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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…
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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....
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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....
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...
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...
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...
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...
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...
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,...
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...
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...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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”...
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...
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...
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...
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...
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...
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,...
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...
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...
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...
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...
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...
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,...
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...
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...
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....
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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,...
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,...
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...
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...
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...
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...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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...
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,...
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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)...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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....
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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...
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...
A Capitol Forum investigation has uncovered extensive issues regarding the billing practices of the medical device company Zynex (ZYXI), with these issues ranging from the use of improper billing codes to shipping large quantities of unnecessary supplies to patients. These issues bear...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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’...
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...
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...
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...
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...
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. ...
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...
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...
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...
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...
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...
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...
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). ...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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...
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,...
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,...
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...
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...
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...
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...
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....
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...
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...
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...
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...
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...
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...
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,...
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...
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...
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)...
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...
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...
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...
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...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
Medtronic (MDT) and Intersect ENT (XENT) have begun shopping Intersect’s sinus navigation system and balloon dilation businesses in an effort to head off FTC competition concerns about their proposed $1.1 billion tie-up, sources familiar with the matter said. The companies are vetting...
Microsoft’s (MSFT) proposed $19.7 billion acquisition of Nuance Communications (NUAN) is said to face at least two key headwinds at the UK’s Competition and Markets Authority (CMA): the complexity of assessing a high-profile deal involving one of the Big Tech giants and the...
The Committee on Foreign Investment in the United States (CFIUS) plans to open more investigations this year into transactions that haven’t been filed to the panel, posing a new regulatory roadblock for companies that may underestimate the national security implications of their deals....
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...
The Antitrust Agenda: Joint FTC, DOJ Press Conference on Merger Guidelines Request for Information; Kanter Slate of Hires Expected Soon; Senate Banking Chair Brown, Warren Prod Fed Nominees on Concentration Kanter and Khan Joint Press Conference on Issuing Request for Information to...
Nvidia defends Arm deal. Nvidia’s (NVDA) response to the UK Competition and Markets Authority’s (CMA) in-depth probe of the company’s planned acquisition of British chip designer Arm Holdings articulates a defense that’s well within the mainstream of European antitrust law. Yet...
Konecranes (HEL: KCR) and Cargotec (HEL: CGCBV) this week lambasted the Competition and Markets Authority’s (CMA) provisional findings that their proposed merger is anticompetitive, calling the UK antitrust watchdog’s view of the $5.3 billion deal “wrong as a matter of fact and...
Federal bank regulators are examining whether Blue Ridge Bank (BRBS) discriminated against minorities in its mortgage lending business, in an investigation that could stall or even upend the bank’s proposed merger with FVCBankcorp (FVCB), sources familiar with the probe said. Blue...
Residential customers of Suburban Propane (SPH) and UGI Corp. (UGI) subsidiary AmeriGas in 15 states described sharply rising propane prices as fall turned to winter, leading to significant duress in some customers’ everyday lives, according to a review of online complaints and...
