ecosystem; All Federal Claims in FTC’s Amazon Suit Can Proceed, Per Unsealed Ruling; Apple, DOJ Feud over Tech Tutorials Ahead of Motion-to-Dismiss Hearing

Epic v. Google judge rejects refusal-to-deal defense in sweeping injunction; Google set to appeal. For three years, Google (GOOG) must open its Google Play ecosystem to competing app stores, Northern District of California Court Judge James Donato ruled Monday in an injunction that mostly aligned with what Epic Games proposed in April. Google will be […]

The Antitrust Agenda: Experts Discuss Potential Top Roles in a Harris Administration; Live Nation Takes a Hit in Federal Antitrust Case; Free Speech and Authority of Government Enforcers on SCOTUS Docket

Kamala Harris avoids committing to keep on FTC Chair Lina Khan. The Wall Street Journal reported last week that at a meeting with the Teamsters union, a Teamsters board member asked Harris for a commitment to keep Khan in place at the FTC. Harris then declined to make that commitment, saying she needs to win […]

T-Mobile/UScellular: DOJ Asks Industry Players About Fate of Spectrum Not Part of Deal, Rural Service Overlaps

DOJ staff attorneys reviewing T-Mobile US’s (TMUS) proposal to buy most of regional telecommunications operator United States Cellular (USM) are asking industry participants not only about the competitive impact of the $4.4 billion transaction but also who could buy the spectrum that’s not part of the deal, sources familiar with the matter said.

Zeta Global: Company’s Practices Mirror Those Identified as Problematic in Recent FTC Report, Potentially Exposing Company to Regulatory Risk

Marketing technology companies like Zeta Global Holdings Corp. (ZETA) use extensive web tracking tools and third-party data brokers to amass profiles on millions of individuals, then utilize artificial intelligence to make inferences about potentially sensitive personal interests for marketing and advertising purposes, all practices scrutinized by a recent Federal Trade Commission report that examined the […]

BIOSECURE Act Could Aid U.S. Contract Research Organizations Hurt by Monkey Supply Chain Disruption; Supporters Target Passage in Must-Pass Defense Bill

U.S. drug development companies known as contract research organizations (CROs) continue to be stymied by supply chain issues for the monkeys used in pharmaceutical testing, after having lost access to two major sources of these animals in recent years.

Blue Bird Corp.: Federal Funding for EV Busses Rejected by School Districts After Program Changes; EPA Aims to Lower Bus Prices Could Hurt Company Bottom Line

A federal program that helps school districts swap diesel buses for electric or propane-powered replacements has been a boon to school bus manufacturer Blue Bird Corp. (BLBD), providing generous subsidies to soften the sticker shock that might have otherwise steered districts away from the cleaner, yet far more expensive, buses.

Itron Has Plans to Charge 30%-50% Commission on App Store for its Utility Smart Meters, But Public Utility Commissions Could Intervene

Itron (ITRI) contracts with utilities to be the exclusive provider for their customers’ electronic electricity meters, known as smart meters. Itron’s marketing also brags that its technology platform “utilizes an app store model, similar to a smart phone.” Critics worry that Itron will charge, like Apple for its app store, a 30% (or higher) commission […]

Tapestry/Capri: In Closing Arguments, FTC Points to Paper Trail Showing Intense Head-to-Head Competition While Defense Attacks Agency’s Economic Analysis

On the final day of arguments in the FTC’s effort to block the acquisition of American fashion house operator Capri (CPRI) by rival Tapestry (TPR), agency attorneys emphasized how the $8.5 billion deal could harm working- and middle-class women who buy so-called accessible-luxury handbags.

FTC’s Proposed Overhaul of PBM Payments May Shift Conversation in Congress to Structural Remedies, Lawmakers Say

Shortly after the Federal Trade Commission (FTC) filed its long-anticipated lawsuit against the “Big Three” pharmacy benefit managers (PBMs), lawmakers told The Capitol Forum that there’s a strong likelihood of Congress passing legislation that would overhaul the PBM business model in the lame-duck session. Among the measures Congress is considering are transparency requirements that would […]

Illumina/Grail: Court Ruling Marks a Setback, Not a Death Knell, for EU Merger Referrals, Experts Say

Illumina’s (ILMN) resounding court victory last week over a European Commission decision to block its $8 billion takeover of Grail (GRAL) marks a serious blow to the regulator’s attempt to scrutinize sensitive deals that fly under its merger-revenue thresholds. But the EU enforcer has an expanding range of opportunities to keep reviewing such deals without […]

Hims & Hers Health: Former Pharmacists Raise Concerns Regarding Patient Safety and Compounding Practices

Former employees who worked in the pharmacies of telemedicine company Hims & Hers Health (HIMS) told The Capitol Forum that the volume of daily prescriptions the company expected them to fill meant that they could not appropriately perform routine safety checks on those prescriptions. In particular, the two pharmacists and one pharmacy technician who spoke […]

Harris’s Record, Statements Draw Praise, Concern From Those Seeking Continued Aggressive Antitrust Enforcement

Kamala Harris, newly elected as California attorney general, grinned and murmured “cha-ching” as she discussed with her staff a price-fixing case that would bring in more than $1 billion in penalties…

Kroger/Albertsons: FTC Uses Supermarket Agreements to Try to Show Stores’ Competition for Unionized Workers

For a transcript of the most recent available proceeding please click here, and our library of additional transcripts and exhibits can be found under the “Source Documents” heading here. The FTC today in the trial on the agency and states’ suit to block Kroger’s (KR) $24.6 billion Albertsons (ACI) bid attempted to show how agreements that […]

Alaska/Hawaiian: DOT, States Seek Remedies as Department Considers Merger Application

The Department of Transportation and some states are seeking remedies from Alaska Airlines (ALK) in its bid for Hawaiian Airlines (HA) as the carriers submit to DOT’s review of their $1.9 billion deal, sources familiar with the matter said.

Harrow: Former Employees Raise Concerns About Sampling, Rebating Practices for IHEEZO Eye Medication

Last quarter, emerging branded pharmaceutical company Harrow (HROW) disclosed that unit demand volumes for its ocular anesthetic IHEEZO nearly doubled from the previous quarter up to 30,016 from 15,176 units.

The Bancorp Inc: Company Downgraded $87 Million in Real Estate Bridge Loans Last Quarter; After 2019 and 2022 Enforcement Actions, Recent Bancorp Transactions Could Raise Red Flags at SEC

The Bancorp, Inc. (TBBK) quietly downgraded $87 million in real estate bridge loans (REBL) last quarter and may be extending concessions to more of these loans than disclosed, according to a Capitol Forum review of Bancorp’s filings and earnings call transcripts.

DOJ Poised to Sue Thoma Bravo’s RealPage Over Price-Collusion Allegations as Early as Tomorrow

DOJ is poised to sue private equity firm Thoma Bravo’s RealPage as early as tomorrow over allegations that the company’s software has allowed landlords to collude in raising people’s rents, sources familiar with the matter said…

JIC/Shinko: SAMR Review Could Delay Tender Offer for Computer Chip Components and Packaging Maker

A review by China’s antitrust regulator could delay the government-backed Japan Investment Corporation’s (JIC) anticipated $4.7 billion tender offer for computer chip packaging and components maker Shinko Electric Industries (TSE: 6967), sources familiar with the matter said.

T-Mobile/Metronet: German-Owned Company’s Pattern of Telecom Acquisitions Will Likely Concern CFIUS, Experts Say

Telecommunications giant T-Mobile US’s (TMUS) ambitious 50/50 joint venture with private equity giant Kohlberg Kravis Roberts (KKR) to acquire U.S. fiber Internet provider Metronet raises concerns that could lead to an extended U.S. national security review, experts said.

House Proposes Overhaul of PBM Payment Model; End-of-Year Package Could Include PBM Legislation

Amid growing bipartisan scrutiny of pharmacy benefit managers (PBMs), House members have proposed a bill that would overhaul the PBM business model and more tightly regulate how the controversial health care middlemen reimburse pharmacies for prescription drug claims.

Verisign in Period of Uncertainty as US Launches Price Review

Verisign (VRSN) is entering a period of uncertainty over its primary source of revenue as the U.S. government has signaled that it wants to change an agreement that lets the sole .com registry operator levy hefty price increases while maintaining high operating margins.

Trump, Harris Likely to Pursue Different CFIUS Approaches to Achieve Common Goal: Confronting China

Regardless of who wins the U.S. presidential race in November, foreign investors attempting to purchase American assets can expect more government scrutiny than ever before—especially if the buyers are from China.

Despite a Weakened Macron, His Fight for European ‘Champions’ Vs. Competition Enforcement Isn’t Going Anywhere, Experts Say

Recent elections in France have weakened Emmanuel Macron in Paris and Brussels. But the push by the French president and other senior European politicians for less aggressive European Union competition enforcement to favor companies in the region over foreign rivals will remain strong, according to EU policy and competition law experts. Throughout his tenure, Macron […]

Vance’s Letter to FTC on HSR Form Review Suggests Interest in All-of-Government Approach to Competition, Even as Friends in Silicon Valley and the Republican Platform Call for Return to Laissez-faire Approach

J.D. Vance, the Ohio senator chosen by former President Donald Trump as his running mate on Monday, has broken ranks with his party in praising aggressive antitrust enforcement and said in March that FTC Chair Lina Khan was “doing a pretty good job.” Vance, who rose to fame with his 2016 memoir, “Hillbilly Elegy,” has […]

SAMR, In Proposed Guidance, Stresses Horizontal Deals’ Likely Impact On Chinese Economy

China’s antitrust authority last week stressed in its proposed new guidance on horizontal merger reviews that it will consider a deal’s impact on the country’s economy, indicating the importance industrial policy and political interests increasingly are playing in the regulator’s decision-making.

The Antitrust Agenda: Open Markets Event Thursday; Walmart Says “No Such Thing as Big Grocery” in Fight Vs. RPA; Mullins Discusses Book, Series on Josh Wright; FTC Commissioners Back New Patent Office Rule

Open Markets Institute event on the information crisis this Thursday from Noon to 5:30PM. The event is titled “Fixing the Information Crisis Before it’s too Late (for Democracy),” and it will be free to livestream or attend at the National Press Club in Washington, D.C.

Uber/Foodpanda: Taiwanese Regulator Meets With Restaurant Operators, Drivers Amid Concerns About Worse Service, Lower Pay

In examining Uber Technologies’ (UBER) proposed acquisition of Delivery Hero’s (DHER) Foodpanda business, Taiwan’s competition regulator met this week with industry participants such as restaurant chain operators and drivers, who have complained about the $950 million deal leading to worse service for food venues and lower pay, respectively.

Six Flags/Cedar Fair: DOJ Leaning Toward Clearing Amusement Park Merger Unconditionally

DOJ is leaning toward clearing unconditionally Six Flags Entertainment (SIX) and Cedar Fair’s (FUN) proposed $8 billion merger of equals, according to sources familiar with the matter.

IBM/HashiCorp: FTC Staff Probing Potential for Reduced Competition, Innovation in Cloud Software, Encryption Tools

FTC staff investigating IBM’s (IBM) proposed acquisition of HashiCorp (HCP) is asking industry participants whether customers of HashiCorp’s multi-cloud and encryption management software could switch to viable alternatives after the merger if they so desired, and whether the $6.4 billion deal would slow innovation, sources familiar with the matter said.

AirSculpt: Lawsuit Brought by Family of Woman Who Died After Fat Removal Procedure Can Proceed, Judge Rules

A lawsuit brought by the family of a woman who died after receiving a fat removal procedure at an AirSculpt (AIRS) clinic can proceed, a California court ruled, rejecting an attempt by the company to have portions of the lawsuit thrown out.

The European Antitrust Agenda: Lufthansa/ITA Appears Headed for the Runway; Google’s Hotel Search Market Share Slides in EU; Luxembourg Raids Pharma Firms; EC Accuses Czech Republic of Antitrust Infringement, Alchem of Price Fixing; NGOs Go After Vodafone/Three

Skies appear to clear for Lufthansa/ITA as IAG offers remedies. The German airline giant (ETR: LHA) is likely to receive the European Commission’s (EC) blessing to take a 41% stake in state-owned ITA Airways, Reuters and Politico reported last week, citing anonymous sources. Such a decision would please the plethora of Italian officials who’ve been […]

Broadcom’s VMware Unit Caught Up in French Litigation Brought by 3 Customers Over Cloud License Changes

Three French companies—Oxya, Thales (EUF: HO) and Saint-Gobain Group (EUF: SGO)—are pursuing lawsuits against Broadcom’s (AVGO) subsidiary VMWare for allegedly breaching contract law in France by revamping its cloud software’s licensing terms.

FDJ/Kindred Group: Gambling Companies Urge French Competition Enforcer to Order Divestiture

French lottery operator Française des Jeux’s (EUF: FDJ) proposed buyout of online gaming company Kindred Group (STO: KIND) for 27.95 billion Swedish kronor ($2.65 billion) is being challenged by multiple gambling operators, who are urging the French competition regulator to reject the merging parties’ proposed behavioral remedies in favor of a structural fix, sources familiar […]

Pharma Lobby Touts Threat to CHIPS Act in Fight Against ‘March-In’ Authority, Despite Little Evidence*

A Department of Commerce proposal to bolster the government’s authority over inventions it helped fund has set off alarms across the pharmaceutical industry, prompting lobbyists associated with large drugmakers to seek allies in other sectors that similarly draw on public largesse.

War in the Aisles: Monopolies Across the Grocery Supply Chain Squeeze Consumers and Small-Business Owners Alike, Big Data will Only Entrench Those Dynamics Further

This article is published in collaboration with The American Prospect. You’ve grabbed a shopping cart, walked through the sliding doors, and checked your list for the week. Keep it simple—Monday, spaghetti and meatballs. Tuesday, of course, is for tacos. Wednesday, how about a stew. Can’t forget the cold cuts, bread, and Cheez-Its for lunch this […]

Financials Friday: Homebuyers File Appeal to Maximize Their Class-Action Suit against NAR; DOJ to Weigh in on REX v. Zillow; CFPB Establishes Registry of Nonbanks That Violate Consumer Laws, Process to Recognize Data-Sharing Standards; 5th Circuit Strikes Down SEC’s Hedge Fund Fee Disclosure Rule

Burnett case will determine the scope of upcoming legal fight between brokerages and homebuyers. Appeals by rival plaintiff lawyers were expected in the landmark Burnett settlement, which will see the National Association of Realtors (NAR) and major brokerages pay hundreds of millions of dollars to home sellers and reform their practices around fixed agent fees. […]

European Commission Scrutinizing Apple’s New Browser Engine Program Created to Comply With DMA

The European Commission is examining an Apple (AAPL) program created to comply with Europe’s new Digital Markets Act (DMA) that critics said hinders rival browsers and other apps on the company’s iPhone, sources familiar with the matter said.

Novo/Catalent: Supply-Chain Questions Likely to Prompt CFIUS Investigation of Danish Pharma Giant’s Deal, Experts Say

Danish pharmaceutical giant Novo Holdings’ proposed buyout of contract manufacturer Catalent (CTLT) is likely to trigger a U.S. national security investigation based on government questions about whether the $16.5 billion deal would endanger the nation’s drug supplies, experts said.

Acadia Healthcare: Opioid Treatment Centers Cited Numerous Times by Regulators for Lack of Addiction Counselors; Many Centers Cannot Provide the Required Amount of Therapy to Patients

Acadia Healthcare’s (ACHC) network of opioid treatment facilities, known as Comprehensive Treatment Centers (CTCs), are operating at staffing levels far below what is required by regulators in several of the states in which they operate, a Capitol Forum investigation has found. In particular, Acadia’s CTCs have been cited dozens of times by state inspectors for […]

Financials Friday: Bank of America Faces Fed Scrutiny for Alleged Anti-Money Laundering Failings; Texas Judge Stymied in Moving Lawsuit Against CFPB Rule; Mortgage Lenders Sue Equifax in Monopoly Case; Regulator Launches Inquiry into Junk Fees; Visa, Mastercard Reach Settlement in Antitrust Class Action

Financials Friday: Bank of America Faces Fed Scrutiny for Alleged Anti-Money Laundering Failings; Texas Judge Stymied in Moving Lawsuit Against CFPB Rule; Mortgage Lenders Sue Equifax in Monopoly Case; Regulator Launches Inquiry into Junk Fees; Visa, Mastercard Reach Settlement in Antitrust Class Action Federal Reserve finds AML failings at Bank of America, considers sanctions. Fed […]

The European Antitrust Agenda: Mondelēz Hit with EU Antitrust Fine; UK Digital Markets Bill Finally Passes; Vestager Warns Lufthansa/ITA Could Hike Prices, Lower Flight Numbers

Mondelēz fined $366 million in the EU for restricting cross-border sales. The European Commission hit Mondelēz International (MDLZ), the maker of Oreo cookies and Toblerone chocolate, last week with a 337.5 million euro ($366 million) antitrust fine for hampering the trade of chocolate, cookies and coffee products among EU countries.

Antitrust Agenda: Warren Links Food-Price ‘Gouging’ to Dominance of Grocery Giants; Bipartisan Call for an Investigation of Formula One; Khan Says the Founding Fathers Recognized the Danger of Monopoly Power; Kanter Sees Corporate America Getting the Message That DOJ Is Serious About Antitrust Enforcement

Supermarket behemoths land on Warren’s chopping block: Senator Elizabeth Warren (D-MA) is blaming the runup in Americans’ grocery bills on the “price gouging” of food behemoths, especially Walmart (WMT), Costco (COST), Kroger (KR) and Ahold Delhaize, which controls Stop & Shop and Food Lion, among other chains.

Financials Friday: BNPL Industry Has Mixed Response to New CFPB Regulation; Lawsuits Loom Over Fed’s New Debit Interchange Fee Cap; Synapse Collapse, Frozen Fintech Accounts Mark ‘Watershed’ Moment for BAAS; FDIC Chairman to Step Down; OCC Issues Enforcement Action Against Comerica Bank & Trust

Buy now, pay later industry issues mixed responses to new CFPB regulation. The buy now, pay later (BNPL) industry is issuing responses ranging from outright criticism to muted support for a new interpretive rule by the Consumer Financial Protection Bureau (CFPB) that will regulate these companies as credit card providers.

Energy Antitrust Weekly: Congressional Democrats Launch Oil Collusion Probe; Khan Discusses ExxonMobil/Pioneer at AELP Summit; Crescent Energy to Acquire SilverBow Resources; CalPERS to Vote Against ExxonMobil Board at Shareholder Meeting; Permian M&A Causing Downturn in Rig Counts

Congressional Democrats launch probe into oil collusion, drawing in major producers. The FTC’s explosive findings on former Pioneer Natural Resources CEO Scott Sheffield’s communications with other oil producers including OPEC representatives continues to reverberate on Capitol Hill, with Rep. Frank Pallone, Jr. (D-NJ), the ranking member of the House Committee on Energy and Commerce, launching […]

Health Care Antitrust Weekly: Pension Fund Sues UnitedHealth; Teva Sued Over Alleged Inhaler Patent Gaming; MultiPlan Faces Another Lawsuit

Firefighters pension fund sues UnitedHealth Group for securities fraud for not disclosing DOJ antitrust probe. The suit, filed last week by the City of Hollywood Firefighters’ Pension Fund, also named company executives CEO Andrew Witty, Chairman Stephen Hemsley, and UnitedHealthcare (UNH) CEO Brian Thompson as defendants. According to the complaint, these executives sold more than […]

A Closer Look at DOJ’s Decision to File Apple Case in New Jersey; Potential Appeal Venue, Proximity of Witnesses Could Have Played a Role

The Department of Justice’s lawsuit against Apple (AAPL) had been expected for years, but it still contained a few surprises when it was finally filed in March. One was the choice of venue: federal court in New Jersey. Prosecutors haven’t been forthcoming with their reasoning, but legal experts pointed to several factors that may have […]

Financials Friday: Supreme Court Upholds CFPB Funding Structure—Cases Against Credit Acceptance Corp, MoneyLion in Focus; Future Uncertain for Bank Capital Overhaul Before Election; Title Insurance Mobilizes to Oppose White House on Fees

Supreme Court upholds CFPB funding structure—cases against Credit Acceptance Corp, MoneyLion in focus. The Supreme Court ruled Thursday that the funding structure of the Consumer Financial Protection Bureau (CFPB) is constitutional, delivering a win for the Biden administration’s regulatory agenda and a blow to the Fifth Circuit.

Mark Cuban Expects Employers Representing One Million Lives to Switch to Transparent PBMs in Next 2 Years and Is Advising Governors on How to Cut PBM Costs in Medicaid

Mark Cuban is on a mission to help reform the U.S.’s dysfunctional health care system. He expects to be able to do it quickly, and to make money in the process.

Natera: Kentucky Attorney General Investigation Appears to Be Nearing End

The response to a recent records request by The Capitol Forum to the Kentucky Attorney General indicates that the agency’s investigation of the genetic testing company Natera (NTRA) is nearing completion. While the agency denied the entirety of The Capitol Forum’s request, which asked for electronic communications involving Natera created between November and April, it […]

Novo/Catalent: Deal to Increase Weight-Loss Blockbuster Wegovy’s Supply May Raise Questions in Europe About Manufacturing Restrictions

Novo Holdings’ proposed $16.5 billion acquisition of Catalent (CTLT) is likely to trigger European Commission questions over rival drugmakers’ access to critical manufacturing facilities and may require at the very least supply guarantees to quell concerns, according to a Capitol Forum analysis.

MoneyLion: Dark Patterns in the MoneyLion Mobile App Appear to Steer Customers Into Tipping and Paying Fees That are Critical to Company’s Growth

MoneyLion (ML), a nonbank financial technology company that offers payday advances, appears to deploy manipulative design techniques in the company’s mobile app to steer consumers into paying optional fees and tips that may not be in their best interest, a Capitol Forum investigation has found.

Masimo: Company Discloses CID from DOJ Relating to False Claims Act; SEC Subpoena Around Potential Accounting Irregularities

Medical device manufacturer Masimo (MASI) revealed in its 10-Q quarterly filing yesterday that it received a civil investigative demand (CID) from the Department of Justice (DOJ), seeking documents and information pursuant to the False Claims Act (FCA) related to customer returns of Masimo’s Rad-G and Rad-97 devices.

The Antitrust Agenda: Bipartisan Push in the House to Designate $10 Million of FTC Budget for Enforcement of Robinson-Patman; New FTC Commissioner Andrew Ferguson’s Staff Revealed; Lina Khan Promises Uber/Lyft Drivers That Rideshare Companies Won’t ‘Get Away’ With ‘Deception’; Senator Warren Calls for Breakup of ‘UnitedHealth Monopoly’; Judge Refuses to Toss Washington State Case Against Kroger/Albertsons

In bipartisan letter, lawmakers request $10 million of FTC budget be set aside to put teeth into Robinson-Patman enforcement. Representatives Zoe Lofgren (D-CA), Tom Tiffany (R-WI) and nine of their congressional colleagues have asked the House Appropriations Committee “to designate $10 million of the FTC’s budget [for FY2025] towards enforcement of the Robinson–Patman Act.” The […]

U.S. v. Google: In Closing Arguments, DOJ, Tech Giant Clash Over Whether Company or Market Sets Search Ad Prices

Google’s (GOOG) own experiments show that it can raise prices for search advertisements without considering its competitors’ actions, DOJ said today on the second and final day of closing arguments in the department’s monopoly case against the company.

U.S. v. Google: Federal Judge Pokes and Prods DOJ’s and Google’s Closing Arguments in Search Monopoly Case

U.S. District Judge Amit Mehta today challenged DOJ to show that Google’s (GOOG) position as operator of the world’s most popular search engine has led to lower-quality results while grilling the company about the competitive impact of the billions it pays partners to make its search engine the default on their devices.

Masimo: DOJ Probes Malfunctioning Pulse Oximeters Following Delayed, Narrow Recall; Review of FDA’s MAUDE Database Raises Questions About Scope of Recall

The Department of Justice (DOJ) earlier this year began probing Masimo’s (MASI) decision to recall faulty Rad-G pulse oximeters that have been subject to hundreds of adverse event reports for powering off and were involved in at least two patient deaths.

Ascendent/Hollysys: Proposed $1.66 Billion Rail Transportation Buyout May Face Beijing’s Antitrust and National Security Scrutiny

Hong Kong-based private equity firm Ascendent Capital Partners’ planned $1.66 billion buyout of Hollysys Automation Technologies (HOLI) is likely to face scrutiny from China’s antitrust regulator and the country’s opaque national security review agency, sources familiar with the matter told The Capitol Forum.

Hewlett Packard Enterprise/Juniper Networks: Buyout May Slow Innovation and Weaken Support Services, Say Tech Experts, Customers

Hewlett Packard Enterprise’s (HPE) proposed acquisition of Juniper Networks (JNPR) is raising concerns among some industry experts and customers of the companies’ wireless network-management software that the $14 billion deal could slow innovation and lower the quality of support services.

MoneyLion: Former Company Employees Describe Culture of Weak Fraud Controls

MoneyLion (ML), a nonbank financial technology company, did not prioritize fraud control and compliance with banking laws and regulations, according to five former MoneyLion employees who spoke with The Capitol Forum.

FTC Commissioner Bedoya Signals Interest in Union Neutrality as Merger Remedy and Previews Speech on Workplace Surveillance

FTC Commissioner Alvaro Bedoya is open to conditioning certain merger clearances on companies’ commitments to allowing their workers to unionize, he told The Capitol Forum in an interview today.

PBM Units of CVS, Cigna, UnitedHealth Targeted in Insulin-Related Lawsuit FTC Preparing to File

CVS Health (CVS), Cigna (CI) and UnitedHealth Group (UNH)—which operate the three largest U.S. pharmacy benefit managers—are targeted in a lawsuit the FTC is preparing that alleges the companies’ PBM units engineered a scheme to trade rebates for favored positioning of brand-name versions of insulin over less expensive biosimilars, sources familiar with the matter said. […]

PBM Units of CVS, Cigna, UnitedHealth Targeted in Insulin-Related Lawsuit FTC Preparing to File

CVS Health (CVS), Cigna (CI) and UnitedHealth Group (UNH)—which operate the three largest U.S. pharmacy benefit managers—are targeted in a lawsuit the FTC is preparing that alleges the companies’ PBM units engineered a scheme to trade rebates for favored positioning of brand-name versions of insulin over less expensive biosimilars, sources familiar with the matter said. […]

Financials Antitrust Weekly: Huntington Bank Investigated on Possible Redlining; Congress Focuses on Mandatory Arbitration and Service Member Rights, Consumer Legislation Advances; OCC Discloses Enforcement Actions

Huntington Bank subject of OCC redlining probe. Huntington Bancshares (HBAN) is under investigation by the Office of the Comptroller of the Currency (OCC) for possible fair housing “redlining” violations.

WillScot/McGrath: Buyer Has Pursued Aggressive Roll-Up Strategy, Eliminating Competition and Raising Prices

WillScot Mobile Mini Holdings (WSC) has pursued an aggressive seven-year roll-up strategy in the office trailer and portable storage business, largely avoiding antitrust scrutiny while completing an eye-popping 21 acquisitions in the last two years alone. It’s now trying to buy what some industry participants said is its last major rival—McGrath RentCorp (MGRC)—for $3.8 billion.

Tapestry/Capri: Labor Concern Part of Suit FTC Considering Against Handbag Deal

In leaning toward suing to block Tapestry’s (TPR) proposed buyout of Capri (CPRI), the agency sees the $8.5 deal as unacceptably shrinking the number of companies that employ workers for the handbag makers, sources familiar with the matter said.

Tapestry/Capri: FTC Leaning Toward Suit, Focusing on Handbag Makers’ Close Competition

The FTC is leaning toward a lawsuit to block Tapestry’s (TPR) proposed $8.5 billion acquisition of handbag manufacturing rival Capri (CPRI), sources familiar with the matter said.

Antitrust Financials Friday: Realtors Hope DOJ Won’t Intervene in Settlement; House Financial Services to Mark Up EWA Bill; Republicans Challenge CFPB Credit Card Late Fee Rule; Chamber of Commerce v. CFPB

Focus on DOJ in NAR broker fee litigation. All eyes in the real estate industry are on the DOJ and whether it will bless or object to the massive National Association of Realtors (NAR) settlement that would permanently reshape broker compensation. DOJ is now freer to intervene in the settlement because the agency recently won […]

Energy Antitrust Weekly: Chesapeake/Southwestern Deal Gets Second Request; FTC Releases Statement Approving Global Partners, Gulf Oil Acquisition and Protecting Maine Home Heating Oil and Diesel Buyers; HSR Period Expirations for Chord/Enerplus and Sunoco/NuStar

Second request pushes Chesapeake/Southwestern deal back. Chesapeake Energy Corporation (CHK) and Southwestern Energy Company’s (SWN) planned merger received a second request from the FTC on April 4, with regulators seeking more information about the impacts of a merger that’s expected to create the nation’s largest independent natural gas producer. The deal will be delayed to […]

Health Care Antitrust Weekly: Becerra May Depart HHS; Updates on HHS and FTC’s Push to Combat Drug Shortages; FDA to Tackle Competition in Drug Markets; Scrutiny of MultiPlan Continues

This article has been updated for clarity. HHS Secretary Xavier Becerra may run for governor of California in 2026. HHS Secretary Becerra is thinking about leaving the White House after the presidential election this November with the goal of running for governor of California in 2026, Politico reported. Becerra formerly spent 12 terms in the […]

Antitrust Tech Tuesday: The Limited Antitrust Experience of the Judge Assigned to the DOJ/Apple Lawsuit; Alphabet’s Rumored HubSpot Acquisition Could Draw Section 8 Scrutiny; McMorris Rodgers/Murray Privacy Bill Would Create a New FTC Bureau; TSMC Wins Subsidies as Intel Discloses Losses

The judge assigned to the DOJ/Apple lawsuit has limited experience ruling on antitrust. The New Jersey federal judge overseeing the Justice Department’s sprawling challenge to Apple’s (AAPL) alleged illegal monopolization of the iPhone ecosystem is in for quite the crash course on antitrust. The historic case appears to be Judge Michael Farbiarz’s first courtroom exposure […]

Addus HomeCare: Former Employees and Tip Sent to State Attorney General Allege Subsidiary is Altering Patient Charts to Increase Medicare Payments; Subsidiary’s “Low Utilization Payment Adjustments” Far Below National Average

Former employees of Ambercare, a New Mexico subsidiary of Addus HomeCare (ADUS), tell The Capitol Forum that managers at the company often made home health patients appear in need of more services than were necessary to increase payments from Medicare.

The Antitrust Agenda: Inside the Team Supporting New FTC Commissioner Holyoak; Former AAG Baer Discusses Importance of Executive Order on Competition; Closer Look at Groups Tied to Anti-Robinson-Patman Act Ads; Major Meat Processors Accused of Fixing Pork Prices

New FTC Commissioner Melissa Holyoak hires attorney-advisers. Melissa Holyoak has chosen Douglas Geho, Elisa Jillson and Chris Mufarrige to fill out her team at the FTC. Mufarrige will serve as her chief of staff, he announced in a LinkedIn post. Geho, chief antitrust counsel on the House Judiciary Committee, chaired by Representative Jim Jordan (R-Ohio), […]

VMware Customers Urge EC to Freeze Broadcom’s New Contract Terms on Software and Launch Investigation into Alleged Abuses

VMware customers are pressing the European Commission to impose interim measures on Broadcom (AVGO) that put a hold on allegedly onerous contractual changes the company has made since acquiring the virtualization software last year and allow users who felt pressured to sign the new contracts to get out of them.

Fintech Policy: Center for Responsible Lending Report Highlights Hidden Costs Associated with Small-Dollar Loans Made Through On-Demand Cash Advance Apps

Amidst increasing regulatory scrutiny of the hidden costs associated with earned wage access (EWA) and cash advance products, the Center for Responsible Lending (CRL), a non-profit research and policy advocacy group, on Wednesday issued a report entitled “Not Free: The Large Hidden Costs of Small-Dollar Loans Made Through Cash Advance Apps.”

Globe Life: Unfair Labor Practice Charge Filed Against Subsidiary American Income Life; Worker Alleges AIL Forced Ineffectual Union Membership on Independent Contractors

A sales agent at insurance giant Globe Life (GL) subsidiary American Income Life Insurance Company (AIL) filed an unfair labor practice charge with the National Labor Relations Board (NLRB) today, alleging AIL retaliated against the worker for discussing their pay and working conditions, and forced them to join a union and pay dues.

Amex GBT/CWT: Qatari Stake Could Draw CFIUS’s Attention to Proposed Acquisition of Travel Service Used by U.S. Military

American Express Global Business Travel’s (GBTG) proposed $570 million acquisition of CWT, which operates a service that U.S. military personnel and other federal officials use to arrange trips, could raise red flags over the Qatari government’s stake in the deal, national security experts said.

Acadia Healthcare: Troubled Illinois Behavioral Health Hospital Racking up Violations Despite New Ownership Under Acadia; Management Struggling to Fill Beds

In 2019, state and federal authorities stripped Chicago Lakeshore Hospital, a behavioral facility for teens and adolescents, of both funding and its license after a string of regulatory violations and allegations of child abuse. Two years later, Acadia Healthcare (ACHC) purchased the defunct youth hospital, as well as two other properties, with plans to reopen […]

In Scrutinizing Apple’s CarPlay, DOJ Seeks to Protect Vehicle Innovation from Alleged iPhone Monopoly

The Department of Justice’s antitrust lawsuit against Apple (AAPL) over its iPhone ecosystem and “lock in” tactics doesn’t just take on the company’s current conduct. It also attempts to prevent Apple from expanding its allegedly anticompetitive business practices in the future. One example of this is the complaint’s mention of Apple’s CarPlay service, which allows […]

Capital One/Discover: Merger Application Ignores Biggest Competition Risks, Antitrust Advocates Say

Capital One’s (COF) application laying out its $35.3 billion plan to buy Discover Financial (DFS) overlooks some of the risks that Biden administration regulators are most likely to scrutinize, antitrust advocates say

Globe Life: Agency Salespeople Are Likely Misclassified; Arbitration Provisions Obstruct Employees’ Access to Courts

Thousands of salespeople at agencies under American Income Life Insurance Company (AIL), a subsidiary of insurance giant Globe Life, Inc. (GL), are likely misclassified as independent contractors—denying them minimum wage, overtime, and a host of other benefits—employment law experts said.

Chinese Academics Recommend AI Act Should Give Government Power to Remove Questionable Technology, Revoke Violating Companies’ Licenses

A new Chinese law regulating artificial intelligence should give the government the power to remove questionable uses of AI and revoke the licenses of companies that violate the legislation, according to a first draft of academics’ recommendations reviewed by The Capitol Forum.

Google Seeks to Cozy Up With Smaller Tech Players, Turn Them Against Apple Amid EU’s Big Tech Crackdown

Google (GOOG) has worked to curry favor with smaller tech firms and direct their attention toward Apple’s (AAPL) supposedly insufficient design changes to comply with the European Union’s sweeping new rules regulating Big Tech in the weeks leading up to the bloc’s launch of probes into both companies.

UnitedHealth Group Uses Patients’ Claims Data to Target Loans to Doctors, Sources Say

UnitedHealth Group (UNH), whose potential misuse of insurance claims data led to a DOJ lawsuit two years ago, is using the information to target doctors as loan candidates, according to sources familiar with the matter.

In Filing Apple Lawsuit, DOJ Counters Company Defense That Its Actions Are Based on Security, Privacy Concerns

In the federal lawsuit it filed today against Apple (AAPL), DOJ seeks to overcome the smartphone giant’s argument that its App Stores oversight ensures user security and privacy – a defense that proved key in largely defeating Epic Games’ 2020 antitrust case against the company.

UnitedHealth/Amedisys: DOJ Strongly Considers Suit, Deposing Merging Parties’ Executives While Engaging in Divestiture Talks

DOJ is strongly considering a suit to block UnitedHealth Group’s (UHG) proposed $3.3 billion acquisition of Amedisys (AMED), deposing executives of the two companies, sources familiar with the matter said.

Synopsys/Ansys: Photonic Chip-Design Software Overlap Could Lead to Higher Prices, Less Interoperability, Over a Dozen Customers, Experts Say

Synopsys’s (SNPS) proposed $35 billion acquisition of Ansys (ANNS) would give it control over the two most popular programs for a cutting-edge method of chip design, sparking concerns among customers about price increases and less interoperability with rival software.

EQT/Equitrans: Deal Would Create Regional Natural Gas Titan With Significant Power Over Competitors

EQT Corp’s (EQT) proposed $5.5 billion acquisition of its former pipeline arm Equitrans Midstream Corp (ETRN) would create Appalachia’s largest vertically integrated natural gas company and one that would have extensive dealings with EQT competitors.

Acadia Healthcare: Analysis of Pennsylvania Database Finds Facility Violations Far Outpace State Average for Substance Abuse Rehabs; Similar Violations Found by Regulators in North Carolina

A Capitol Forum analysis of the Pennsylvania Department of Drug and Alcohol Programs database of treatment centers in the state finds that centers run by Acadia Healthcare (ACHC) have significantly higher rates of regulatory violations when compared with non-Acadia centers. These rates of violations were often severalfold higher than other facilities.

Haier Smart Home/Carrier Global: Commercial Refrigeration Transaction Triggers European Commission FSR Filing

Chinese home appliance supplier Haier Smart Home’s (HK:6690) proposed $640 million acquisition of Carrier Global’s (CARR) commercial refrigeration business requires a filing under the Foreign Subsidies Regulation (FSR) in Europe, according to sources familiar with the matter

Medtronic: Adverse Event Reports Raise Questions About Company’s Device Safety Claims, Regulator’s Oversight

Adverse event reports received by the Food and Drug Administration and released to the public on a monthly basis continue to raise questions about the agency’s ability to ensure medical device safety, a Capitol Forum review of data related to implantable cardiac rhythm devices manufactured by device maker Medtronic (MDT) has found.

Addus HomeCare: Nearly 1,000 Medicaid Clients at New Mexico Subsidiary Were Never Seen by Personal Care Aides, According to Internal Email and Former Employees

Staff at Ambercare, a New Mexico subsidiary of Addus HomeCare (ADUS), failed to provide any services for almost 1,000 Medicaid recipients in the state, according to an internal email reviewed by The Capitol Forum and interviews with former employees of the company. In the August 2023 email, which was sent by Melissa Benavidez, the agency […]

Absent General Dynamics Improvements, Pentagon Forecasts Year-Long Delay to Columbia-class Nuclear Submarine Program

The Navy is projecting a year-long delay to its No. 1 acquisition program, the Columbia-class ballistic missile submarine fleet, unless prime contractor General Dynamics Electric Boat (GD) makes significant performance improvements, two sources told The Capitol Forum.

Capital One/Discover: Deal to Test OCC’s Growth Restrictions on Banks with Multiple Enforcement Actions

Capital One’s (COF) plan to acquire Discover Financial (DFS) will test whether a key regulator is committed to its policy to restrict banks that have faced multiple disciplinary actions from expanding, in light of large penalties levied against Capital One in recent years.

IAG/Air Europa: EC Review of Airline Merger Has Scrutinized Over 90 Overlapping Flight Routes

The European Commission has been examining over 90 passenger routes served by both International Airlines Group (IAG) and Air Europa, a Spanish carrier that IAG is attempting to purchase for the second time in five years, according to sources familiar with the matter.

Six Flags/Cedar Fair: Elimination of Close Competition in 3 Metropolitan Areas Likely Focus of DOJ Review

Six Flags Entertainment (SIX) and Cedar Fair’s (FUN) proposed “merger of equals” would eliminate close competition between the theme park operators in three metropolitan areas—Washington, D.C., Philadelphia, and the San Francisco Bay Area—an outcome that’s the likely focus of DOJ’s antitrust review of the $8 billion deal, according to a Capitol Forum analysis.

Antitrust Agenda: Shaheen’s Proposed $45 Million Cut to DOJ Budget Could Boost Big Tech; Republican FTC Nominees Still on Hold; JetBlue Abandons Spirit Merger; Goodlander Departs DOJ

AELP’s Stoller points out how Shaheen’s new spending bill language makes $45 million cut to DOJ antitrust division’s budget. Matt Stoller, research director for the American Economic Liberties Project, wrote in the latest edition of his newsletter, BIG, that new language in just-released appropriations draft legislation would cut DOJ antitrust division’s budget by roughly $45 […]

Evolv Technology: Weapons Detection Company Scrubs Online Marketing Materials in Midst of FTC, SEC Probes

Evolv Technology (EVLV), which has sold itself to customers and investors as a “frictionless” artificial intelligence weapons detection system capable of screening people 10 times faster than conventional metal detectors, recently made several changes to its online marketing materials, walking back some of the claims that had been central to the company’s sales pitch.

As CHIPS Act Money Is Set to Be Distributed, Experts See Pivotal Point in Establishing U.S. Market Structure for the Long Term, Creating High Stakes for Intel, TSMC, Broadcom, Qualcomm, Nvidia, Micron, and Texas Instruments

Last week, the Department of Commerce announced the largest disbursal of CHIPS Act funding yet: $1.5 billion, going to U.S. chipmaker GlobalFoundries Inc (GFS). Other domestic manufacturers, particularly Intel (INTC), are set to receive billions more in the coming weeks.

Kroger/Albertsons: FTC’s Novel Argument About Unionized Labor Is Untested at Trial But May Avoid Pitfalls of Past Antitrust Suits

The FTC’s challenge to Kroger’s (KR) proposed $24.6 billion acquisition of rival supermarket operator Albertsons (ACI) is relying on a novel labor argument that, although untested in court, might avoid pitfalls that plaintiffs have experienced in bringing antitrust cases involving workers.

LifeStance Health: Analysis of Provider Directory Shows 50 Net Clinician Adds in First 26 Days of February; Reversal of 28 January Clinician Removals

LifeStance Health (LFST), a roll-up of outpatient mental health clinics across 33 states, appears to have added 50 net clinicians month-to-date, according to a Capitol Forum analysis of the company’s online provider directory.

PBMs’ Adoption of GoodRx is ‘Algorithmic Price-Fixing’ that Harms Independent Pharmacies, Critics Allege

Pharmacy benefit managers have launched new partnerships with GoodRx (GDRX), representing yet another tactic aimed at undermining financially strapped independent drugstores, industry experts critical of PBMs’ practices told The Capitol Forum. Since January 1, four major PBMs—Express Scripts, Caremark, MedImpact and Navitus Health—have embedded GoodRx into their claims adjudication process, forcing pharmacies to accept low […]

UnitedHealth Receives CID In Managed Care Probe as DOJ Seeks Expert Witnesses

UnitedHealth Group (UNH), a focus of DOJ’s Section 2 investigation of the managed care industry, recently received a civil investigative demand from the department, sources familiar with the matter said.

Acadia Healthcare: Former Employees Say Medication-Assisted Treatment Centers Falsified Counseling Records, Dispensed Drugs Without Providing Required Services

Understaffed medication-assisted treatment centers run by Acadia Healthcare (ACHC) allegedly routinely dispense drugs to patients without providing the necessary counseling sessions despite government requirements to do so, a Capitol Forum investigation has found.

As DOJ Case Vs. Apple Approaches, Did Apple Shoot Itself in the Foot with Conduct Following Epic Games Ruling?

With a Department of Justice lawsuit appearing imminent, Apple (AAPL) may have provided last-minute evidence to bolster the DOJ’s case against it: its potentially anticompetitive behavior in the wake of the Epic Games trial.

Synopsys/Ansys: Deal Creates Lens Design Software Monopoly, Some Customers Say

Synopsys’s (SNPS) proposed acquisition of rival design software maker Ansys (ANSS) is ratcheting up fears among some customers that the $35 billion deal would create a monopoly in programs used for developing lenses in microscopes, smartphone cameras and telescopes.

Boehringer Ingelheim May Face Enhanced Legal Risk From FTC’s Orange Book Crackdown

The Federal Trade Commission’s efforts to police improper patent listings in the FDA’s Orange Book has created legal risk for asthma inhaler makers, particularly those who have faced challenges from generic companies looking to enter the market, according to experts.

Apple Representatives Meet with DOJ’s Kanter, Signaling Long-Anticipated Lawsuit

Lawyers for Apple (AAPL) met yesterday with DOJ antitrust chief Jonathan Kanter, indicating that a long-awaited antitrust lawsuit against the company could be filed as soon as early next week, according to two sources familiar with the matter.

U.S. Judge in Google Adtech Case Vows to Keep Trial Starting September 9 as Open as Possible

U.S. District Judge Leonie Brinkema vowed today that in the upcoming antitrust trial on Google’s (GOOGL) power in advertising technology, she would make as much information public as possible.

The “Anti-Davos” Sparks Debate Over Direction of EC Antitrust Enforcement; Antimonopoly Advocates Call for Cooperation Between US and Europe to Address Global Threats—Big Tech, Supply Chain Fragility, and Big Energy

Caffarra talks reaction and legacy. First and foremost, the architect of the conference, Cristina Caffarra, published a comprehensive recap and assessment, including this take on the lasting effect she hopes to see from the event:  “The conference was groundbreaking, and the moniker “Woodstock of Antitrust” (in Politico) was appropriate not just because of the sheer […]

The Antitrust Agenda: Capital One/Discover Deal Announced as CFPB, Durbin Scrutinize Credit Card Industry and DOJ Investigation of Visa Continues

DOJ investigation of Visa has recently taken back seat to Apple, Live Nation probes. DOJ has prioritized its monopolization investigation of Apple (AAPL) and is expected to file suit soon. The department is on track to follow that litigation with a suit against Live Nation Entertainment (LYV). Market events can affect the timing of monopolization […]

Antitrust Tech Tuesday: Dems Line Up to Support USTR; Even More Senators Support KOSA; FTC Protects Consumers from Scams, Proposes Additional Protections for AI-Generated Impersonations; DOJ Set to Investigate Sports Streaming Platform; Open Markets Institute Webinar on Journalism and Tech; FTC v. Amazon Trial Date

Democratic representatives in support of USTR digital trade policy. A group of 87 House Democrats led by Representative Rosa DeLauro (D-CT) sent a letter to the Biden administration on February 13 announcing their support for U.S. Trade Representative Katherine Tai’s “worker-centered” approach to digital trade policy, which, they write, has allowed Congress to debate and […]

The European Antitrust Agenda: iMessage, Bing Outside of DMA Scope; Meta Fails to Stop UK Class Action; Thermo Fisher/Olink Gets German Phase 2; Novo Holdings/Catalent to File CMA Briefing Paper

Bing, iMessage sidestep DMA. The European Commission said last Tuesday that Apple’s (AAPL) messaging service and Microsoft’s (MSFT) Bing search engine aren’t subject to the Digital Markets Act (DMA), the bloc’s sweeping new law to rein in the power of tech giants. In addition to letting Microsoft off the hook for Bing, the EC said […]

The European Antitrust Agenda: Vestager Backs Guersent in Competition ‘Side Dish’ Debate; Cardell Urges Merging Businesses to Forego Lobbying; EC Accuses Greek Electric Company of Possible Predatory Pricing

Greek electricity provider suspected of predatory pricing. Athens-based Public Power Corporation (PPC) may have violated EU antitrust rules when it sold wholesale electricity below cost, potentially pushing out rival generator companies, according to preliminary findings of a years-long EC investigation. The agency said Wednesday that it sent PPC a Statement of Objections delineating its concerns—namely, […]

The Antitrust Agenda: DOJ’s Apple Monopolization Lawsuit Edges Ahead of Live Nation on Filing Timeline; Khan Discusses M&A Priorities in DCN Talk

DOJ’s Apple monopolization lawsuit now ahead of Live Nation. DOJ’s investigation of Apple’s (AAPL) control over its App Store appears to have now jumped ahead of the department’s Live Nation (LYV) probe in terms of priority and timing. Previously, DOJ had planned to file the Live Nation litigation around this month, but the department appears […]

Google Draws Fire From Retailers, Shopping Comparison Website Operators on DMA Plan as Compliance Deadline Nears

With less than a month remaining before a critical March 7 deadline, Google’s (GOOG) plan to comply with the European Union’s sweeping Digital Markets Act is garnering bad reviews from retailers and operators of comparison shopping sites, sources familiar with the matter said. In recent closed-door meetings that Google organized with third-party websites to gain […]

Vodafone/Three: Telecoms Industry Asks CMA to Focus on Spectrum Allocation and Network Sharing in Proposed High-Profile Mobile Network Merger

British telecommunications companies have warned the Competition and Markets Authority that the planned 15 billion pound ($18.9 billion) combination of CK Hutchison’s (0001.HK) and Vodafone’s (VOD: LN) UK mobile networks would give the new entity control over more than half the country’s mobile spectrum and could stymie pro-competitive network-sharing agreements, The Capitol Forum has learned. […]

Letter to the Financial Times Editor from Open Markets Institute’s Barry Lynn

Letter to the Editor Financial Times From Barry Lynn, Open Markets Institute February 7, 2024 Director General Guersent is absolutely correct that the European Commission did admirable and important work in antitrust for many years, at a time when the Bush, Obama, and Trump administrations were still flying the flag of extreme laissez faire. For […]

Antitrust Tech Tuesday: Motion to Dismiss FTC v. Kochava Denied; Jury Trial Date Set in DOJ Adtech Case; Democratic Senators Introduce Legislation Aimed at Algorithms Used in Rental Price-Fixing

Judge denies motion to dismiss in FTC v. Kochava. U.S. District Court Judge B. Lynn Winwill denied Kochava’s motion to dismiss the FTC’s case against it, in an order filed over the weekend. The FTC filed its complaint against the mobile attribution company in 2022, amending it later in 2023, alleging that Kochava sold non-anonymized […]

SAMR’s New Tolerance For Some Tech Deals Creates Uncertainty, Strategy Shifts Among Companies

On January 1, Baidu (BIDU), operator of China’s most popular search engine, gave up on its three-year attempt to buy Joyy’s (YY) live-streaming business for $3.6 billion after failing to obtain approval from the country’s antitrust regulator. However, just four weeks later, the Chinese government published a revised competition rule that didn’t include a provision […]

New AAI President Randy Stutz Aims to Strengthen Deterrence, Labor Enforcement, Relationship With Other Advocates

Randy Stutz, the new president of the American Antitrust Institute, said today that he plans to focus the venerable advocacy group’s energy on supporting enforcers’ deterrence capabilities, strengthening plaintiffs’ chances of winning in court and encouraging more litigation against concentrated labor markets. Of particular concern is the weakening of enforcers’ ability to effectively deter antitrust […]

Cloud Computing Giants Turn on Each Other as FTC Enforcement Looms

As the Federal Trade Commission looks to wrap up its in-depth probe into the cloud computing market, a report and subsequent possible enforcement represents a prime opportunity for the agency to make its mark on digital antitrust law. Microsoft Azure is at particular risk of FTC scrutiny due to the platform’s restrictive software licensing, as […]

Live Nation Entertainment: After Switch to Ticketmaster Rival, Live Nation-Promoted Shows Plunged at Barclays Center; Critics Say DOJ Behavioral Remedy Lacks Teeth to Curb Retaliation

Shows promoted by Live Nation Entertainment (LYV) dwindled at New York City’s Barclays Center after the arena ditched Ticketmaster as its primary ticketing company, but surged back once the arena reversed course, a Capitol Forum analysis shows. Allegations of retaliation have dogged Live Nation since it merged with Ticketmaster in 2010. A consent agreement with […]

Google Could See Fix Based on UK Telecom Case as Way to Avoid Adtech Divestitures

If the European Commission forges ahead with considering a breakup of Google’s (GOOG) digital advertising business, the search giant could seek the less intrusive remedy of establishing its adtech services as an independently operated business entity but still under the company’s ownership, according to a Capitol Forum analysis. That’s how UK telecom watchdog Ofcom dealt […]

Alaska/Hawaiian: JetBlue Decision Provides Roadmap for Key Questions Raised by Latest Industry Deal

The regulatory path grew riskier for Alaska Airlines’ (ALK) proposed $1.9 billion acquisition of Hawaiian Airlines (HA) after DOJ won the JetBlue/Spirit case last week, antitrust and airline experts told The Capitol Forum. In enjoining JetBlue Airways’ (JBLU) $3.8 billion attempted takeover of Spirit Airlines (SAVE), U.S. District Judge William Young homed in on the […]

Kroger/Albertsons: State Merger Challenges Could Present ‘Death by a Thousand Cuts,’ But Extra Suits Carry Risks

State lawsuits to block Kroger’s (KR) proposed $24.6 billion acquisition of rival supermarket chain Albertsons (ACI) could provide a form of insurance for the FTC if a widely anticipated challenge of the deal by the agency were unsuccessful, five former antitrust enforcement officials told The Capitol Forum. As the FTC engaged in discussions with company […]

Choice/Wyndham: Four State AGs Request Companies’ Permission to Receive Information on Hostile Bid

Choice Hotels International’s (CHH) $8 billion hostile takeover of rival Wyndham Hotels & Resorts (WH) has triggered requests from the offices of four state attorneys general—Colorado, Washington state, Kansas and Vermont—to receive material the companies are providing the FTC, sources familiar with the matter said. The merging companies need to consent to the information sharing […]

AirSculpt: Former Employees Raise Concerns Over Patient Safety and Sterilization Practices That Risk Patient Infection; Negative Reviews Were Sanitized and Potentially Improper Conduct was Sanctioned to Generate Positive Reviews, Risking FTC Scrutiny  

Former employees of AirSculpt (AIRS), a national chain of body-contouring liposuction clinics, are raising concerns about lax standards, including poor sterilization processes, that are harming patients. Knowledge of these harms, which include infections and at least one patient death, are often suppressed by the company in order to maintain a positive public image, the employees […]

Health Care Antitrust Weekly: HHS Appoints Stacy Sanders as Chief Competition Officer; FTC and DOJ Set to Add Staff to Health Care Teams

Antitrust Agency Health Care Agenda HHS appoints Stacy Sanders as Chief Competition Officer. As part of the Biden Administration’s strategy, announced in December, to crack down on drug pricing and corporate influence in health care, Department of Health and Human Services Secretary Xavier Becerra named Stacy Sanders as Chief Competition Officer. In this newly created […]

Nippon Steel/U.S. Steel: Japanese Bid Draws Opposition, Complicating CFIUS Review; Echoes of DP World Deal

Nippon Steel’s (5401.T) proposed takeover of U.S. Steel (X), once a symbol of American industrial might, is generating serious political opposition that complicates the $14.9 billion deal’s regulatory path. Just days after the Japanese buyer unveiled the transaction on December 18, Democratic and Republican senators called on the administration to block the deal. Some of […]

Vestager’s Last Hurrah—Big Tech, Rail, Telecom and Aviation in the Spotlight for 2024

Margrethe Vestager, the EU’s top antitrust enforcer, could be out of the job by the end of the year. The current European Commission mandate runs until October 31. A third term for Vestager, having been in the competition post since late 2014, would be unprecedented. Vestager, therefore, has some 10 months to either conclude or […]

TD Bank/First Horizon: Buyer Knew It Faced a Serious Money-Laundering Probe Months Before Deal Collapsed

Executives at Toronto-Dominion Bank (TD) knew of a DOJ anti-money laundering investigation more than six months before the company publicly disclosed the probe, which ended up scuttling their proposed $13.4 billion buyout of First Horizon Bank (FHN) last year, sources familiar with the matter said. TD Bank announced the First Horizon deal in late February […]

The European Antitrust Agenda: FIFA Suspends New Football Agent Regulations; Hungarian Enforcer Joins AI Scrutiny; Trucks Cartel Members Settle UK Damages Litigation; UK Court Hears Meta Class Action

FIFA suspends new football agent regulations. Soccer’s governing bodies faced multiple setbacks in December, with the European Court of Justice (ECJ) ruling that UEFA and FIFA breached competition law by rejecting the proposed Super League tournament. It also invalidated UEFA’s requirement that clubs have a set percentage of “home-grown” players. Another setback came on December […]

The Antitrust Agenda: Apple Section 2 Timing; Arizona AG Will ‘Almost Certainly’ Oppose Kroger/Alberstons Deal; Conference Calls on Biden Agenda, Politics of CFIUS

Apple Section 2 Case May Complicate DOJ Litigation Timelines. The New York Times’ Friday article about DOJ’s Apple (AAPL) monopolization case being in “the late stages” means that DOJ likely will face a decision soon whether to push ahead with the February timeline for its Live Nation (LYV) litigation or push that timing back to […]

ExxonMobil/Pioneer: Contractor Deaths in One Texas County Could Highlight Labor Issues for FTC

FTC staff reviewing ExxonMobil’s (XOM) proposed $59.5 billion acquisition of Pioneer Natural Resources (PXD) will likely examine the past labor practices of the companies, according to a Capitol Forum analysis—a history that includes the deaths of three oilfield services contractors at the companies’ locations in a west Texas county. The deaths occurred over a roughly […]

The Antitrust Agenda: Caffarra’s Brussels Conference to Set Tone, Themes for Year in Antitrust; On Litigation Front, Lawsuits vs. Live Nation and Kroger/Albertsons Expected in January/February Time Frame

This article has been updated with a statement from Live Nation. Caffarra’s agenda-setting conference on January 31 (Register here). One development that hasn’t been fully appreciated is how the Biden administration has reshaped competition policy through a new vision for trade, labor, and industrial policy as well as antitrust enforcement. Two landmark speeches in 2023 […]

Antitrust Tech Tuesday: New York Times Sues OpenAI, Microsoft; FTC Signals Focus on Interoperability, Proposes Amendments to COPPA Rule

New York Times sues Microsoft, OpenAI over copyright infringement. The New York Times Company filed suit against Microsoft (MSFT) and OpenAI on December 27 for copying and using millions of the Times’ copyrighted articles to train their generative AI tools. Microsoft is named alongside OpenAI due to the company’s significant investment in the nonprofit which […]

Drugmakers Kaleo, Impax Labs Withdraw Patents Challenged by FTC; GlaxoSmithKline Takes on Legal Risk by Recertifying a Listing

After receiving notice letters from the Federal Trade Commission last month disputing certain drug patents, drugmakers Kaleo, Impax Laboratories (IPXL) and GlaxoSmithKline (GSK) have responded by withdrawing or recertifying challenged patent listings from the Orange Book, the Food and Drug Administration’s publication of approved drug products. In November 7 letters to Kaleo, Impax Laboratories, GlaxoSmithKline […]

Doctors With Histories of Big Malpractice Settlements Have Found a New Home in the Insurance Industry

This story was originally published by ProPublica. When Shawn Murphy’s wife died in 2009 after a botched gallbladder surgery, he presumed the doctor who performed the operation would be forced out of medicine for good. Dr. Pachavit Kasemsap, a former Air Force surgeon, had cut Loretta Murphy’s aorta during that common procedure, according to a […]

Drugmakers Who Verify Challenged Orange Book Listings Are Likely to Face Antitrust and Civil Racketeering Claims, Lawyers Predict

Drugmakers with allegedly improper patent listings in the Orange Book, the Food and Drug Administration’s publication of approved drug products, could face—among other repercussions—class action lawsuits for violations of antitrust and racketeering laws, experts told The Capitol Forum. In a September 2023 policy statement on the matter, the Federal Trade Commission said drugmakers should review […]

Payment for Exclusive Contracts for Veterinary Point-Of-Care Diagnostics Raises Anticompetitive Conduct Concerns, According to Expert, Pet Owners, and Former Employees

Ten years after the FTC found that IDEXX Laboratories (IDXX) held an illegal monopoly in diagnostic testing for veterinarians, a Capitol Forum investigation finds that the company has taken steps to maintain its monopoly position through anticompetitive practices in its direct sales channel. At issue is the point-of-care (POC) diagnostics market, which allows veterinarians to […]

Medtronic: Ongoing Reports of Malfunctions of Implantable Cardiac Devices Raise Questions About Recall Strategy

Recalled implantable cardiac defibrillators sold by Medtronic (MDT) continue to generate hundreds of monthly reports of adverse events to the Food and Drug Administration, a Capitol Forum review of data has found. The devices, known as ICDs and CRT-Ds, were recalled in May when Medtronic notified customers of the possibility that the devices could fail […]

Kroger/Albertsons: Khan Meets With Alaska House Representative as Deal’s Critics, Supporters Make Final Push to Sway FTC

FTC Chair Lina Khan met last week with Alaska Representative Mary Peltola (D) to hear about what the lawmaker views as the harm state residents would suffer from Kroger’s (KR) proposed $24.6 billion acquisition of Albertsons (ACI), according to a congressional staffer. The two also talked about the grocers’ plan to sell hundreds of stores […]

Dexcom: Company Not Supplying Blood Glucose Meters to Medicare Patients, Potentially Violating Medicare Guidelines

Dexcom (DXCM), a manufacturer of continuous glucose monitors (CGM), has not been providing all of the required supplies to patients using it devices, placing additional potential financial burdens on its patients and potentially violating Medicare guidelines, according to a Capitol Forum investigation. The omission could open the company up to litigation risks from Medicare for […]

FTC v. Amazon: Experts See Failure of Amazon Rival Jet.com as Valuable to Agency’s Case

The FTC’s recently unredacted Amazon (AMZN) antitrust complaint revealed the name of the company—rival discount e-commerce website Jet.com—that the agency said the tech giant ran out of business by wielding its dominance in online retail. “Amazon predicted that Jet’s business model could allow Jet to consistently beat Amazon on price,” according to the unredacted complaint, […]

EC’s Objections to Amazon/iRobot and Adobe/Figma Could See Deals Face Contrasting Fates

The European Commission’s objections to Amazon’s (AMZN) pending $1.4 billion acquisition of iRobot (IRBT) and Adobe’s (ADBE) $20 billion plan to buy Figma could set the transactions on vastly different paths, according to an analysis by The Capitol Forum. While the watchdog’s concerns about the iRobot transaction—disclosed last week in a Statement of Objections—appear eminently […]

SAMR Designing Merger Guidelines With Geopolitics, Export Controls In Mind, Agency Official Says

China’s antitrust authority’s new merger guidelines will account for problems that arise when geopolitics and U.S. export controls conflict with a merging company’s ability to fulfill its obligations on a remedy, a senior competition official said today. “Our antitrust authority would be greatly impaired if merger companies are unable to fulfill the commitment they offered, […]

PNC CEO Demchak Eyes KeyBank, Comerica, Others For Possible Purchase, Seeks DOJ Input

PNC Financial Services Group (PNC) CEO Bill Demchak is considering a possible acquisition of KeyBank (KEY) or Comerica (CMA), among others, balancing the drive to grow his company with an awareness of heightened government antitrust concerns over the financial sector’s consolidation, sources familiar with the matter said. Demchak met with Jonathan Kanter, head of the […]

Sega Sammy/GAN: CFIUS Likely to Set Sights On Deal’s Impact On Sensitive Data, Ties To China

Japanese entertainment powerhouse Sega Sammy Holdings’ planned buyout of Irvine, California gaming technology company GAN (GAN) will likely face an intensive U.S. investigation of the $108 million transaction’s effect on sensitive personal data and the buyer’s extensive ties to China, according to national security experts and former government officials. The Committee on Foreign Investment in […]

Exxon/Pioneer, Chevron/Hess Spur Lawmakers’ Call for Close FTC Scrutiny, Possibly Signaling Extended Reviews

ExxonMobil’s (XOM) proposed $59.5 billion takeover of Pioneer Natural Resources (PXD) and Chevron’s (CVX) $53 billion bid for Hess (HES) spurred a large number of Democratic senators in a letter this month to call on the FTC to closely probe the energy mega deals—a possible sign that the companies can expect extended investigations. Historically, deals […]

Health Insurers Have Been Breaking State Laws for Years

This story was originally published by ProPublica. In North Carolina, lawmakers outraged that breast cancer patients were being denied reconstructive surgeries passed a measure forcing health insurers to pay for them. In Arizona, legislators intervened to protect patients with diabetes, requiring health plans to cover their supplies. Elected officials in more than a dozen states, […]

Insurance Executives Refused to Pay for the Cancer Treatment That Could Have Saved Him. This Is How They Did It.

This story was originally published by ProPublica. Forrest VanPatten was 50 and strong after years as a molten-iron pourer when he learned in July 2019 that a hyperaggressive form of lymphoma had invaded his body. Chemotherapy failed. Because he was not in remission, a stem cell transplant wasn’t an option. But his oncologist offered a […]

Taking a Closer Look at Lantus, the Case Behind the FTC’s Crackdown on Improper Orange Book Listings

On November 7, the FTC disputed more than 100 patents on asthma inhalers, EpiPens and other drug products that the agency claimed were improperly listed in the Orange Book, a publication of FDA-approved drugs and drug products and their patent protections. The FTC sent letters to 10 brand-name drug manufacturers: Teva Branded Pharmaceuticals, Norton Limited, […]

JetBlue/Spirit: Buyer’s Entry into Market Doesn’t Lower Fares as Much as ULCCs Do, Frontier CEO Says

The antitrust trial on DOJ’s suit to block JetBlue Airways (JBLU) $3.8 billion bid for Spirit Airlines (SAVE) entered its third week with Frontier Airlines (ULCC) CEO Barry Biffle asserting today that the “JetBlue Effect” tends not to “drop the fare as much” as ultra-low cost carriers (ULCCs) do when they enter a geographic market. […]

Kroger/Albertsons: Proposed Deal Fix Could Suffer From Affiliate’s Reliance on Walmart

Kroger (KR) and Albertsons’ (ACI) attempt to win regulatory approval for their $24.6 billion merger by selling assets to C&S Wholesale Grocers may face a hurdle from an unusual quarter—a C&S affiliate that is beholden to the biggest U.S. supermarket player of them all, Walmart (WMT), former FTC officials said. Privately held C&S shares a […]

SAMR Investigates Patent-Licensing Practices in Auto Industry 

China’s antitrust regulator is investigating potential antitrust violations regarding the licensing of vital communications technology patents to the country’s automakers, sources familiar with the situation said. The State Administration for Market Regulation launched the probe following Chinese carmakers’ complaints that some holders of so-called standard essential patents (SEPs) charge excessive licensing fees, the sources said. […]

AirSculpt: Patient Died From Complications During Liposuction Procedure, Company Concealed Patient Death; Public Awareness Could Negatively Affect Company

A 37-year-old mother of two walked into a San Diego AirSculpt (AIRS) office last October for abdominoplasty and gluteoplasty with liposuction. The woman had been sold on the promise of AirSculpt—advertised as a noninvasive alternative to traditional liposuction that claims to deliver pain-free results with minimal down time. During the procedure, the patient’s bowel was […]

Labcorp: The Invisible Workers Keeping Our Healthcare System Alive Are Reaching a Breaking Point

This piece is published in collaboration with 404 Media. Somewhere in the bowels of a Labcorp drug testing facility in Madison, Wisconsin, which one worker described to me as “the bunker,” is a severed human finger encased in wax. The finger, which workers presume was once attached to a former Labcorp worker at that location, […]

U.S. v. Google: Silicon Valley Giant Changed Agreements to Help Android Devices Compete with Apple, Former Executive Says

Google (GOOG) has used its revenue sharing agreements with wireless carriers and mobile phone makers to improve the Android ecosystem and better compete with Apple’s (APPL) iPhones, a former executive for the search giant said today at the company’s antitrust trial.  Jamie Rosenberg, a former vice president who oversaw Android negotiations from 2016 to 2019, […]

Tech/Media/Telecom Antitrust Weekly: Facebook Whistleblower Speaks Out; NAR Decision Could Impact Real Estate Tech Companies

Senate subcommittee hearing from Facebook whistleblower on social media and the teen mental health crisis. Former Facebook engineering director and Instagram consultant Arturo Béjar testified in front of a Senate Judiciary subcommittee on Tuesday, presenting internal documents stating that parent company Meta (META) was aware that teens were experiencing or seeing discrimination, bullying or threats […]

Flowserve/Velan: France’s Rejection of Deal Reveals Sensitive Assets Remain Off Limits, Even to Allies

France’s rejection of U.S.-based Flowserve’s (FLS) proposed $245 million purchase of Canadian industrial valve manufacturer Velan (TSX: VLN) last month should serve as a warning to dealmakers regarding the limits of trust between even longstanding allies, trade and national security attorneys said. As some in the national security sector had suspected, the French Ministry of […]

U.S. v. Google: CEO Pichai Calls Deals for Default Placement ‘Enhanced Promotion,’ Says They Improve User Experience

Google (GOOG) CEO Sundar Pichai said today in court that the company’s revenue sharing agreements are “enhanced promotion” payments to make it the default search engine on devices and browsers, defending the deals against DOJ’s claims that they stifled competition.  But the executive’s view, offered during Google’s antitrust trial, contradicts a 2005 statement by the […]

EQT/Dechra Pharmaceuticals: Formal EC Review Likely to Begin in Next Few Weeks

A formal European Commission review of EQT’s 4.5 billion-pound ($5.5 billion) plan to buy Dechra Pharmaceuticals (DPH: LN) is likely to begin in the next few weeks, The Capitol Forum has learned. The private equity buyer unveiled the transaction on June 2 and investor speculation mounted in September that the companies could notify the deal […]

ODDITY: Beauty Tech Company’s Product Marketing Based on Artificial Intelligence Claims Called into Question

Beauty and wellness product company ODDITY (ODD), which markets itself as a consumer technology firm that uses artificial intelligence to match shoppers with personalized skin, hair and anti-aging products, may be overstating the capabilities of that technology, a Capitol Forum investigation has found. ODDITY currently operates makeup brand Il Makiage and hair and skin product […]

Danaher/Abcam: Deal Not Attracting Industry Complaints So Far in Sped-Up Review

Danaher’s (DHR) planned $5.7 billion acquisition of Abcam (ABCM) hasn’t generated significant industry complaints so far as China’s antitrust authority, under its sped-up review process, starts seeking public comment about the tie-up, sources familiar with the matter said. Due to the limited product overlaps it would create, the transaction isn’t likely to raise significant antitrust […]

InnovAge: After CMS Lifted Sanctions, Company Cut Large Portions of Compliance and Quality Departments; Former Employees Say Cuts Will Only Exacerbate Ongoing Patient Harm; Company Already Out of Compliance with Multiple Regulations, Increasing Likelihood of Additional Sanctions

A few months after CMS and state regulators lifted sanctions against InnovAge (INNV), the country’s largest operator of PACE healthcare programs for low-income seniors, the company fired large portions of staff in its compliance, quality, and nursing departments. The company also began cancelling thousands of referrals for patients to see outside specialists and cutting back […]

Pressure Builds on EC to Launch Cloud Services Market Investigation Under DMA Powers

The European Commission is under growing pressure by national enforcers, competition experts and industry groups to investigate whether Microsoft (MSFT), Amazon (AMZN), Google (GOOG) and other companies that provide cloud services should be subject to rules under the Digital Markets Act (DMA).  The DMA forces tech platforms labeled as “gatekeepers” to comply with a set […]

Adobe/Figma: Companies Push for Early Engagement Between Senior Executive and Enforcers

In defending Adobe’s (ADBE) proposed $20 billion Figma acquisition, the companies have sought to address key weaknesses in the UK enforcer’s review process by putting senior executives in front of the Competition and Markets Authority (CMA) at the outset of the watchdog’s in-depth assessment. The move comes after the CMA announced it was “keen to […]

Medtronic: Recalled Defibrillators Continue to Generate Adverse Event Reports; MAUDE Data Indicates Device Problems Persist Despite Recall

More than a year after medical device maker Medtronic (MDT) notified customers of life-threatening defects in its implantable cardiac defibrillators—a warning that was later classified by the Food and Drug Administration as its most serious type of recall—hundreds of reports of adverse events associated with the devices continue to roll in, raising questions about whether […]

InMode: Pricing Flexibility of Products Raises Questions Regarding Statements to Investors and Margin Consistency

InMode (INMD), a manufacturer of aesthetic medical devices, has consistently posted gross margins of roughly 85% over the last several years, a figure that CEO Moshe Mizrahy has said is an absolute necessity for the company. In 2021, Mizrahy told investors that 85% gross margins are “a must for us. Every product that we develop […]

Kroger/Albertsons: California AG Says ‘Right Now, There’s Not a Lot of Reason Not to Sue’

This article has been updated with statements from spokespeople for Kroger and Albertsons. California Attorney General Rob Bonta is seriously considering a lawsuit against Kroger’s proposed acquisition of Albertsons, the AG said today at a press event in Washington, DC. “Right now, there’s not a lot of reason not to sue,” Bonta told a group […]

Tapestry/Capri: Labor Force Issues Could Trigger U.S. Antitrust Enforcer Questions, Capitol Forum Analysis Shows

Tapestry’s (TPR) proposed Capri Holdings (CPR) buyout has generated questions among investors about the $8.5 billion deal’s impact on prices for upscale handbags and other fashion accessories. But the transaction’s effect on those who help produce and sell these products might attract the FTC’s attention, as well, according to a Capitol Forum analysis. DOJ raised […]

CMA Process for Selecting Deals to Review is Restrained, Methodical, Senior Agency Official Says

The Competition and Markets Authority’s critics in the business community have accused the UK watchdog of what they view as a cardinal sin—unpredictability.  But in an exclusive interview with The Capitol Forum this week, Eleni Gouliou, the CMA’s mergers director, described an agency that’s restrained and methodical in asserting its jurisdiction to review a deal […]

Novozymes/Chr. Hansen: Lengthy EC Pre-Notification Process Could Suggest Some Regulatory Obstacles

The proposed combination of Danish food ingredients makers Novozymes (NZYMB:DC) and Chr. Hansen (CHR:DC) has spurred a particularly lengthy pre-notification process with the European Commission, suggesting the transaction could encounter some regulatory obstacles, according to an analysis by The Capitol Forum. Novozymes and Chr. Hansen announced their deal in December but still haven’t filed with […]

Enbridge/Dominion: Horizontal Overlap in Natural Gas Storage Market Could Draw Federal Antitrust Scrutiny

Enbridge Inc’s (ENB) acquisition of electric utilities from Dominion Energy Inc (D) will give it control over Dominion’s northern Ohio natural gas storage assets, reducing the number of working gas storage owners in the Central Great Lakes region and potentially allowing Enbridge to tamp down on competition in the “unregulated” side of gas storage markets, […]

CMA Process for Selecting Deals to Review is Restrained, Methodical, Senior Agency Official Says

The Competition and Markets Authority’s critics in the business community have accused the UK watchdog of what they view as a cardinal sin—unpredictability. But in an exclusive interview with The Capitol Forum this week, Eleni Gouliou, the CMA’s mergers director, described an agency that’s restrained and methodical in asserting its jurisdiction to review a deal […]

Pfizer/Seagen: FTC Explores Innovation Theory of Harm It Examined In 2009 Wyeth Acquisition

In criticizing the FTC’s review of Pfizer’s (PFE) proposed buyout of Seagen (SGEN), Albert Bourla, CEO of the New York pharmaceutical giant, said last week that the agency was straying from the mainstream of antitrust enforcement by examining whether the $43 billion deal would thwart industry innovation. But this isn’t the first time the agency […]

The European Antitrust Agenda: CMA Clears UnitedHealth/Emis and Reviews Two Proposed Sustainability Initiatives; Nvidia Reportedly Raided in France; CMI/Editis Notify EC of Merger; British Watchdog Mulls Qualcomm/Autotalks Review

UnitedHealth/EMIS gets final CMA approval. The Competition and Markets Authority has formally approved UnitedHealth Group’s (UNH) proposed 1.2 billion pound ($1.46 billion) purchase of EMIS (EMIS: LN). The agency provisionally cleared the deal last month in phase 2 after being convinced that the buying power of the UK’s National Health Service would prevent anticompetitive price […]

The Antitrust Agenda: Amazon Lawsuit Sends Shockwave Through Antitrust Community; Senator Grassley Welcomes DOJ Lawsuit vs. Agri Stats

The Antitrust Agenda: Amazon Lawsuit Sends Shockwave Through Antitrust Community; Senator Grassley Welcomes DOJ Lawsuit vs. Agri Stats The FTC’s antitrust lawsuit against Amazon (AMZN) continues to send a shockwave through the antitrust community. The lawsuit’s significant impact results not only from the insights it has already and is likely to continue to provide into […]

Pull-and-Refiles Become Less Effective in Heading Off Second Requests on High-Profile Deals

Pfizer (PFE), Seagen (SGEN) and other companies have found that a once tried-and-true procedural tactic to avoid an extended government investigation of their high-profile deals is proving less effective with the Biden administration. As the FTC in June approached the end of its initial 30-day review of Pfizer’s $43 billion bid to buy Seagen, a […]

Corcept Therapeutics: VA Prescriptions Fall Off for ‘Lack of Therapeutic Response;’ VA OIG Conducted Independent Assessment of Prescriptions at Orlando VA System

Prescriptions for Korlym, the only drug sold by Corcept Therapeutics (CORT), at VA hospitals has fallen by roughly 90% since 2018, according to a Freedom of Information Act request by The Capitol Forum. That steep drop-off comes after a previously-undisclosed VA Office of Inspector General assessment of the prescribing practices of the drug at the […]

ZoomInfo: Repeated Processing of Personal Information Raises Questions About Company’s GDPR Compliance

ZoomInfo (ZI), a creator and aggregator of profiles for business professionals, has been repeatedly processing and selling the personal information of at least one individual covered by the United Kingdom’s General Data Protection Regulations (UK GDPR), in violation of the regulation’s “Right to Be Forgotten.” The repeated action follows a Capitol Forum investigation that found […]

In Landmark Amazon Case, FTC Narrows Focus to Elevate Chances of Winning

The FTC finally filed its landmark antitrust lawsuit against Amazon (AMZN), and the three FTC Commissioners and 17 states joining the FTC opted in favor of a narrow lawsuit focused on price—particularly how Amazon raises prices on customers across the internet and increases costs to third party sellers. Below, we highlight some key points from […]

Evolv Technology: Claims Made in Connection With Sales of Weapons Detection Systems Appear to Overstate Capabilities, Potentially Exposing Company to FTC Action

Security screening company Evolv Technology (EVLV) may be overstating the capabilities of its walk-through metal detectors, which the company markets as faster and smarter than competitors—claims that have been called into question by customers and an industry research group, raising the possibility of regulatory action by the Federal Trade Commission. As Evolv has sold its […]

Enbridge/Dominion: Vertical Power Concerns Related to Dominion’s Control Over Contract Terms Could Attract FTC Scrutiny

In its acquisition of utility company Dominion (D), Enbridge (ENB), a major pipeline operator, could use Dominion’s control over contracts between buyers and sellers of natural gas in Ohio to favor its own interstate pipelines, according to a Capitol Forum analysis. Enbridge currently owns two of nine major interstate pipelines in Ohio, but it has […]

Broadcom/VMware: Deal Probe in Final Stage, as Senior Officials Examine Proposed Remedy Viewed Positively by SAMR Staff

China’s review of Broadcom’s (AVGO) planned $61 billion VMware (VMW) acquisition has reached its final stages as senior government officials examine a proposed remedy that has increasing support from case handlers and investigators at the country’s competition regulator, sources familiar with the matter said.  The State Administration for Market Regulation (SAMR) staff’s growing backing of […]

The European Antitrust Agenda: UnitedHealth/Emis Deal Faces Third-Party Complaints; Pfizer/Seagen Files for EC Review; Google Challenges Antitrust Fine; EC Competition Director Minimizes Role of Below-Threshold Merger Reviews

UnitedHealth/Emis review sparks third party complaints. The Competition and Markets Authority has published three third party responses critical of its decision to give a provisional green light to UnitedHealth Group’s (UNH) 1.2 billion pounds ($1.5 billion) plan to buy EMIS Health (EMIS: LN). The complaints come from UnitedHealth rival First Databank, Emis rival The Phoenix […]

The Antitrust Agenda: Senate Commerce Hearing for FTC Commissioners This Week; Recap of Illumina vs. FTC 5th Circuit Hearing

Three FTC Commissioner Nominations on tap for hearing. The Senate Commerce Committee is set to hold a hearing on FTC nominees Melissa Holyoak and Andrew Ferguson and the renomination of FTC Commissioner Rebecca Slaughter. While the Republicans will likely not be confirmed before the FTC’s conduct litigation against Amazon, expected later this month, the timeline […]

InMode: Sales Meeting Recording Details Importance of Morpheus8V Sales to OBGYNS Even Though Company Does Not Have FDA Approval for Treatment of Stress Urinary Incontinence

In audio recordings from a February sales conference, Dr. Spero Theodorou, Chief Medical Officer of InMode (INMD), told sales representatives to sell a device that he acknowledged did not have FDA approval to treat stress urinary incontinence (SUI) to OBGYNs because it was a “Trojan Horse” to break into the obstetrics industry and grow the […]

Kroger/Albertsons: Divestiture Deal Triggers Blowback from Unions Representing Store Workers

Kroger’s (KR) proposed acquisition of Albertsons’ (ACI) is generating new union objections over the selected buyer of stores the supermarket operators would divest in exchange for the $24.6 billion deal receiving FTC and states’ clearance. Earlier this month, C&S Wholesale Grocers, one of the largest suppliers of groceries in the U.S., agreed to buy 413 […]

Medtronic: Class Action Filed Over Recalled Defibrillators; Devices Continue to Produce Adverse Event Reports, Including Deaths and Injuries, in FDA Data

Implantable cardiac defibrillators sold by medical device maker Medtronic (MDT), some of which have been recalled since August of 2022, continue to generate a high volume of reports of adverse events to the Food and Drug Administration, a Capitol Forum review of report data has found. The findings raise questions about the safety of the […]

Adobe/Figma: The Impact of Rivals, Large and Small, Could be Key to Deal’s Regulatory Fate

The European approvals of Adobe’s (ADBE) $20 billion plan to buy Figma likely hinges on arguments that fast-growing competition from small, dynamic software design firms and constraints imposed by Big Tech titans will keep the merged entity in check, according to analysis by The Capitol Forum. As the UK and European Union regulatory reviews advance, the […]

Guaranteeing Google as Default Search Engine ‘Key Thing’ Company Paid for in Contracts, Former Executive Says

A former Google (GOOG) contract negotiator said today that guaranteeing its search engine was the default setting on smartphones was so important that it would only share revenue with the phone’s manufacturers and wireless carriers if they didn’t offer the same privilege to rival search engines. “The key thing we are paying revenue for is […]

Health Care Antitrust Weekly: FTC Eyes Improperly Listed Patents in Orange Book; New Illinois Law Expands Targets Health Care Provider Consolidation

FTC set to issue statement on improperly listed patents in FDA’s Orange Book. The commission will consider whether to issue a policy statement regarding patent listings in the Orange Book at an open meeting tomorrow. We highlighted a report on the impacts of patent gaming on inhaler markets last week. Inhalers are a type of […]

FTC Case Against J&J’s Remicade Inches Toward Litigation as FTC Considers Consumer Protection Count

The FTC’s four-year investigation of Johnson & Johnson’s (JNJ) allegedly illegal conduct in defending the market share of its blockbuster drug Remicade is inching toward litigation, according to sources familiar with the matter. The investigation is broader than has been publicly disclosed, encompassing consumer protection concerns as well as the previously known focus on the […]

Broadcom/VMware: Deal Progresses Through Review Process as SAMR Talks Continue, Proposed Remedy Receives Initial Positive Feedback

Broadcom’s (AVGO) planned acquisition of VMware (VMW) is advancing through China’s regulatory process as the U.S. tech giant engages in discussions with the country’s competition enforcer over a proposed remedy that initially is receiving positive government and industry feedback for addressing concerns about the $61 billion deal, sources familiar with the matter said. The positive […]

The Antitrust Agenda: Monopolization Investigations and Litigation Set to Drive Agenda Through End of Biden’s Term 

Months of monopolization cases ahead. To date, mergers and big legislative fights have tended to dominate the headlines when it comes to antitrust enforcement during the Biden administration. But monopolization enforcement and litigation are set to command attention through the remainder of the president’s first term. Shortly, the FTC is likely to bring a monopolization […]

The European Antitrust Agenda: Tech Firms Get Ready for EU’s DMA Designations; Microsoft Responds to EU Probe by Unbundling Teams from Office; UK Court Backs CMA in Bake-At-Home Goods Merger Block

Major tech companies prepare for Digital Markets Act designations. The European Commission is set to announce the first round of digital “gatekeepers” on Wednesday. Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), ByteDance, Meta (META), Microsoft (MSFT) and Samsung notified the agency in July that they met the initial thresholds to be defined as gatekeepers under the […]

I Set Out to Create a Simple Map for How To Appeal Your Insurance Denial. Instead, I Found a Mind-Boggling Labyrinth

This article was published by Cheryl Clark of ProPublica as part of ProPublica and The Capitol Forum’s series on the American health care system. This joint investigation won Silver in the Barlett & Steele Awards, which recognize excellence in investigative business journalism. Have you ever had a health care claim denied by your insurer? Ever tried to appeal it? Did you wind […]

LifeStance: Company Imposed Restriction on New TRICARE and Anthem Patients in Some California Locations, but Misled Payer Representatives and Patients into Believing Appointments Could be Scheduled

Payers that contract with LifeStance Health (LFST) frequently send questionnaires to LifeStance to inquire about provider and appointment availability for a specific insured member who needs mental health care.   But in the case of TRICARE and Anthem Blue Cross Blue Shield in certain California locations, LifeStance had imposed a complete “restriction” on scheduling any new […]

AAON: Sales Concentration with Texas AirSystems and Meriton Raises Red Flags, Potentially Requiring Additional Disclosures

AAON Inc. (AAON), a large manufacturer of ventilation and air conditioning equipment for both commercial and residential use, discloses in its SEC filings that its customer Texas AirSystems LLC accounted for “more than 10% or more of its sales during 2022, 2021 and 2020” and accounted for “more than 10% of its accounts receivable balance […]

McKesson Uses PBM-Like Tactics in Oncology Drug Market to Boost Profits, Critics Allege

McKesson (MCK), America’s largest pharmaceutical distributor, has almost tripled its net income to $3.56 billion over the past 13 years and now ranks No. 9 on the Fortune 500 list of the largest U.S. companies by revenue, just behind Google’s parent company, Alphabet (GOOGL). But critics said McKesson generated those profits by steering physicians toward […]

Antitrust Scrutiny of Vistra’s $3.4B Plan to Purchase Energy Harbor Grows Amid Second Request and Questioning by FERC

The Federal Energy Regulatory Commission (FERC) said yesterday that it wants more information on the Vistra (VST) acquisition of Energy Harbor (ENGH) after antitrust concerns were raised by state and regional authorities. “Please be advised that the Application is deficient, and the Commission requires additional information in order to process it,” FERC’s Office of Energy […]

Khan Outlines FTC Support for Employees to Report Harassment Following Allegations Against Wright

This article has been updated slightly for clarity.  FTC Chair Lina Khan, in the wake of allegations made against former Commissioner Joshua Wright, outlined steps this week that agency employees can take to report sexual harassment.  In a memo yesterday to agency staff and her fellow commissioners that The Capitol Forum obtained, Khan said the […]

Fiserv: California State Legislator’s Office Investigating Award of Two Additional Contracts to Money Network After Problems With Middle Class Refund Program

Money Network Financial—a subsidiary of global fintech and payments company Fiserv (FI)—last year was awarded a contract by California’s Franchise Tax Board to administer the state’s middle class tax refund, consisting of over $9 billion to be disbursed to over 32 million eligible Californians. Under Money Network’s management, that program was riddled with errors.  After […]

Intel/Tower Semiconductor: Deal’s Fate Grows Murkier After Biden Unveils Executive Order on U.S. Investment in China

The fate of Intel’s (INTC) proposed $5.4 billion Tower Semiconductor acquisition has grown even murkier following President Joe Biden unveiling his long-anticipated executive order limiting U.S. investment in China, said attorneys in the country not involved with the deal. On the one hand, the Chinese government’s reactions to yesterday’s announcement of the order have been […]

Microsoft/Activision: Tech Giant’s Persistence Leads CMA to Effectively Launch Unprecedented ‘Phase 3’ UK Review

Microsoft’s (MSFT) persistent attempts to close its proposed takeover of game developer Activision Blizzard (ATVI) have prompted the Competition and Markets Authority to reassess the merger, effectively pushing the regulator to engage in what amounts to a phase 3 investigation of the $68.7 billion deal after issuing a Final Report prohibiting the acquisition. UK law […]

EQT/Dechra Pharmaceuticals: Transaction Avoids UK Merger Scrutiny Following Briefing Paper’s Submission

Private equity firm EQT is said to have avoided a UK antitrust review of its proposed 4.5 billion pound ($5.6 billion) acquisition of Dechra Pharmaceuticals (DPH: LN). The Competition and Markets Authority had sought further information from the parties following their submission of a briefing paper to the agency that explained why it shouldn’t formally investigate […]

Resources Plans Expanded Drilling Program but Past Results May Indicate Challenges Ahead

In July, Houston Natural Resources (OTC: HNRC) acquired Appalachian operator Cunningham Energy for an undisclosed sum, after paying $19.62 million for a 9.9% interest in October 2022, with the company planning a NASDAQ or NYSE uplisting later this year. Central to the deal is an aggressive plan to revive older conventional oilfields with more modern […]

Medtronic: Device Incident Data Differs from Company’s Figures in Recall of Implantable Cardiac Defibrillators, Raising Questions About Company’s Calculations

After a series of recalls of implantable cardiac devices sold by medical device maker Medtronic (MDT), a Capitol Forum review of device incident data suggests that there may be more adverse events associated with the defibrillators than the company has identified in its recalls due to the way in which the company measures an adverse […]

Amazon/iRobot: Deal Provides Opportunity for Enforcers to Develop ‘Ecosystem’ Theory of Harm

Amazon’s (AMZN) proposed $1.7 billion iRobot (IRBT) acquisition is providing European enforcers an opportunity to further develop a 21st century economic theory of harm created with tech platforms in mind. In announcing its phase 2 in-depth investigation of Amazon/iRobot last month, the European Commission said the deal could potentially “strengthen [Amazon’s] position in the market […]

Managed-Care Industry Draws Section 2 Monopolization Investigation at DOJ

DOJ has launched a monopolization investigation of the managed-care industry, said people familiar with the matter but not involved in the probe. The investigation is still in the early stages, the sources said, and is being conducted under Section 2 of the Sherman Act, which makes it unlawful to monopolize or attempt to monopolize a […]

Citigroup: DOJ Investigating Possible Race Discrimination in Mortgage Lending

The Department of Justice is looking at whether Citigroup (C) discriminated against Black and Hispanic homebuyers in recent years, at a time when the nation’s third-largest bank was struggling to satisfy federal banking rules, according to sources familiar with the matter. A national bank regulator asked DOJ in recent weeks to examine why Citigroup’s consumer-lending […]

Encompass Health: Former Employees Raise Concerns Regarding Enrollment Practices and Compliance with Medicare Requirements

For Medicare to pay for inpatient rehabilitation, patients must be diagnosed with at least one of 13 possible conditions and must be able to show a need and capability to undergo intensive rehabilitation for at least 15 hours per week. Medicare also requires that the assessment, known as a pre-admission screening, be performed by a […]

Prospects Brighten for Broadcom/VMware, ICE/Black Knight, L3Harris/Aerojet Following Recent Developments

The prospects for Broadcom’s (AVGO) proposed VMware (VMW) buyout, Intercontinental Exchange’s (ICE) attempted Black Knight (BKI) purchase and L3Harris Technologies’ (LHX) bid for Aerojet Rocketdyne have distinctly improved due to a series of recent, unrelated developments, according to a Capitol Forum analysis. Among the most startling of these was the Competition and Markets Authority’s actions […]

Amazon/iRobot, Thoma Bravo/ForgeRock, Globus/NuVasive May Trigger Tripwires in Draft Merger Guidelines

U.S. antitrust enforcers could target Amazon’s (AMZN) planned $1.7 billion iRobot (IRBT) buyout, Thoma Bravo’s $2.3 billion ForgeRock (FORG) bid and Globus  Medical’s proposed $3.1 billion NuVasive (NUVA) tie-up, according to a Capitol Forum analysis of draft merger guidelines released today. These deals might have spurred questions and concerns among enforcers in previous administrations. But […]

Microsoft/Activision Blizzard: Novel Move Could Open Path for Clearance After Final Report That Avoids Independent Inquiry

The Competition and Markets Authority’s likely clearance of Microsoft’s (MSFT) proposed $68.7 billion Activision Blizzard takeover could open a new route for companies to receive approval for their deals by reversing a “final” prohibition and avoiding an independent group’s scrutiny. The most immediate beneficiary of this development is Broadcom (AVGO), which will no doubt keep […]

FirstEnergy Expected to be Removed from MSCI ESG Indexes at Next Rebalancing

On August 31, the Deka Group expects its ESG ETFs to drop FirstEnergy (FE) following an index rebalancing by MSCI (MSCI), according to a statement made to The Capitol Forum by a Deka spokesperson. The Capitol Forum first reported in June that FirstEnergy would be dropped from numerous indexes due to the company’s involvement with […]

Thoma Bravo/ForgeRock: DOJ Leans Toward Suit, Raising Question of Whether Buyer Will Defend Deal in Court

DOJ is leaning toward suing to block Thoma Bravo’s planned buyout of cybersecurity software maker ForgeRock (FORG), sources said, raising questions about whether the private equity firm will bow out as the buyer in the $2.3 billion deal.    Following an eight-month review, DOJ continues to fear that the deal would result in Thoma Bravo dominating the market for software run on a large corporate customer’s premises that regulates people’s access to the company’s computer network, the […]

Remicade: Of Late, Biosimilars Have Gained Share at Greater Clip, But Overall Picture Shows Problematic Biosimilar Adoption Rate; Antitrust Lawsuits Provide Context for FTC Investigation

The Capitol Forum recently published an analysis of market share and pricing data for the blockbuster autoimmune disorder treatment Remicade (infliximab), which has been under FTC investigation since 2019. Our reporting exposed a broken system in which rebate schemes appear to drive market share for Remicade and its biosimilar competitors. Remicade, marketed by Johnson & […]

Globus/NuVasive: Spinal-Device Merger Could Give Doctors Fewer Operating Options, Some Surgeons Say

Globus Medical’s (GMED) proposed $3.1 billion acquisition of rival NuVasive (NUVA) could accelerate a market trend that has resulted in fewer choices of spinal devices and operating techniques, some surgeons told The Capitol Forum. The surgeons said that hospitals seeking discounts on supplies and equipment are increasingly entering into contracts and arrangements with suppliers that […]

EU and UK Look to Germany to Lead the Way in Google Automotive Services Enforcement

Germany’s antitrust regime for technology giants may already be proving more effective than the EU’s Digital Markets Act, with the European Commission and the UK’s Competition and Markets Authority leaving the German enforcer to take on a complaint against Google’s (GOOGL) allegedly anticompetitive practices in navigation and car infotainment services. The issue came before four […]

Pfizer/Seagen: Deal Faces EC Probe with Bavencio Royalty Potentially at Issue

Pfizer’s (PFE) plan to buy Seagen (SGEN) for $43 billion is said to face scrutiny by the European Commission following a referral request by the buyer. The deal could draw regulatory questions in Europe about a royalty payment Pfizer is set to receive for bladder cancer drug Bavencio, which appears to be an alternative to […]

FTC Could be Setting Up Coke and Pepsi as the Modern Textbook Cases of the Robinson-Patman Act, as the Agency Begins its Revival of the Long-Dormant Law

Experts say the FTC’s Robinson-Patman Act investigation into Coke (COKE) and Pepsi (PEP) could make for a shrewd first enforcement action, given the clear evidence of price discrimination by big soda against small retailers. The FTC is renewing enforcement of the 1936 anti-chain store law that bans suppliers from charging small retailers a higher price […]

How Often Do Health Insurers Say No to Patients? No One Knows.

This article is being published in partnership with ProPublica. This joint investigation won Silver in the Barlett & Steele Awards, which recognize excellence in investigative business journalism. It’s one of the most crucial questions people have when deciding which health plan to choose: If my doctor orders a test or treatment, will my insurer refuse to […]

LifeStance: Company Creates Barriers to Mental Health Treatment, Cancels Appointments When Patients Refuse to Pay Amounts They Don’t Owe

LifeStance Health (LFST), a nationwide roll up of outpatient mental health clinics, has, in at least some clinics, installed gatekeepers who demand patients pay whatever the company’s error-ridden billing system shows as outstanding—even if it’s wrong—as a precondition to seeing their therapist, according to an ongoing Capitol Forum investigation. The Capitol Forum has obtained a […]

Kroger/Albertsons: FTC Could Revive Depression-Era Law in Bid to Block Supermarket Merger

As Kroger (KR) and Albertsons (ACI) attempt to create the second-largest U.S. supermarket group after Walmart (WMT), the FTC is dusting off a Depression-era law aimed at curbing the power of large retail chains, suggesting that the long-dormant statute could play a role in a potential challenge to the grocers’ proposed $24.6 billion merger. The […]

Chevron/PDC Energy: Combined Entity Would Control Over a Quarter of Colorado Oil & Gas Production

Chevron’s proposed $7.6 billion merger with PDC Energy would significantly consolidate the Colorado oil and gas industry—the fifth largest crude oil-producing state in the U.S.—combining Chevron’s 10 percent of Colorado’s market share with PDC Energy’s 16 percent, according to Capitol Forum analysis of 2022 Colorado oil and gas production data. The deal would see Chevron, […]

At least 18 Indexes Likely to Drop FirstEnergy at Next Redetermination as ESG Concerns Snowball

Index providers S&P Global (SPGI), MSCI (MSCI) and the London Stock Exchange Group’s (LSE) FTSE Russell are likely poised to remove FirstEnergy (FE) from at least 18 of their ESG indices after their next quarterly redetermination, according to a Capitol Forum investigation. Over a quarter of FirstEnergy’s roughly $22 billion market capitalization was held at […]

SAMR Shuffles Top Merger Officials Amid Probes of Sensitive Chip Deals

China’s antitrust authority has quietly made two key staff appointments in its merger department, putting a seasoned enforcer and a relative novice in charge of reviewing multibillion-dollar technology deals including Intel’s (INTC) proposed buyout of Tower Semiconductor (TSEM), said people familiar with the matter. The State Administration for Market Regulation (SAMR) recently promoted Xu Lefu, […]

J&J’s Remicade: Rebates and High Net Prices, Not Low Net Prices, Inform Market Shares for Remicade and Biosimilar Competitors

The FTC has been investigating blockbuster biologic autoimmune disorder treatment Remicade (infliximab) since June 2019. Remicade is a tumor necrosis factor (TNF) inhibitor first approved in 1998 and marketed by Johnson & Johnson subsidiary Janssen. The drug is currently indicated to treat several inflammatory conditions, from Crohn’s Disease and ulcerative colitis to rheumatoid and psoriatic […]

Broadcom/VMware: Some Deal Critics Not Included in EC Market Test of Proposed Remedy

The European Commission is said to have not sought feedback from some critics of Broadcom’s (AVGO) proposed VMware (VMW) acquisition regarding the U.S. chipmaker’s offer to address the regulator’s concerns about the $61 billion deal. By not approaching these critics, the commission could be following its guidelines to focus a market test on industry participants […]

iRhythm: FDA Publishes Warning Letter to Company Citing Several Problems with Labelling and Data Storage, Potentially Paving Path for Recall

Earlier this morning, the FDA published a lengthy warning letter the agency had sent to heart monitoring company iRhythm (IRTC) regarding the marketing of its Zio AT System as providing “near real-time monitoring” for immediate monitoring of “high-risk patients.” However, as the FDA noted, the company’s device typically provides after-the-fact reports and often fails to […]

Natera: Response to Public Records Request Suggests Kentucky Attorney General’s Investigation into Natera Has Progressed

The response to a recent records request by The Capitol Forum to the Kentucky Attorney General suggests that the agency’s investigation into genetic testing company Natera (NTRA) has progressed over the last three months, with the agency gathering evidence and potentially preparing for litigation. The Capitol Forum requested electronic communications held by the Kentucky Attorney […]

The European Antitrust Agenda: Microsoft/Activision Deal Given Tentative UK Appeal Date; EC Mulls Broadcom/VMware Remedy; Booking Holdings Faces Objections to Etraveli Merger; Vodafone, Vantage Towers Face German Probe

Microsoft set for possible July showdown with CMA over Activision deal denial. Microsoft’s (MSFT) challenge at the Competition Appeal Tribunal to the UK’s decision prohibiting its proposed $68.7 billion acquisition of Activision Blizzard (ATVI) has been penciled in for July 24. The trial could take up to two weeks. The date still has to be […]

FleetCor: As Parties Await Terms of Court Order on Scope of Injunctive Relief Problematic Billing and Fee Practices Appear to Persist

Despite publicly professing a desire to cooperate with the FTC and revise certain billing practices, FleetCor Technologies’ (FLT) problematic billing and fee practices appear to continue, according to The Capitol Forum’s ongoing investigation into the company. At issue are the company’s practice of charging excessive and unavoidable late fees and the addition of a myriad […]

UnitedHealth/Emis: After Remedy Rejected, Unconditional Clearance Becomes Best Option For Salvaging Deal

UnitedHealth Group (UNH) will probably need the Competition and Markets Authority’s unconditional clearance for its planned 1.2 billion pound ($1.5 billion) acquisition of health care software and systems provider Emis Group (EMIS: LN) after the UK regulator rejected the company’s far-reaching remedy proposal, according to a Capitol Forum analysis. Hoping to overturn CMA’s phase 1 […]

Amgen/Horizon Therapeutics: Judge Kness’s Criminal Law Background, Willingness to Get into Market Detail May Offset His Federalist Society Credentials

The FTC’s suit to block Amgen’s (AMGN) $27.8 billion acquisition of Horizon Therapeutics (HZNP) rests on tenets of antitrust law that U.S. antitrust enforcers haven’t used to challenge a merger in decades, prompting a skeptical response from defense attorneys and veteran deal watchers alike. The agency might consider it a blessing, then, that the federal […]

MaxLinear/Silicon Motion: Parties Make Progress in Negotiating Remedy With Chinese Regulator

U.S. chipmaker MaxLinear (MXL) has achieved some progress in negotiating a remedy proposal with China’s antitrust authority for its planned $3.8 billion acquisition of Taiwanese rival Silicon Motion Technology (SIMO), sources familiar with the matter said. Case handlers at the State Administration for Market Regulation (SAMR) recently engaged in discussions of potential remedies with representatives […]

InMode: Former Sales Employees Detail Relationship with Financial Partners Group

Former sales employees of InMode (INMD), a manufacturer of medical aesthetic devices, tell The Capitol Forum that the company had a “hand in glove” relationship with Financial Partners Group (FPG), a broker that arranged financing for purchases of InMode devices by clinics and med spas. While The Capitol Forum has previously reported on the relationship […]

Zynex: Company’s Accounting Practices Raise Red Flags, According to Accounting Experts

The accounting practices of Zynex (ZYXI), a manufacturer of electrotherapy devices for pain management, are raising red flags with finance experts who questioned how the company is accounting for adjustments, allowances, and nonpayment of the claims it submits to insurers. According to Zynex’s SEC filings, the company recognizes revenue when it ships devices and supplies […]

LifeStance Health: Vulnerable Mental Health Patients Burdened with Unwarranted Medical Debt from Company’s Billing Practices, Errors, and High Fees

In October, the Better Business Bureau submitted a written request to LifeStance Health Group, Inc. (LFST), a publicly traded, private equity-backed company that owns or manages hundreds of outpatient mental health facilities across 33 states, encouraging LifeStance to address a pattern of complaints relating to billing. The company responded in November, outlining a plan to […]

Pictet Clean Energy Transition Fund Divests FirstEnergy as Utility Faces Challenging Legal Environment, Climate Concerns

Environmental, social, and governance (ESG) concerns factored into Swiss investment firm Pictet’s internal decision to close a position in FirstEnergy (FE) held by its sustainability-focused fund, according to information obtained by The Capitol Forum. The Pictet Clean Energy Transition fund’s first quarter exit from electric utility FirstEnergy places pressure on the dozens of other funds […]

Congressional Committee, Regulators Question Cigna System that Lets Its Doctors Deny Claims without Reading Patient Files

This article is published in partnership with ProPublica. This joint investigation won Silver in the Barlett & Steele Awards, which recognize excellence in investigative business journalism. A key congressional committee asked insurance giant Cigna on Tuesday to provide corporate documents so that lawmakers can examine the company’s practice of denying health care claims without ever opening […]

Amgen/Horizon: FTC Prepares to Sue to Block $27.8 Billion Pharmaceutical Transaction

The FTC is preparing to sue to block Amgen’s (AMGN) proposed $27.8 billion acquisition of Horizon Therapeutics (HZNP), sources familiar with the matter said. The agency’s three sitting Democratic commissioners, who met on Friday in a closed-door meeting to discuss the case, are set to vote on it this week, the sources said. While it […]

Kroger/Albertsons: Regional Grocers Sign NDAs in Talks to Buy Divested Stores, Sources Say

Grocers on the East Coast and in other U.S. regions have signed nondisclosure agreements to discuss potential purchases of Kroger (KR) and Albertsons (ACI) stores set to be divested as part of the supermarkets’ proposed $24.6 billion merger, according to two people familiar with the discussions. Kroger and Albertsons are segmenting their divestiture offerings by […]

Zynex: Company Overbilling Federal TRICARE Program for Electrodes; Practice Mirrors 2018 DOJ False Claims Act Settlement

Zynex Medical (ZYXI), a manufacturer of electrotherapy devices for pain management, is overbilling TRICARE, the military health program for active-duty soldiers and their family members, for millions of dollars in unnecessary supplies for its devices, according to a Capitol Forum investigation. The practice mirrors those of a competitor that settled a False Claims Act matter […]

The Antitrust Agenda: How Judge Ana Reyes’ Pro-Settlement Bent in Assa Abloy/Spectrum Brands Case Led to Mediation; May 12 Items on FTC Calendar; Key Takeaway from AELP Event

How Assa Abloy/Spectrum Brands ended up in mediation. Judge Ana Reyes, despite being a Biden appointee, was antagonistic towards the government behind closed doors from the beginning of the Assa Abloy/Spectrum Brands case seemingly because she believed that the case should settle rather than go to trial, according to sources familiar with the matter. On […]

TD Bank/First Horizon: CEO Met With Top Bank Examiner Days After Deal Delay Announced, Document Shows

Days after the head of Toronto-Dominion Bank (TD) declared he was “fully committed” to his company’s proposed acquisition of First Horizon Bank (FHN), he met with senior officials of one U.S. regulator that will decide whether the $13.4 billion deal goes ahead, according to an internal notice of the meeting. Participants in the March 9 […]

Kroger/Albertsons: FTC, State Reviews Home In on Deal Shrinking Pharmacy Options in Some Regions of the U.S.

Kroger’s (KR) plan to acquire rival grocer Albertsons (ACI) is raising concerns among FTC lawyers and state attorneys general about how the $24.6 billion deal would affect pharmacy services in certain U.S. regions, sources familiar with the matter said. Nationally, the companies control a relatively small slice of the pharmacy market. But in some localities, […]

Intel/Tower Semiconductor: SAMR Likely to Decide on Deal in Coming Weeks; Gelsinger’s Visit Smoothed Path for Remedy Talks, Lawyers Say

Chinese antitrust enforcers are likely to make a decision on Intel’s (INTC) proposed buyout of Tower Semiconductor (TSEM) in the coming weeks, ending a long “stop the clock” on their review of the $5.4 billion transaction, said China-based legal experts and practitioners.   The deal has been stuck in regulatory limbo since the State Administration for […]

Viasat/Inmarsat: Course Set for Satellite Deal’s Clearance as European Commission Declines So Far to Issue Formal Objections

Viasat’s (VSAT) proposed acquisition of rival satellite service supplier Inmarsat Group (ISAT: LN) appears on course for a European Commission green light as the regulator so far has declined to produce a formal charge sheet on the $4 billion deal. “As of today, the commission has not issued a Statement of Objections (SO) in this case,” […]

CFPB March Complaint Data: Total Monthly Complaints Hit 12 Month High as Bureau’s Policy Statement on Abusive Acts or Practices Appears to Signal Paradigm Shift, Prioritizing Fair Dealing Over Consumer Sovereignty

Total monthly complaints submitted by consumers to the CFPB rose to 112,600 in March 2023, reflecting an approximately 30% increase from February and the highest total number of complaints over the past twelve-month period, as measured by The Capitol Forum. The categories with the largest percentage increase between February and March include credit reporting, repair […]

Health Care Antitrust Weekly: Litigation Volume Expected to Increase at FTC’s Health Care Division; Remicade Investigation Heating Back Up

FTC’s Health Care division agenda. Taking a look at the overall health care conduct enforcement agenda at the FTC, there appears to be plenty of bandwidth for Health Care Division’s roughly 35 attorneys to bring more cases. That’s particularly true considering that the agency’s 6(b) investigation into pharmacy benefit managers is being run out of […]

The Beauty Health Company: Syndeo Defects, Company Policies Frustrate Machine Users

The Beauty Health Company (SKIN), maker of the HydraFacial skincare device and products, has clamped down on chatter among frustrated estheticians who recently took to a Facebook group page to voice concerns about defective HydraFacial machines and to discuss potential competitor offerings. The company successfully sought a take-down of the Facebook group, which disappeared from […]

As Private Equity Firms Work to Access 401(k) Market, Plaintiff Lawyers Gear Up to Sue

Seeing a green light from the Department of Labor, private equity firms are developing new investment products they hope will achieve their longtime goal of accessing the lucrative $7 trillion 401(k) market, industry experts tell The Capitol Forum. Private equity funds have historically been shut out of 401(k) plans due to their high fees, high […]

Withdrawn Guidelines for Information Sharing Raise Risks for Healthcare Data Companies

Companies like Verisk Health and UnitedHealthcare (UNH) could draw unwanted attention from DOJ now that three policy statements regarding information sharing “safety zones” for healthcare companies have been withdrawn. The two companies have been singled out in the past for anticompetitive information sharing practices. The withdrawal of the policy statements along with repeal of the […]

UnitedHealth/Emis: CMA Seeks Broader Asset Divestitures

UnitedHealth Group’s (UNH) plan to buy health care software and systems provider Emis Group (EMIS: LN) is said to have been pushed to an in-depth review by the Competition and Markets Authority because the watchdog sought asset divestures beyond those owned by the buyer in the UK. The CMA’s summary of its phase 1 decision on the $1.5 billion transaction appeared to foreshadow both its rejection of the companies’ […]

Microsoft/Activision Blizzard: Buyer Expands EC Cloud Remedy as CMA Talks Continue

Microsoft (MSFT) is said to have broadened a remedy offered to the European Commission in connection with the company’s proposal to buy Activision Blizzard (ATVI) for $68.7 billion. The commission is seeking third-party feedback on the expanded offer. The change is said to relate to the ability of customers to download video games from the […]

Healthcare Antitrust Weekly: Ohio AG Sues PBMs for Using “Rebate Aggregators” to Fix Prices; DOJ Decision Not to Litigate CVS/Signify Further Boosts Odds of Section 2 Investigation into U.S. Healthcare Behemoths 

Ohio Attorney General Sues PBMs for Price Fixing. Ohio AG Dave Yost targeted PBMs’ strategy of hiding behind “rebate aggregating” pharmaceutical group purchasing organizations in a price-fixing lawsuit filed March 27. According to the complaint “Big Three” PBM Express Scripts, owned by Cigna, created the Switzerland-based “rebate aggregator” Ascent Health Services in 2019. The lawsuit alleges that […]

The Antitrust Agenda: With FTC Set to Have Two Open Republican Seats, Health of Senate Minority Leader McConnell Looms Large; Vedova Demands Compliance with HSR Form

Has McConnell’s absence from Senate delayed Republican FTC appointments? While antitrust enforcers made some headlines at the ABA Spring Meeting (see below for key remarks and highlights), the health of Senate Minority Leader Mitch McConnell was a subject of interest, as he is set to make decisions on two empty Republican seats at the Federal […]

Assa Abloy/Spectrum Brands: Judge Grilled DOJ Litigator Over ‘Litigating the Fix’ Legal Standard; Case Still Comes Down to the Divestiture

At yesterday’s marathon hearing, U.S. District Judge Ana C. Reyes grilled DOJ litigator, Matthew Huppert, over the appropriate legal framework to apply to merger challenges involving a divestiture. Judge Reyes also indicated that DOJ’s challenge to Assa Abloy’s (ASSA-B:SS) bid for the hardware and home improvement (HHI) division of Spectrum Brands (SPB) comes down to […]

Adobe/Figma: Deal Faces Challenging Reviews in Brussels and London

Software company Adobe’s (ADBE) $20 billion plan to purchase the privately held design platform Figma will be reviewed by regulators in London and Brussels, and winning approval from both agencies is likely to be a challenge, according to an analysis by The Capitol Forum. Adobe’s European Commission filing is said to be expected within the […]

TD Bank/First Horizon: DOJ Probe Holds Up Regulators’ Decisions On Deal

U.S. financial regulators’ decisions on TD Bank’s (TD) proposed $13.4 billion acquisition of First Horizon Bank (FHN) are being held up by issues raised in a DOJ investigation, a source familiar with the matter said. It’s unclear what the focus of the DOJ investigation is and how long it has been going on. DOJ’s investigation, […]

How Cigna Saves Millions by Having Its Doctors Reject Claims Without Reading Them

This article was published in partnership with ProPublica. This joint investigation won Silver in the Barlett & Steele Awards, which recognize excellence in investigative business journalism. When a stubborn pain in Nick van Terheyden’s bones would not subside, his doctor had a hunch what was wrong. Without enough vitamin D in the blood, the body will […]

Early Bids for Orphan Well Plugging Reveal Cracks in States’ Ability to Accurately Track Well Ownership; Active Operators Are Poised to Further Exploit State Processes to Offload Retirement Obligations

Bidding documents produced during the first stages of states’ efforts to plug wells with federal funds reveal that certain wells identified for plugging appear to be owned by active operators like Chesapeake Energy (CHK), Diversified Energy (LON: DEC), or BP (BP), according to The Capitol Forum’s investigation. In the four Appalachian states that have begun […]

Amgen/Horizon Therapeutics: FTC Staff Probes Buyer’s Past Drug-Price Increases and Alleged Anticompetitive Tactics 

FTC staff reviewing Amgen’s (AMGN) proposed $27.8 billion acquisition of Horizon Therapeutics (HZNP) is probing the acquirer’s track record of raising drug prices and allegedly shielding its products from competition, sources familiar with the matter said.   The staff is considering whether Amgen’s purchase of Horizon, a developer of treatments for rare autoimmune and severe inflammatory […]

UnitedHealth/Change Healthcare: As DOJ Drops Appeal, Agency May Pivot to Considering Broader Section 2 Cases Against U.S. Health Behemoths

DOJ said today that it wouldn’t appeal a federal judge’s decision allowing UnitedHealth’s (UNH) $7.8 billion acquisition of Change Healthcare (CHNG).    The purchase of Change, which operates the most popular clearinghouse for insurance information, puts UnitedHealth, the No. 1 U.S. health insurer, even more at the epicenter of one of the most important sectors […]

The European Antitrust Agenda: Microsoft’s Formal Activision Remedy Pledge; CMA Takes Shot at UnitedHealth/Emis Merger; EC Extends Broadcom/VMware Probe; European Cloud Providers Tell Microsoft to End Allegedly Unfair Licensing

Microsoft makes formal EC remedy offer. Microsoft (MSFT) last week offered formal concessions to the European Commission in connection with its planned takeover of Activision Blizzard (ATVI). The Brussels-based regulator will seek third-party feedback on the offer.   The offer is said to address only the commission’s concerns about cloud gaming, indicating the EC may have […]

The Antitrust Agenda: What UBS Buying Credit Suisse Means for Bank Merger Reviews; Timing of Draft Merger Guidelines

UBS’s takeover of Credit Suisse, announced yesterday, is clearly at odds with the Biden administration’s whole-of-government approach to enforcing competition policy. The merger combines a formerly top 10 bank with its Swiss rival – an outcome that would have been unthinkable from a regulatory and antitrust perspective even weeks ago. CNBC hosts are now saying […]

InMode: Company Only Recently Began Submitting Required Malfunction and Injury Reports to FDA

Prior to last month, InMode (INMD), a manufacturer and vendor of aesthetic medical devices, had not been submitting mandatory reports to the Food and Drug Administration regarding injuries and malfunctions stemming from the use of its devices, according to a Capitol Forum analysis of an FDA database. The omission may violate the Food, Drug, and […]

Xponential: Sales Pitch to Some Former Franchisees May Have Violated Franchise Disclosure Rules

Fitness franchisor Xponential (XPOF) in some cases appears to provide financial projections as part of its sales pitch to prospective franchisees beyond those contained in its franchise disclosure documents—a potential violation of federal franchise rules—according to interviews and documents reviewed by The Capitol Forum.  Former franchisees told The Capitol Forum that company officials made the […]

Microsoft Cloud Rivals Meet With Vestager to Discuss EU Antitrust Complaint

European cloud providers Aruba, Danish Cloud Community and OVHcloud met with EU competition chief Margrethe Vestager yesterday to discuss their allegations that Microsoft (MSFT) uses unfair software licensing practices to harm rivals of its own Azure cloud service, The Capitol Forum has learned.   The meeting was instigated at the initiative of the complainants, but it’s […]

Broadcom/VMware: EC, FTC Raising Concerns About Large Corporate Clients That Demand On-Premises Virtualization Software Services

The European Commission and the FTC are said to be raising concerns about how Broadcom’s (AVGO) proposed $61 billion VMware (VMW) purchase could affect large corporate clients that access their VMware server virtualization software on premises.  VMware is a market-leading producer of virtualization software, which allows large businesses to operate computer networks cost-effectively by enabling […]

The European Antitrust Agenda: Microsoft/Activision Might Be Poised For a Win at the EC as Critics Turn Up the Heat; New Tune in EC’s Music-Streaming Case Against Apple; The Trouble With CMA Efforts to Encourage Climate Initiatives; Viasat/Inmarsat Gets Provisional Green Light From London; UnitedHealth/Emis Faces New Demands From CMA; Dutch Enforcer Calls for Tool to Tackle Tacit Collusion; EC About to Hit Google With SO Over Online Ads

A coup for Microsoft/Activision at the EC? Microsoft (MSFT) is set to receive a notable boost from the European Commission in connection with its planned $68.7 billion takeover of Activision Blizzard (ATVI), according to a report. The EC, the report said, is expected to approve the merger without requiring Microsoft to divest assets.   Approval by the […]

The Antitrust Agenda: At Keystone Conference, Kanter Warned About Big Tech as Vestager Struck Centrist Note

Antitrust enforcement sparks optimism at Brussels event, but some say new laws key. Speakers at a Keystone Strategy conference in Brussels on March 2 voiced optimism that antitrust enforcement and competition policy have sprung back to life in the fight against monopolies and other dominant players, though they debated whether new laws are needed to […]

CMS Policy: Advance Notice Appears to Target Lucrative Diagnosis Codes Previously Used by Companies Like Signify and Oak Street Health 

The Centers for Medicare and Medicaid has proposed changes to the risk adjustment model that will reduce or eliminate some of the extra money the agency pays to Medicare Advantage plans to manage and treat certain chronic conditions.    In focus are certain inappropriate coding practices that target lucrative diagnosis codes that companies like Signify […]

Intel/Tower Semiconductor: With SAMR Approval Outstanding, Intel Executive Stresses Commitment to China 

With Intel’s (INTC) $5.4 billion bid for Tower Semiconductor (TSEM) under review by China’s antitrust authority, Intel China Chairwoman Wang Rui has embarked on a charm offensive, stressing the company’s long-term commitment to the country.  Wang, who’s also a senior vice president at the U.S. computer chipmaker, told the Intel China Strategy Media Communication Conference […]

Federal Reserve Taps Amazon for New Payments Project; Lawmakers Calls for Scrutiny

The Federal Reserve has tapped Amazon (AMZN) to provide data storage for an ambitious new payment system, according to sources familiar with the matter. The move could increase political pressure to put the tech giant under the watch of U.S. financial system regulators.   The new payment system, FedNow, will allow businesses and individuals to transfer […]

FleetCor: Company and FTC Unable to Come to Agreement on Injunctive Relief Order; Judge Asks Parties to Answer Questions Ahead of Potentially Issuing Order

After initially trying to get the Federal Trade Commission and FleetCor (FLT) to reach an amicable decision on the scope of an order for permanent injunction and other relief, federal district court judge Amy Totenberg may be forced to issue an order, as the parties appear to remain far apart on salient order terms.  To […]

Coterra Marcellus Output Continues to Fall, Testing Company’s Fourth Quarter Natural Gas Production Guidance

Coterra Energy (CTRA) appears on track to see its lowest annual Marcellus output since 2018, with the company reporting an average of 77 million Mcfe per month from its Marcellus wells in the fourth quarter, Upstream shows. Coterra’s total Marcellus production in the second half of 2022 fell below the company’s first half levels, Upstream […]

The Beauty Health Company: Syndeo Problems Persist After Rushed Rollout of Machine

Almost one year since The Beauty Health Company (SKIN) rolled out its new RFID-enabled facial machine, Syndeo, problems with the device that were previously reported by The Capitol Forum persist and appear to be getting worse. The Capitol Forum has learned that facialists who bought the machine have been complaining to The Beauty Health Company […]

Xponential: Some Franchisees Say They Struggle to Make Business Model Work at Franchised Locations; Company Potentially Obfuscates Franchise Failure Rate in Disclosure Documents

Fitness franchisor Xponential (XPOF), whose brands include Club Pilates, Pure Barre and Cycle Bar, touts that it has never had a studio go out of business, even in the midst of pandemic restrictions that temporarily shut down exercise facilities and scared customers away from gyms.  The Irvine, California-based company, which says it’s the largest boutique […]

Pediatrix: Halt of Arbitration Payment Determinations Could Delay Company’s Collection of Disputed Payments

In response to a Texas Federal District Court decision vacating certain No Surprises Act implementation rules, the Centers for Medicare and Medicaid Services last week paused the issuance of all new No Surprises Act arbitration payment determinations and recalled all determinations issued after the court’s February 6 decision.   The No Surprises Act protects insured patients […]

New Hard Beverage Products From Pepsi and Coke Threaten the Integrity of Alcohol’s Three-Tier System, Critics Warn; States and the TTB Are Set to Weigh in With Enforcement and New Rules as FTC Investigates Big Soda’s Relationship with Retailers

Consumers browsing the beer aisle will soon be confronted by a new product: Lipton Hard Iced Tea, the next big move by PepsiCo (PEP) to spin off a popular consumer product into the alcohol industry.   It comes one year after Pepsi launched Hard Mtn Dew, a 5% alcohol version of Mountain Dew soda. Coca-Cola (KO) […]

Broadcom/VMware: FTC Staff Sounds Out Third Parties About Signing Declarations for Possible Court Case

FTC staff attorneys reviewing Broadcom’s (AVGO) proposed purchase of VMware (VMW) are sounding out industry participants about whether they would sign declarations or participate in investigational hearings, deepening the agency’s investigation of the $61 billion deal, sources familiar with the matter said.  The declarations, which are statements signed by industry participants, and statements made during […]

InMode: New State Commercial Financing Laws Could Negatively Affect Sales Through Certain Lenders

Recent changes in disclosure requirements for loans to small businesses could affect doctors’ and spas’ willingness to finance equipment sold by InMode (INMD), a manufacturer and vendor of aesthetic skin care devices. These new laws, which recently went into effect in New York, California, Virginia, and Utah and are being contemplated in other state legislatures, […]

Natera: Kentucky AG Investigation Ongoing; Public Records Request Indicates AG Formulating Policies, Official Actions

A response to a public records request from the Kentucky Attorney General indicates that the office may be formulating policy recommendations in regard to its active criminal investigation of the genetic testing company Natera (NTRA). The Capitol Forum has previously reported that Natera was improperly billing state Medicaid programs for its Horizon genetic test, prompting […]

“We’re Still Gonna Say No”: Inside UnitedHealthcare’s Effort to Deny Coverage to Chronically Ill Patient

This article is being published in partnership with ProPublica, with ProPublica’s David Armstrong and Maya Miller and The Capitol Forum’s Patrick Rucker contributing. This joint investigation won Silver in the Barlett & Steele Awards, which recognize excellence in investigative business journalism. In May 2021, a nurse at UnitedHealthcare called a colleague to share some welcome news […]

Corcept: Use of Charitable Foundations Could Draw DOJ Scrutiny

Corcept Therapeutics Incorporated (CORT) appears to have provided patients with free Korlym or financial assistance through charitable foundations to give them access to the company’s expensive flagship drug.  After those people got access to the drug, the company aggressively pushed them to enroll in a commercial or government health plan that would pay for future […]

Zynex: Company Improperly Billing Worker’s Compensation Funds for TENS Devices; Practices Strikingly Similar to Competitor Being Sued by 28 Liberty Mutual Insurers

Update: On June 6, 2024, Judge Steven Merryday entered an order dismissing Liberty Mutual’s case against EMSI with prejudice for failure to prosecute and ordered Liberty to pay EMSI’s legal fees of almost $70,000. A Capitol Forum investigation has uncovered extensive issues regarding the billing practices of the medical device company Zynex (ZYXI), with these […]

Coterra Energy: Pennsylvania Drilling Signals Early Shift Towards Less Promising Targets as Legacy Marcellus Wells Underperform Peers

Coterra Energy (CTRA) appears to be running out of Tier One inventory in the Marcellus, Upstream suggests, while its regional production during the first three quarters of 2022 has dipped to the company’s lowest levels since 2018. A surge in production in the second half of the year predicted by the company failed to emerge […]

Amazon Should Face Firm UK Antitrust Action as EC Seeks to Settle Retail Cases, Critics Say

UK competition enforcers investigating how Amazon (AMZN) treats rival retailers should be tougher than the European Commission has been in reining in the company’s dominance over e-commerce, two critics told The Capitol Forum.   The EC and Amazon are expected to formalize a settlement this month over charges that Amazon has distorted retail competition through its […]

Assa Abloy/Spectrum Brands: Judge Jackson Considers Following Judge Nichols Departure from Other D.C. District Judges’ ‘Litigating the Fix’ Burden Allocation 

During last week’s hearing, D.C. District Court Judge Amy Berman Jackson indicated that she is considering following Judge Nichols departure from how other D.C. District Court judges have allocated the evidentiary burden for divestitures in DOJ’s challenge to block Assa Abloy’s (ASSA-B:SS) bid for hardware and home improvement (HHI) division of Spectrum Brands (SPB).    What […]

Procept Biorobotics: UnitedHealthcare Commercial Policy Effective December 1, 2022, Reiterates Aquablation as Unproven and Not Medically Necessary Due to Insufficient Evidence of Safety and/or Efficacy

UnitedHealthcare (UNH), the largest insurer in the country, recently released its prostate surgeries and interventions commercial medical policy effective December 1, 2022. The policy reiterates the insurer’s prior view that aquablation, which uses a high pressure saline solution to remove enlarged prostate tissue, is an unproven and not medically necessary procedure due to insufficient evidence […]

Korean Air/Asiana: Complainants Urge SAMR to Hold Parties to Initial Remedy Offer, Delay Decision

Chinese industry associations and airline operators are urging the country’s antitrust authority to require Korean Air (KRX: 003490) and Asiana Airlines (KRX: 020560) to abide by a remedy offer they made to address concerns with their proposed merger but subsequently rescinded, sources familiar with the matter said.   The complainants also asked case handlers at the […]

InMode: Company Misrepresents Licensing Requirements and Earnings Potential when Selling Devices to Doctors, According to Former Sales Representatives

InMode (INMD), a manufacturer of aesthetic medical devices, often does not tell doctors interested in purchasing their products about the additional licensing requirements needed to operate the devices, according to former company sales representatives. The omission, the former employees say, often leaves doctors with an unusable piece of equipment for which they are making high […]

Corcept: DOJ Investigation may Involve Off-Label Marketing of Flagship Drug; Source says Potential Promotion for Off Label use Continues  

Drug manufacturer Corcept (CORT) disclosed that late last year it received a records subpoena from the U.S. Attorney’s Office for the District of New Jersey, stating that the office was “seeking information relating to the sale and promotion of Korlym, Corcept’s relationships with and payments to health care professionals who can prescribe or recommend Korlym […]

Kroger/Albertsons: State Lawsuits Over Albertsons Dividend Could Complicate Potential FTC Litigation 

State efforts to stop Albertsons (ACI) from issuing a $4 billion special dividend to shareholders ahead of its planned merger with rival supermarket Kroger (KR) could complicate a potential federal challenge of the deal itself.   The Washington, D.C., California, and Illinois attorneys general suing to block the dividend in a federal Washington, D.C., district court […]

Natera: Company’s Ties with China’s BGI Genomics Exposes it to Political and Regulatory Risk

Natera’s (NTRA) joint venture with a Chinese genetic testing company that has ties to the People’s Liberation Army could spell issues for the company and raise potential national security and human rights concerns, according to national security experts interviewed by The Capitol Forum.   At issue is the company’s partnership with BGI Genomics, which has been […]

Amazon/iRobot: CMA’s Threat to Transaction Looms Large in Europe  

Approval from the Competition and Markets Authority will likely be the biggest European regulatory hurdle for Amazon’s (AMZN) $1.7 billion plan to buy automated cleaning device maker iRobot (IRBT), sources have told The Capitol Forum.   In many ways, the deal is like Google’s (GOOGL) recent purchase of wearable device maker Fitbit: In both acquisitions, a […]

Microsoft/Activision Blizzard: Sony Far From Signing Call of Duty Proposal As Likely FTC Vote On Suit Nears 

Microsoft (MSFT)—facing a likely FTC lawsuit this month to block its proposed Activision Blizzard (ATVI) buyout when a timing agreement with the agency expires—has so far failed to convince Sony (SONY) to drop its objections to the $68.7 billion deal, sources familiar with the matter said.  Microsoft’s latest pledge is to make Activision’s popular Call […]

The Beauty Health Company: Customers, Former Employees Challenge Company’s Explanation for Slow Growth in Consumables Sales

The Beauty Health Company (SKIN) recently told investors that slow growth in sales of the solutions and serums used in its trademark HydraFacial treatments was due to company giveaways of product with sales of its new Syndeo devices, saying device purchasers are given enough product to supply them for one quarter. But former HydraFacial employees […]

Thoma Bravo/ForgeRock: Companies  Set to  Pull and  Refile Premerger Notification, Giving DOJ More Time to Review Deal

Thoma Bravo (TBA), the world’s largest private equity firm, and cybersecurity software company ForgeRock (FORG) plan to pull and refile the notification for their proposed $2.3 billion merger, according to a source familiar with the matter.   With the pull-and-refile, the companies will restart the clock on the initial 30-day period in which DOJ has been reviewing Thoma Bravo’s proposed purchase […]

Amazon and Private Equity Firm Apollo Grab Power in U.S. Air Cargo Industry; TSA Defers Safety Authority to Amazon’s Unregulated Airline

Amazon and Apollo are rolling up power in the air cargo market. In recent years, Amazon (AMZN) acquired equity and warrants in Atlas Air (AAWW) and equity and warrants at ATSG (ATSG)— two of the largest U.S. independent air cargo carriers, according to an analysis by The Capitol Forum that was based in part on […]

Excessive Medicine Prices Under Spotlight in Two Upcoming UK Pharma Judgments

Two upcoming rulings by the UK’s Competition Appeal Tribunal (CAT) are expected to further clarify the price monopolist pharmaceutical companies can charge the UK’s National Health Service (NHS) for off-patent drugs, sources have told The Capitol Forum. The rulings—set to be handed down over the next couple of months—will come at a particularly sensitive time […]

The Antitrust Agenda: Republican Senators Take Aim at ESG Initiatives on Eve of Elections; Open Markets’ Lynn Says Attention on Amazon Following DOJ Win vs. Book Publisher Merger 

GOP senators warn law firms about clients’ possible ESG antitrust violations. Senate Republicans warned law firms about “possible antitrust violations” that their “clients may commit if they pursue Environmental, Social and Governance (ESG) initiatives.” The firms and their clients “should preserve documents relevant to the clients’ ESG practices in preparation for Congress’s oversight of antitrust […]

Kroger/Albertsons: Companies Have Overlap of More Than 1,400 Stores; Khan Highly Critical of Failed Supermarket Divestitures

Kroger’s (KR) planned $24.6 billion acquisition of rival grocer Albertsons (ACI) would result in common control of more than 1,400 closely competing stores absent divestitures, according to a Capitol Forum analysis. Past reviews of grocery mergers by the FTC have centered on economic analyses of local markets where store overlaps would result in a substantial […]

Assa Abloy/Spectrum Brands: The Merging Parties are Unlikely to Offer Divesture that Moves the Needle with DOJ

Assa Abloy (ASSA-B:SS) confirmed last week that the company has taken initial steps to sell its Emtek lock brand and smart residential business in the U.S. and Canada to oppose DOJ’s challenge to its $4.3 billion bid for the hardware and home improvement (HHI) division of Spectrum Brands (SPB).    DOJ dismissed this proposal as a […]

Healthcare Policy: DOJ Sues Cigna Over Medicare Advantage Risk Score Adjustments; Alleged Practices Similar to Those Uncovered in Reporting About Oak Street Health and Signify Health

Yesterday, the Department of Justice announced that it had filed a civil lawsuit against Cigna (CI) alleging that the insurer defrauded the Medicare Advantage program out of tens of millions of dollars. The allegations raised by the government are similar to those uncovered by The Capitol Forum in its reporting on Oak Street Health (OSH), […]

Flagstar Bancorp/New York Community Bancorp: When FDIC Rebuffed Merger Bid, Banks Restructured Deal So OCC Would Review It

Federal Deposit Insurance Corporation (FDIC) staff members were so concerned about fair lending failings at Flagstar Bancorp (FBC) that they told executives at New York Community Bancorp (NYCB) that they wouldn’t support their proposed $2.6 billion acquisition of the company, according to sources familiar with the matter.  The agency’s rebuff came early this year after […]

Coordination Out Loud: Analysis of Public Statements from Fertilizer Industry Executives 

Coordination Out Loud: Analysis of Public Statements from Fertilizer Industry Executives  Special Note: Coordination Out Loud is a series of articles that analyze select corporate transcripts through the lens of Joseph Harrington’s landmark paper, “Collusion in Plain Sight: Firms’ Use of Public Announcements to Restrain Competition.”  The paper concludes that antitrust enforcers can be more […]

CFPB September Complaint Data: Credit Acceptance Sees 8% Month-Over-Month Increase in Complaints, Some Complaints Allege Potential Violations of SCRA; ENOVA Sees a Number of Complaints and Recent California Decision Could Negatively Affect Business  

The information contained in this report is compiled from the CFPB’s publicly available complaint data. The agency uses complaint information to monitor risk in financial markets, assess risk at companies, and prioritize agency action. The Capitol Forum’s compilation of the data also includes information about complaints submitted by servicemembers and seniors.  Credit Acceptance Corporation. Subprime […]

Microsoft/Activision Blizzard: Deal Opponents Underscore Google Stadia Shutdown While Xbox Maker Can Point to Netflix Game Expansion

As regulatory concerns in the U.S. and Europe persist about Microsoft’s (MSFT) proposed $68.7 billion Activision Blizzard (ATVI) acquisition, two developments that occurred late last month—Google shuttering its Stadia service and Netflix’s deepening commitment to video-game development—spur polarized views about whether the transaction is anticompetitive.   The software giant will no doubt argue that Netflix’s decision, […]

Sino Biopharm/F-Star Therapeutics: U.S., UK Coordinate National Security Reviews of Controversial Deal

The Committee on Foreign Investment in the United States (CFIUS) and the UK’s Department of Business, Energy and Industrial Strategy (BEIS) are coordinating their national security reviews of the proposed purchase of Britain-based F-Star Therapeutics (FSTX), a company linked to research of monoclonal antibodies’ use as a Covid-19 treatment, by a Sino Biopharmaceutical (HK:1177) subsidiary, […]

Standard General/Tegna: Sources Say Pelosi-Pallone Letter Provides Political Cover for Rosenworcel to ‘Pocket Veto’ Deal

House Speaker Nancy Pelosi and Energy and Commerce Committee Chairman Frank Pallone, Jr., raised concerns about Standard General’s $8.6 billion bid for broadcast station group Tegna (TGNA).   In an October 6 letter to FCC Chairwoman Jessica Rosenworcel, the two Democrats asked the FCC to closely scrutinize the deal to ensure it meets FCC’s public interest […]

FTAI Infrastructure: Drag on Freight Revenues Likely Amidst US Steel Idling Facilities

Energy and transportation company FTAI Infrastructure (FIP) will likely see lower revenues this quarter amid a cut to steel and tin production from its largest freight customer, US Steel (X), according to a Capitol Forum investigation.  https://www.argusmedia.com/en/news/2376811-us-steel-idles-mon-valley-blast-furnaceWhile the newly formed company disclosed risks associated with customer concentration, its only earnings report filed to date does […]

Procept Biorobotics: UnitedHealthcare Community Plan Policies Reiterate No Coverage for Aquablation, Indicating Procedure is Unproven and Not Medically Necessary Due to Insufficient Evidence of Safety and Efficacy

Last week, UnitedHealthcare (UNH), the largest insurer in the country, published updated coverage determinations for three Community Plan Medical Policies in New Jersey, Kentucky, and Tennessee. The updated determinations did not include coverage for the prostate treatment known as Aquablation, which the policy documents found to be “unproven and not medically necessary due to insufficient […]

The Beauty Health Company: Company Faces Undisclosed Competition for Consumable Serums; Company’s Allegedly Anticompetitive Practices Face Tying Allegations in Court, Nominative Fair Use Arguments from Spas

The Beauty Health Company (SKIN) produces devices and serums for facial treatments at spas and dermatology clinics, with the Hydrafacial system being its flagship brand. While the company commands a high price for the Hydrafacial system and equipment, the consumable serums, boosters, and single-use tips used during facials provide a significant source of recurring revenue […]

Pediatrix: Storm Clouds Loom over Enforceability and Deterrent Effect of Company’s Physician NonCompete Agreements

Pediatrix Medical Group (MD), the leading neonatology and specialty pediatric care staffing company, relies on noncompete agreements with physicians and nurse practitioners that bar them from working at a competing practice in a geographical area after leaving the company.    The agreements have historically acted as a strong deterrent to clinicians leaving, effectively shackling clinicians to […]

Postal Policy: Express One Seeks Injunction Preventing Termination of Reseller Contract; Company Files Unredacted Contract

Postage Reseller Express One earlier today filed for a temporary restraining order and preliminary injunction preventing the USPS from terminating the Shipping Services Contract the parties entered into in December 2019.  The termination is set to become effective after Friday September 30, 2022, according to Express One’s motion.  Express One also sued the USPS on […]

Amazon/iRobot: Deal Raises Concerns at Center of 1967 Supreme Court P&G Case

Amazon’s (AMZN) proposed $1.7 billion acquisition of iRobot (IRBT) has sparked fevered debate over the 21st century fear of Big Tech’s data collection inside the home. But the deal’s critics also have raised concerns that are similar to those at the center of a 55-year-old Supreme Court decision that forced Procter & Gamble (PG) to […]

FleetCor: FTC’s Proposed Order Seeks to Ban Company’s Fee Practices

The FTC is seeking a court order for permanent injunction and other relief against FleetCor (FLT) and its CEO Ronald Clarke that would prohibit some of the practices the company has relied on to generate hundreds of millions in improper fee revenue from small businesses that use its fuel cards. If granted, the order is […]

Microsoft/Activision: After CMA Issues Meeting, Trouble May be Brewing in London; EC Remedies Questions In Flux as EC Leans Towards Blocking Illumina/Grail Merger

The UK’s Competition and Markets Authority is said to have held an “issues meeting” with Microsoft (MSFT) in which the authority outlined the competition concerns it sees with the company’s proposed $68.7 billion acquisition of video game publisher Activision Blizzard (ATVI).   It’s not clear what was discussed at the meeting, though the CMA is said […]

DuPont/Rogers: Parties Face SAMR Impasse, Unrelenting Industry Concerns, as Initial 180-Day Review Expires

China’s antitrust review of DuPont’s (DD) proposed $5.2 billion acquisition of Rogers Corporation (ROG) has hit an impasse as the companies haven’t yet resolved stiff industry concerns with their deal, sources familiar with the matter said.   That’s led to case handlers at the State Administration for Market Regulation (SAMR) making very little progress in their […]

ZoomInfo: Company Sold Personal Phone Numbers of EU Citizens Without Consent After Saying It Does Not Sell Personal Data; Practice Likely Violates GDPR, According to Experts, and Undermines Company’s Lawful Basis for Operating in EU

Citizens of European countries subject to the General Data Protection Regulations are having their personal mobile phone numbers processed and sold without their consent by ZoomInfo (ZI), an aggregator of business-related contact information, according to a Capitol Forum investigation.   This practice likely violates several provisions of the GDPR, according to privacy experts and lawyers, and […]

Adtalem Global Education: Department of Education Initiates DeVry Recoupment Action; Company Likely on Hook for Borrower Defense Claims

The Department of Education announced that yesterday it formally notified DeVry that the institution is liable to the Department for nearly $24 million for approved borrower defense claims, according to a press release.  The notice is an initial demand that relates to DeVry Direct Loan borrowers whose loan discharges are in process with their servicers. […]

MultiPlan: Consumers Claim They are Deceptively Sold Junk Health Insurance Plans by Marketers Who Mislead Them About MultiPlan Networks; Recent Benefytt Settlement and Forthcoming Rulemaking Could Negatively Affect Company  

Some consumers seeking health insurance claim they are sold plans that are marketed as “nationwide PPO network plans” that provide benefits similar to traditional, comprehensive health insurance plans. However, in reality the plans provide meager benefits, cap coverage, and exclude pre-existing conditions.  To make matters worse, the purported PPO network of doctors is not what […]

UnitedHealth/Change Healthcare: Economists Battle Over Whether Deal Would Increase Incentives to Access Claims Data

Two economists today argued over whether UnitedHealth Group (UNH) would be more likely to mine valuable health insurance claims data if the company completed its proposed $7.8 billion Change Healthcare (CHNG) acquisition.   This morning in federal court, Kevin Murphy, a University of Chicago economics professor, said UnitedHealth is a vertically integrated company with a good […]

JetBlue Airways/Spirit Airlines: Spirit CEO’s Post-Announcement Interview Foreshadows Deal’s Uphill Antitrust Climb 

JetBlue’s (JBLU) proposed $3.8 billion acquisition of Spirit Airlines (SAVE), which the companies formally inked on July 28 after a months-long takeover dance, faces an uphill climb to close given the carriers’ overlaps on dozens of highly-concentrated U.S. city-pair routes and a Biden administration hellbent on preventing anticompetitive consolidation in air travel markets.  In fact, […]

JPMorgan Chase Avoided Public Punishment From CFPB Under Trump After Discovery of Alleged Fake Accounts

JPMorgan Chase Bank (JPM) avoided public sanctions during the Trump administration for allegedly creating fake accounts when the Consumer Financial Protection Bureau (CFPB) opted to quietly close the matter instead, according to sources familiar with the matter, adding yet another major institution to a list of those accused of opening accounts without customer consent.  The […]

Privacy Policy: Third-Party Businesses that Engage in Data Collection for Cross-Contextual Advertising May Have to Alter Practices Under CPRA, Experts Say

The draft regulations of the California Privacy Rights Act contain various provisions that are designed to limit the sharing of consumers’ personal data with third-party companies that do not directly interact with consumers, according to privacy experts interviewed by The Capitol Forum.   The provisions are likely to negatively affect businesses like Zeta Global (ZETA), Dun […]

FirstCash: California Regulator Takes Action Against Four Technologies for Operating Without License; Levitin Opines that California Retail Installment Sales Agreements Resemble Direct Loans and Loans are Unconscionable

American First Finance, a point-of-sale consumer finance and rent-to-own company recently acquired by payday lender FirstCash (FCFS), operates in California without a nonbank lending license because the company has determined its retail sales installment agreements do not constitute a loan and are exempt from state usury and licensing laws.  But the Commissioner of the California […]

Mergers Face New Uncertainties in China as SAMR Rolls Out Online Filings and Delegates Power to Regional Offices 

China’s antitrust authority is preparing to introduce a new online merger-filing system and other measures that could subject deals such as MaxLinear’s (MXL) $3.8 billion buyout of Taiwan’s Silicon Motion Technology (SIMO) to longer reviews and heightened uncertainty, people familiar with the matter said.   The State Administration for Market Regulation (SAMR) has been testing the […]

EOG Resources: Expanded Drilling Efforts in Utica Oil Window, Company Returns to Appalachia in Positive Signal for Activity in the Region

Marking a return to the region after its 2020 exit, oil and natural gas explorer and producer EOG Resources (EOG) is ramping its drilling program and increasing its acreage on the edge of the Utica Basin’s oil window in Ohio, according to a Capitol Forum investigation.  Companies like EOG tend to keep development activity discreet, […]

Illumina/Grail: EC Probe Set to Resume With New Remedy Offer On Table

The European Commission is set to resume its in-depth probe of Illumina’s (ILMN) takeover of cancer-detection test maker Grail in short order, with the Brussels-based regulator expected to seek third-party feedback on a revised set of concessions offered by Illumina, The Capitol Forum has learned.     The commission paused the review more than five months ago […]

AdaptHealth: Consolidation of Acquired Businesses Left Patients with Decreased Access to Oxygen and Forced Workers to Violate Federal Safety Regulations to Make Deliveries 

AdaptHealth (AHCO), a distributor of durable medical equipment, has a strong appetite for purchasing local and regional competitors, acquiring over 90 medical suppliers over the last four years. These acquisitions and the resulting efforts by the company to cut costs, however, can often leave patients without reliable and frequent deliveries of necessary equipment like oxygen.  […]

Continental Grain-Cargill/Sanderson Farms: DOJ Officials, Companies Negotiating Remedies to Safeguard Workers; Suit to Block Deal Still Possible

DOJ’s concerns about Cargill’s $4.5 billion joint venture with Continental Grain’s Wayne Farms to buy Sanderson Farms (SAFM) have spawned negotiations between senior department officials and the companies over remedies to safeguard wages and conditions post merger for poultry industry workers, particularly farmers, sources familiar with the matter said.   The discussions are fluid and DOJ […]

Agencies See Uptick in Reverse Clearance Battles Amid Resource Constraints, Heightened Workloads

The U.S. antitrust agencies are increasingly fighting reverse clearance battles in which—rather than seeking to gain authority to investigate particular mergers—they’re instead pushing their sister enforcement agency to review the transactions, sources familiar with the matter said.  That’s a stark change from traditional practice at the FTC and DOJ’s antitrust division, which typically fight to […]

Drug Patents May Draw Fire as DOJ Dusts Off Section 2 of Sherman Act, Experts Say

America’s top patent and pharmaceutical regulators took a joint stand against pricey prescription medication last week, agreeing to work together to keep drugmakers from using “incremental” patents to impede the release of cheaper versions of their products.  But their initiative might prompt an even stronger response at the DOJ, where staff attorneys could now be […]

Privacy Policy: California Starts Formal Rulemaking Process to Implement CPRA; Regulations as Proposed Enhance Consumer Protections and Do Not Exempt Business Information

On Friday, the California Privacy Protection Agency initiated the formal rulemaking process to adopt proposed regulations implementing the Consumer Privacy Rights Act of 2020 (CPRA), which amend and expand upon the California Consumer Privacy Act.  The proposed regulations strengthen consumer protections in several key areas. First, the proposed regulations establish rules defining the purposes for […]

TD Bank/First Horizon: Trump CFPB Opted Not to Punish TD Auto Finance Subsidiary Following Years-long Investigation

The Consumer Financial Protection Bureau (CFPB) during the Trump administration decided not to punish TD Auto Finance, a subsidiary of TD Bank (TD), following a years-long investigation into TD Auto Finance, according to an agency document and sources familiar with the matter.  The CFPB opened the investigation in 2015 and, as of 2018, a TD […]

Perdoceo Education Corporation: Insider Selling Red Flags at Perdoceo; Advocates Call ED ‘Asleep at the Wheel’ on For-Profit Education 

Elise Baskel took over as President of Perdoceo’s (PRDO) Colorado Technical University (CTU) in January 2022.  In short order, Baskel implemented a trading plan known as 10b5-1 to regularly sell off her vested shares in Perdoceo, ultimately selling off 100% of her vested shares over a three-month period, cashing out a total of over $280,000.  […]

Oil and Gas Buyers Pause Amidst Volatility and a Lack of Top-Tier Assets; Interest in Ohio Especially Subdued 

As Appalachian natural gas companies continue to bring their portfolios to market, buyers have yet to be persuaded on the upside as they expect further volatility into the winter and beyond.  Sellers like ExxonMobil (XOM), Tug Hill Operating, Apex Energy, and Olympus Energy have been expected to take discounts from interested buyers who want to […]

FirstCash: Financing Practices of American First Finance Subsidiary Could Draw Scrutiny from Democratic Majority FTC, Expanded Ongoing State AG Investigation 

The financing practices of American First Finance (AFF), a subsidiary of pawn shop operator FirstCash, Inc. (FCFS), could draw the scrutiny of the Federal Trade Commission and state attorneys general, according to an investigation by The Capitol Forum.   AFF specializes in point-of-sale payment options, offering consumers with poor credit lease-to-own and retail installment sales agreements […]

NortonLifeLock/Avast: UK’s More Concentrated Markets, Higher Prices Provide Context for CMA Probe 

The UK economy is exhibiting a “worrying combination of trends”: more concentrated industries, higher prices by way of greater markups – a measure of market power – and the largest companies holding onto their sector-leading positions for longer, according to Mike Walker, the chief economic adviser to the Competition and Markets Authority.  That stark view, […]

The European Antitrust Agenda: EC Raids Fashion Companies; CMA Publishes Full Norton/Avast Decision; Google Reports Privacy Sandbox Progress; LSE Faces Quantile Merger Jeopardy 

EC conducts fashion sector antitrust raids. The European Commission on Tuesday disclosed it has begun conducting unannounced inspections of fashion-industry companies in several EU member countries. The raids are a preliminary investigative step into suspected anticompetitive practices and don’t indicate that the companies targeted are guilty of violations, the commission said.    The commission didn’t publish […]

The Antitrust Agenda: Keeping Score as Antitrust Legislation Heads to Senate Floor; Subscription Offerings May Enjoy Break from Apple/Google App Store Taxes; Agency Funding Update 

Senate floor time for antitrust bill means likely passage into law. Axios reported May 19 that Senate Majority Leader is telling colleagues that he will allow for a Senate floor vote on antitrust legislation in early summer.  A source close to the legislative process explained that, to date, all votes on antitrust legislation have been […]

Ericsson/Vonage: CFIUS Review of Telecom Deal is Ongoing, Company Spokesperson Says  

The Committee on Foreign Investment in the United States (CFIUS) is still reviewing Ericsson’s (ERIC) proposed $6.2 billion buyout of U.S. cloud communications provider Vonage (VG), said a spokesperson for the Swedish telecommunications company, ending weeks of investor speculation about the investigation.   “We are in dialogue with the committee, and the deal is currently under […]

TD Bank/First Horizon: Faulty Accounts Didn’t Draw Fines From Trump Officials; Workers Say Suspect Practices Persist As Deal Approvals Sought  

Despite finding TD Bank (TD) wrongly pressured customers into opening accounts and using banking services they didn’t want, a leading bank regulator during the Trump administration opted to give the company a private reprimand rather than a fine for the abuses, according to sources familiar with the matter.  The Office of the Comptroller of the […]

The Antitrust Agenda: FTC Morale Issues in a Historical Context; In Blows to Big Tech, Sally Hubbard Takes Position at DOJ, Raimondo Supports Antitrust Legislation 

The real history of morale at the FTC: Jim Miller on combative staff early in his tenure. The Office of Personnel Management last week released the results of its 2021 Federal Employee Viewpoint Survey (FEVS), which collects feedback from agency employees to detail their views on agency leadership, policies, and practice.   The FTC has historically […]

FTC, DOJ Officials Emphasize Clayton Act’s ‘Tend to Create a Monopoly’ Prong, Broadening Scope of Deals in Agency Crosshairs 

DOJ and FTC officials in recent speeches have touted a historically underutilized prong of the Clayton Act they said could serve to meaningfully broaden the scope of U.S. merger enforcement.  The Clayton Act prohibits mergers or acquisitions whose effect “may be substantially to lessen competition, or to tend to create a monopoly.” But U.S. antitrust […]

MultiPlan’s ‘Maybe You’re In-Network’ PPO Product May Violate No Surprises Act, Experts Say 

MultiPlan’s (MPLN) products for health plans fall under two umbrellas—a preferred provider organization (PPO) network product and products related to payment editing, negotiating, and repricing of healthcare claims.   The Capitol Forum has previously reported about the company’s editing, negotiating, and repricing services.  MultiPlan’s PPO product lets health plans rent Multiplan’s networks as a primary network […]

Upstart: Seemingly Important Upstart Accounting Change Made Public via KBRA Pre-sale Securitization Report; Expert Says Accounting Change Likely to Be Mentioned in Upcoming 10-Q   

Upstart amended loan modification program in April. According to a new KBRA pre-sale report on Upstart’s (UPST) structured pass through trust series 2022-2a, “In April 2022, Upstart amended its CRB and FinWise loan modification policies. Under the new policy, borrowers that have experienced a temporary reduction in income, unexpected increase in expenses, or a job […]

JetBlue’s Competing $3.6 Billion Merger Offer Complicates Spirit Airlines’ Opposition to Northeast Alliance 

JetBlue’s (JBLU) unsolicited $3.6 billion offer earlier this month to buy Spirit Airlines (SAVE) does more than inject uncertainty into the discount carrier’s future plans: It complicates Spirit’s role as a leading opponent of JetBlue and American Airlines’ (AAL) Northeast Alliance, potentially affecting DOJ’s attempts to unravel the business partnership.  In a filing last year […]

Carvana: Auction Participants Moving Away from ADESA After Announcement of Acquisition 

Earlier this year, online used car dealer Carvana (CVNA) announced that it was acquiring the auction business of KAR Global (KAR) for $2.2 billion. The press release accompanying the announcement noted that the acquisition would greatly expand Carvana’s existing auto reconditioning infrastructure and stated that the company “will continue to operate ADESA U.S.’s existing wholesale […]

Gazprom Firmly in EC’s Antitrust Sights as Pressure Mounts From Skyrocketing Energy Prices, War in Ukraine

European Commission investigators are stepping up their ongoing probe into allegations Russia’s state-owned Gazprom (GAZP) has abused its dominance on the wholesale natural gas market as political pressure mounts to address surging energy prices in light of the war in Ukraine. The commission is said to have raided the Russian company’s German offices at the […]

Provider Shows How Multiplan Incentivizes Him to Raise His Billing Rate; Multiplan Says It “Does Not Encourage Providers to Overcharge”

Multiplan (MPLN) says that it provides “independent, fair, and reasonable” pricing for out-of-network healthcare services.   Previous Capitol Forum reporting showed that Multiplan’s pricing is not independent, as it can be manipulated by insurers.    According to Capitol Forum’s ongoing investigation, Multiplan’s pricing is also not “fair and reasonable,” as the pricing appears to be based on […]

Merger Monthly: Delrahim’s Pre-Election Remedies Manual Revision Could Undercut DOJ Change Healthcare Case; Outlook for Key Transactions Including Microsoft/Activision, Norton/Avast, and II-VI/Coherent

Just two months before the 2020 election, Trump administration DOJ antitrust division head Makan Delrahim issued a revised merger remedies manual that upended the existing debate about whether—and when—the U.S. agencies would accept private equity divestiture purchasers. Not only would DOJ evaluate those buyers according to the “same criteria” as their strategic counterparts, the manual […]

Natera: Company Reviewed MGML Non-Profit Status Twice; Review Raises Questions of Rigor, Potentially Exposing Company to Securities Litigation Risk

Last month, investment research firm Hindenburg Research published a report on the genetic testing company Natera (NTRA) that accused the company of deceptive practices regarding its insurance billings. At the center of the report was the allegation that the company had used a company with questionable charitable status called My Genome My Life (MGML) that […]

Agency Process Divergence Leaves Deal Lawyers Hoping DOJ, Not FTC, Leads Their Merger Reviews

FTC Chair Lina Khan and DOJ antitrust division head Jonathan Kanter are fellow travelers in the anti-monopoly movement who have used their perches atop the U.S. antitrust agencies to implement much tougher approaches to merger review and remedy negotiations.   But although DOJ under Kanter isn’t necessarily seen as less hawkish on those issues than Khan’s […]

UGI: Propane Customers Nationwide Face Lengthy Delays as Scripted Customer Service Agents Appear to Mislead Customers; Company Conduct Could Invite Further Legal Scrutiny

Hundreds of UGI Corp.’s (UGI) AmeriGas retail propane customers in at least 39 states have experienced service delays for weeks to months during some of the coldest periods of the winter season, according to a Capitol Forum investigation. Most complaints follow a pattern: vulnerable customers in rural pockets of the country with little to no […]

In Blow to Multiplan, UnitedHealth Group Has Begun Transitioning Clients to Naviguard, UnitedHealth’s In-house Product

UnitedHealth Group (UNH) is now offering its large employer customers options to transition away from paying high fees for Multiplan’s (MPLN) out-of-network claim pricing services, according to a Capitol Forum investigation. One option for employers is to switch to Naviguard, UnitedHealth Group’s in-house product.   Another option for employers is to continue using Multiplan but […]

Microsoft/Activision Blizzard: Video Game Tie-up Draws FTC Scrutiny, Third-Party Concerns, Over Streaming Impact   

FTC staff is probing whether Microsoft’s (MSFT) proposed $68.7 billion acquisition of Activision Blizzard (ATVI) would allow the combined company to harm competition in video game streaming markets by withholding gaming titles from rivals, sources familiar with the matter said.  As part of its early-stage fact-gathering, FTC staff has heard concerns from industry participants that […]

The Antitrust Agenda: Absent Senate Dems Stall Bedoya; Movement on Kanter Front Office; Khan and Kanter Collaboration Signals Drop in ABA Influence; NTIA Hire Sets Up Clash with DOJ Antitrust  

Absent Senate Dems stall Bedoya. Sources supporting Alvaro Bedoya, President Joe Biden’s nominee for the FTC’s third Democratic commissioner slot, were expecting movement from Senate Majority Leader Chuck Schumer (D-NY) on the confirmation front last week. But Schumer needed all 50 Senate Democrats at the Capitol in order to move Bedoya, and he didn’t have […]

II-VI/Coherent: SAMR Weighs Behavioral Remedy Proposal to Address Industry Excimer Laser Supply Concerns  

Case handlers at China’s antitrust authority are evaluating whether a behavioral remedy package that optical components maker II-VI (IIVI) proposed in an effort to clinch its $6.8 billion bid for Coherent (COHR) is sufficient to address industry competition concerns with the tie-up, sources familiar with the matter said.   The II-VI proposal includes promises to maintain […]

DOJ Probes Apple App Store Guidelines That Restrict Cloud Gaming Services, Super Apps

DOJ attorneys are probing whether guidelines Apple (AAPL) uses to restrict cloud gaming services and so-called super apps’ access to its App Store could harm competition and cement the company’s mobile dominance, sources familiar with the matter said. The department’s investigation, which has intensified in recent weeks, is partly focused on section 4.7 of Apple’s […]

Mastercard: DOJ Inquiring About Debit Card Used by Popular Delivery Apps 

DOJ’s antitrust division is asking whether a Mastercard-backed debit card used by delivery apps like Grubhub, Instacart, Uber Eats (UBER) and DoorDash (DASH) prevent rival debit networks from competing at checkout, according to sources familiar with the probe.  At issue is a debit card issued by a fintech called Marqeta (MQ), and backed by Mastercard. […]

NortonLifeLock/Avast: Constraint Posed by Pre-Installed Antivirus at Heart of CMA Merger Probe 

Microsoft’s (MSFT) pre-installed Defender antivirus protection is at the center of contrasting European phase I merger review outcomes in the UK, Germany and Spain concerning NortonLifeLock’s (NLOK) proposed $8.1 billion acquisition of rival Avast (AVST).  The “built-in” nature of Defender means “consumers may not actively be choosing to use Microsoft,” which in turn likely overstates […]

The European Antitrust Agenda: Google-Facebook Ad Deal Draws EC, CMA Probes Over Possible Collusion; CMA Nears Verdict on Norton/Avast Deal; Germany to Rule on Qualcomm/Arriver Transaction

Google and Meta face parallel probes by EC and CMA over adtech agreement. In a first since Brexit, the European Commission and the UK’s Competition and Markets Authority on Friday opened parallel investigations into whether Alphabet’s (GOOG) Google and Facebook parent Meta Platforms (FB) illegally cooperated in the market for displaying ads on the websites […]

UnitedHealth/Change Healthcare: Companies to Announce Proposed Divestiture of Claims Editing Software Unit In “Matter of Weeks,” Defense Attorney Says 

Change Healthcare (CHNG) plans to sign “in a matter of weeks” a deal to divest a business unit that includes its claims-editing software, eliminating the major horizontal overlap that helped spark DOJ’s suit to block UnitedHealth Group’s proposed $7.8 billion purchase of the company, an attorney for UnitedHealth said today.  “The horizontal aspect of this […]

ZoomInfo: Advocates for Victims of Domestic Violence Raise Concerns Over ZoomInfo’s Community Edition; FTC Nominee Has Championed Policies That Protect Victims of Abuse

Advocates for victims of domestic violence tell The Capitol Forum that they are concerned about the possibility that some victims of domestic violence may unknowingly be exposing sensitive contact information to ZoomInfo’s (ZI) database via the company’s Community Edition service. Users of Community Edition agree to allow ZoomInfo to scrape their address book and emails […]

Algorithmic Collusion Will Draw Increasing EC Scrutiny Over Coming Years  

The European Commission is assessing how companies might create cartels using artificial intelligence (AI)—increasingly the foundation of technology and commerce worldwide, The Capitol Forum has learned.  Online retailers—think Amazon (AMZN) and eBay (EBAY), for example—as well as financial institutions and firms that offer pricing software are particularly at risk of enforcement action, analysis by The […]

Multiplan: Company’s Information Sharing, Meetings Practices Could Raise Antitrust Concerns, Experts Say

Multiplan (MPLN), a company that helps health insurers underpay healthcare provider bills, may have an antitrust issue on its hands, according to experts who reviewed Multiplan practices that came to light during testimony in a recent litigation between a health insurer and emergency medicine staffing company TeamHealth.  The antitrust concerns relate to court testimony showing […]

Oracle/Cerner: Buyer Could Be Next In Line to Test CMA’s Deal Review Appetite

Oracle (ORCL) could be the latest company in a long line to test the UK Competition and Markets Authority’s ardor for reviewing mergers in the tech industry. The firm in December said it would buy health technology supplier Cerner Corporation (CERN) for $28.3 billion, but to date the companies haven’t signaled any intention to seek […]

Multiplan’s ‘Independent’ Prices Can Be Set by Insurers, Sources Allege; Evidence in Nevada Jury Trial Corroborates Allegation

Multiplan (MPLN), a company that provides cost management services for health insurers, touts its prices for out-of-network healthcare services as independent, fair, reasonable, analytics-based, transparent, and defensible. Multiplan and health insurers rely on the independence of Multiplan’s prices to successfully negotiate with and litigate against out-of-network healthcare providers. However, according to a Capitol Forum investigation, […]

Poultry Price-Fixing Witnesses Were ‘Coerced’ Into Saying What DOJ Wanted to Hear, Defense Says 

Witnesses against poultry executives charged with fixing prices and rigging bids for broiler chickens were coerced into saying what U.S. investigators wanted to hear, and the government’s star witness was a “liar,” defense attorneys told a jury in Denver on Thursday.  FBI agents used interrogation tactics and applied enough pressure to make the witnesses “willing […]

U.S. Poultry Executives Were ‘Cheating,’ Not Competing, DOJ Says as Price-Fixing Retrial Opens

Executives at poultry producers including Tyson Foods (TSN) and Pilgrim’s Pride (PPC) “weren’t competing, they were cheating,” a prosecutor told a jury in Denver on Wednesday, as the U.S. government opened its arguments in a retrial of 10 current and former managers charged with fixing prices and rigging bids for broiler chickens.     “They were […]

Continental Grain-Cargill/Sanderson Farms: Cargill Soybean Meal Position Draws DOJ Scrutiny, Third Party Complaints Over Local Market Concerns 

DOJ staff attorneys are probing whether Cargill’s leading position in chicken feed ingredients would allow the company to harm rivals to its proposed $4.5 billion joint venture with Continental Grain to acquire Sanderson Farms (SAFM) by raising their costs or restricting their supply, sources familiar with the matter said.    Although staff is investigating Cargill’s […]

Illumina/Grail: EC Review Hiatus Signals Remedy Flexibility in Face of Court Jurisdiction Ruling 

The European Commission’s decision to pause its in-depth probe into Illumina’s (ILMN) acquisition of cancer detection test maker Grail just days after the buyer submitted formal concessions designed to address competition misgivings indicates the regulator isn’t dead set on blocking the deal.     The commission’s procedural flexibility—which will allow Illumina more time to improve its […]

Oak Street Health: DOJ Investigation Likely Focuses on Program That May Be Problematic Under Federal Antikickback Laws 

Last November, Oak Street Health (OSH), an operator of primary care clinics for Medicare beneficiaries, disclosed to investors that it had received a civil investigative demand from the Department of Justice. While the company has not shared many details about the scope of the investigation, one of the areas of the DOJ’s focus is likely […]

The Antitrust Agenda: Republican Tactics Could Further Complicate Bedoya Vote Timeline; Report Highlights DOJ Resource Concerns; DOD Issues High-Impact Report on Competition

Will Bedoya confirmation require nuclear option? President Joe Biden nominated Alvaro Bedoya to fill the FTC’s third Democratic seat on September 13. And although Bedoya—after a long wait—was expected to finally win Senate confirmation this month, Senator Ben Ray Lujan’s (D-NM) recent stroke pushed that timeline back by at least six weeks.    And now […]

Meta Platforms: Deal For VR Fitness Startup Draws FTC Input, Customer Foreclosure Scrutiny, Third Party Concerns 

Meta Platforms’ (FB) proposed purchase of virtual reality (VR) fitness startup Within is drawing FTC scrutiny over concerns the deal would harm rival VR headset manufacturers and app developers, sources familiar with the matter said.    The deal, announced on October 29, would give Meta control over Within’s Supernatural, a market-leading VR fitness service. That’s […]

The European Antitrust Agenda: Konecranes/Cargotec Deal Nears EC Decision; NortonLifeLock Delays Avast Closing; Five Eyes Alliance Targets Supply-Chain Collusion; Google Adds Android to “Privacy Sandbox” 

Konecranes, Cargotec await EC merger decision. The European Commission could conclude its in-depth investigation into a merger between Konecranes (HEL: KCR) and Cargotec (HEL: CGCBV) as early as this week. The EU watchdog will decide on the deal by March 3, but Phase II decisions often come a week or more early.     The commission […]

Coordination Out Loud: Volume 9: Analysis of Public Comments from Old Dominion Freight Line CFO 

Special Note: Coordination Out Loud is a series of articles that analyze select corporate transcripts through the lens of Joseph Harrington’s landmark paper, “Collusion in Plain Sight: Firms’ Use of Public Announcements to Restrain Competition.”    The paper concludes that antitrust enforcers can be more aggressive in bringing cases around evidence of public invitations to […]

UnitedHealth Group/Change Healthcare: Health Insurer Prepares to Defend Deal in Court as Timing Agreement Deadline Approaches 

UnitedHealth Group (UNH) is preparing to defend its proposed $7.8 billion Change Healthcare (CHNG) purchase in court as the companies approach the end of their timing agreement with DOJ on Tuesday with no resolution to the department’s antitrust concerns in sight, sources familiar with the matter said.    UnitedHealth has retained Kirkland & Ellis to […]

NLRB Atlanta Opera Briefs Include Antitrust Arguments and Novel Proposals, Setting Stage for Gig Economy to Face All-of-Government Approach on Misclassification Concerns

Public interest, government, and industry groups recently submitted more than 30 amicus briefs to the NLRB in a case called Atlanta Opera that could redefine the distinction between employees and independent contractors, and in turn have significant implications for prominent gig economy, construction, trucking, home care, and janitorial services firms.    The NLRB’s request, originally […]

The European Antitrust Agenda: Nvidia Abandons Arm Merger; Google Starts Complying with ‘Privacy Sandbox’ Commitments in UK; EC Opens Kingspan/Trimo Review; Apple Sees Dutch Dating-App Fines Pile Up

Nvidia terminates Arm merger plan. Nvidia (NVDA) last week abandoned its takeover of British chip designer Arm Holdings following regulatory resistance from competition authorities in Europe and the U.S. Though its review remained at an early stage in China, the State Administration for Market Regulation (SAMR) had also been expected to raise objections to the […]

ZoomInfo: Privacy Experts Raise Concerns About Community Edition Data Collection; Practices Could Run Afoul of GDPR, FTC Guidelines 

Privacy advocates and experts interviewed by The Capitol Forum are raising concerns about the data collection practices of ZoomInfo (ZI), an aggregator of business contact data that includes profiles for over 10 million businesses and 125 million business professionals. At issue is ZoomInfo’s Community Edition, which offers users the ability to use the database for […]

InnovAge: Company Received Civil Investigative Demand from DOJ; Kentucky No Longer Intends to Enter into Agreement with Company 

InnovAge (INNV), the country’s largest provider of senior healthcare services under the government’s Program for All Inclusive Care for the Elderly, disclosed in its most recent quarterly filing that it received a civil investigative demand from the Department of Justice under the Federal False Claims Act this month.    The demand requests “information and documents […]

AT&T’s WarnerMedia/Discovery: DOJ Sends Companies Close-At-Your-Peril Letters, Continues to Review Deal 

AT&T (T) and Discovery Communications (DISCA) have received letters from DOJ warning the companies that the department is still conducting an antitrust review of their $43 billion plan to merge AT&T’s WarnerMedia unit with Discovery and reserves the right to challenge the transaction, sources familiar with the matter said.    DOJ staff attorneys are still […]

Merger Monthly: Could Microsoft/Activision and Updated Merger Guidelines Meet Again?; Outlook for Key Deals Including AMD/Xilinx, Microsoft/Nuance, and Rentokil/Terminix

The U.S. antitrust agencies formally unveiled their plans to begin rewriting the merger guidelines on January 18—coincidentally, the same day that Microsoft (MSFT) announced its $68.7 billion purchase of video game giant Activision Blizzard (ATVI)—the largest tech transaction of all time. That those two announcements hit the tape just hours apart didn’t escape commentators’ notice. […]

Oak Street Health: Internal Company Documents, Former Medical Staff Detail Efforts to Increase Patient Risk Scores; Company Diagnosis Rates of Chronic Conditions Much Higher Than National Averages 

Oak Street Health (OSH), an operator of primary care clinics for Medicare beneficiaries, appears to encourage physicians to diagnose chronic conditions in their patients even when the diagnosis may not be appropriate, according to internal company documents reviewed by The Capitol Forum and interviews with former medical staff at the company.   The internal documents also […]

For-Profit Colleges Under CFPB Scrutiny for Lending Practices; Experts Expect Data Sharing with Education Department 

The Consumer Financial Protection Bureau is becoming a new threat to for-profit colleges as the regulator signaled last week that it will examine institutional practices around lending money to students and collecting on those loans.     For-profit institutions that engage in institutional lending to students include the publicly traded Universal Technical Institute (UTI), Lincoln Educational […]

Microsoft/Activision Blizzard: Input Foreclosure Questions Loom Over Global Reviews of Largest Ever Tech Tie-up

Microsoft’s (MSFT) proposed $68.7 billion acquisition of video game publishing giant Activision Blizzard (ATVI) is poised to face exacting global antitrust reviews focused on a host of horizontal and vertical questions, Capitol Forum analysis indicates. Of course, even if it raised no clear competition issues at all, the deal would attract close scrutiny—after all, it’s […]

Vodafone/Iliad: Despite Favorable Developments, Possible Italian Mobile Merger Could Face Same Hurdles as Past Deals

Talks between Vodafone Group (LON: VOD) and Iliad about merging their operations in Italy seem audacious given European Commission resistance to deals aimed at shrinking the number of mobile network operators (MNOs) in a country. After all, the commission in 2016 prohibited CK Hutchison Holding’s plan to buy Telefónica’s UK subsidiary and the same year […]

Oak Street Health: Former Medical Providers Express Concern Over Staffing Levels, Ability to Care for Medically Complex Populations; 13 Percent of All Clinics List No Doctor on Staff 

Several former medical providers and clinical staff at Oak Street Health (OSH), an operator of primary care clinics for Medicare beneficiaries, tell The Capitol Forum that they felt their clinics were often too understaffed to provide appropriate care for patients. These understaffing issues, the employees said, were compounded by the medically complex populations that Oak […]

Signify Health: Company Documents Reveal Emphasis Placed on Booking Visits; Employee Describes High Pressure Sales-Like Atmosphere After Company Acquired Call Center from Humana

Signify Health (SGFY), a vendor to Medicare Advantage plans that provides in-home risk assessment visits for plan members, operates competitive, high-pressure, sales-like call centers where agents are constantly pushed to beat productivity metrics such as conversion rates, appointments per hour, and bookings, according to a Capitol Forum investigation.  These high pressure, commission-based call campaigns appear […]

Prince/Ferro: Merger Set to Win Phase I EC Approval

Prince International is poised to win Phase I EC approval for its $2.1 billion acquisition of specialty materials manufacturer Ferro Corporation (FOE) after offering remedies sufficient to address the agency’s overlap concerns, The Capitol Forum has learned. Prince on November 3 disclosed plans to divest its European and U.S. porcelain enamel and glass coatings businesses […]

Medtronic/Intersect ENT: Companies in Talks to Divest Intersect’s Navigation System, Balloon Dilation Businesses