Read a selection of our subscriber-only news articles

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

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

Jan 30, 2025 Read Now >

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

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

Jan 30, 2025 Read Now >

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

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

Jan 30, 2025 Read Now >

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

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

Jan 29, 2025 Read Now >

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

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

Jan 27, 2025 Read Now >

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

Christina Caffarra’s conference “The Perfect Storm: A Time of Truth for Europe” is this Thursday, January 30. Cristina Caffarra’s annual must-attend conference on competition, trade, and industrial policy takes place this Thursday in-person in Brussels and livestreamed. Caffarra...

Jan 27, 2025 Read Now >

Schlumberger/ChampionX: Norwegian Regulator Prepares to Review Deal

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

Jan 24, 2025 Read Now >

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

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

Jan 24, 2025 Read Now >

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

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

Jan 23, 2025 Read Now >

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

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

Jan 23, 2025 Read Now >

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

Groundbreaking study undermines arguments in favor of noncompete agreements. One of the main criticisms lobbed at the Federal Trade Commission’s noncompete ban as it wended its way through rulemaking was that the agency lacked sufficient justification for the regulation, which labeled...

Jan 23, 2025 Read Now >

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

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

Jan 21, 2025 Read Now >

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

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

Jan 15, 2025 Read Now >

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

The Federal Trade Commission publishes second report on PBMs, focusing on how the Big Three PBMs markup specialty generic drug prices. The PBMs enjoyed excess revenues of $7.3 billion, the FTC wrote in its report, comparing revenues to the National Average Drug Acquisition Cost (NADAC),...

Jan 15, 2025 Read Now >

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

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

Jan 14, 2025 Read Now >

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

Corcept’s flagship product Korlym (mifepristone) has been removed from the preferred drug lists, or formularies, of nine out of 12 national prescription drug plans under Medicare Part D in 2025, a Capitol Forum investigation has...

Jan 10, 2025 Read Now >

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

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

Jan 10, 2025 Read Now >

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

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

Jan 10, 2025 Read Now >

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

FTC finds building services contractors’ no-hire agreement unlawful. The commissioners voted unanimously on Monday to order Planned Companies to cease its policies prohibiting building owners from hiring workers employed by Planned. The contractor’s no-hire rules are a violation of...

Jan 09, 2025 Read Now >

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

Club Pilates and StretchLab, the two consistent growth brands within the Xponential Fitness (XPOF) portfolio of boutique fitness studio franchises, entered 2025 with more studios than they had at the start of December, while the rest of the company’s brands showed stagnation or...

Jan 07, 2025 Read Now >

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

For those not around for the decades-long string of events that led to Big Tech becoming the target of antitrust enforcers, you’re in luck. Companies’ current fights for dominance in artificial intelligence should give you an idea of what you missed in the development of Internet...

Jan 07, 2025 Read Now >

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

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

Jan 07, 2025 Read Now >

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

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

Dec 18, 2024 Read Now >

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

The FTC’s federal court victory Tuesday in blocking Kroger’s (KR) attempted $24.6 billion acquisition of rival Albertsons (ACI) didn’t advance labor-related antitrust law as far as advocates had hoped. But U.S. District Judge Adrienne Nelson’s opinion did provide some guidance on...

Dec 12, 2024 Read Now >

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

FTC orders building services contractor to cease no-hire agreement, saying Sherman Act and FTC Act violations caused harm to workers. The Federal Trade Commission reached a settlement with Guardian Service Industries Inc., a building services contractor with over 2800 employees, to stop...

Dec 05, 2024 Read Now >

Novo/Catalent: Buyer Negotiating Contract Extensions with Complaining Drugmakers

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

Dec 03, 2024 Read Now >

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

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

Dec 02, 2024 Read Now >

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

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

Nov 27, 2024 Read Now >

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

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

Nov 26, 2024 Read Now >

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

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

Nov 26, 2024 Read Now >

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

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

Nov 26, 2024 Read Now >

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

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

Nov 26, 2024 Read Now >

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

Unionized Google workers met with the Justice Department over search monopoly remedy proposals. Representatives of a group of Google (GOOG) employees who unionized in 2021 with the Communications Workers of America (CWA) asked DOJ lawyers last month to take worker concerns into account...

Nov 21, 2024 Read Now >

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

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

Nov 19, 2024 Read Now >

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

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

Nov 14, 2024 Read Now >

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

U.S. District Judge Jennifer Rochon last month in her Tapestry/Capri decision ever so slightly nudged documents toward the top of the evidence pile. Her reliance on company slide deck presentations, strategy papers and executives’ emails not only resulted in a victory for the FTC but...

Nov 12, 2024 Read Now >

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

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

Nov 11, 2024 Read Now >

Trump Specter Over Broadcast Licenses Meets Shifting Sentiment Inside FCC

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

Nov 11, 2024 Read Now >

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

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

Nov 11, 2024 Read Now >

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

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

Nov 07, 2024 Read Now >

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

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

Nov 07, 2024 Read Now >

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

Some online health service providers share users’ potentially sensitive health information with adtech companies and third-party advertisers for marketing purposes—a practice that has drawn increasing scrutiny from the Federal Trade Commission and is allegedly engaged in by medical...

Nov 06, 2024 Read Now >

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

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

Nov 06, 2024 Read Now >

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

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

Nov 06, 2024 Read Now >

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

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

Oct 25, 2024 Read Now >

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

Home health company Aveanna (AVAH) provides in-home healthcare to some of the most “medically complex, high-cost patient populations,” according to the company’s SEC filings. Those patients often require round-the-clock nursing care and help with activities such as bathing and...

Oct 25, 2024 Read Now >

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

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

Oct 25, 2024 Read Now >

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

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

Oct 23, 2024 Read Now >

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

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

Oct 14, 2024 Read Now >

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

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

Oct 11, 2024 Read Now >

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

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

Oct 10, 2024 Read Now >

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

HELP Committee ranking member lambasts FDA Commissioner for inaction on clarifying patent listing requirements on the FDA Orange Book. Echoing concerns raised by industry stakeholders, Bill Cassidy (R-LA) wrote a letter to the FDA saying the agency’s reticence has resulted in the FTC...

Oct 09, 2024 Read Now >

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

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

Oct 08, 2024 Read Now >

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

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

Oct 07, 2024 Read Now >

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

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

Oct 07, 2024 Read Now >

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

Marketing technology companies like Zeta Global Holdings Corp. (ZETA) use extensive web tracking tools and third-party data brokers to amass profiles on millions of individuals, then utilize artificial intelligence to make inferences about potentially sensitive personal interests for...

Oct 04, 2024 Read Now >

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

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

Oct 03, 2024 Read Now >

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

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

Oct 02, 2024 Read Now >

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

Itron (ITRI) contracts with utilities to be the exclusive provider for their customers’ electronic electricity meters, known as smart meters. Itron’s marketing also brags that its technology platform “utilizes an app store model, similar to a smart phone.” Critics worry that Itron...

Oct 01, 2024 Read Now >

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

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

Sep 30, 2024 Read Now >

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

Shortly after the Federal Trade Commission (FTC) filed its long-anticipated lawsuit against the “Big Three” pharmacy benefit managers (PBMs), lawmakers told The Capitol Forum that there’s a strong likelihood of Congress passing legislation that would overhaul the PBM business model...

Sep 30, 2024 Read Now >

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

Illumina’s (ILMN) resounding court victory last week over a European Commission decision to block its $8 billion takeover of Grail (GRAL) marks a serious blow to the regulator’s attempt to scrutinize sensitive deals that fly under its merger-revenue thresholds. But the EU enforcer has...

Sep 09, 2024 Read Now >

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

Former employees who worked in the pharmacies of telemedicine company Hims & Hers Health (HIMS) told The Capitol Forum that the volume of daily prescriptions the company expected them to fill meant that they could not appropriately perform routine safety checks on those prescriptions....

Aug 29, 2024 Read Now >

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

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

Aug 28, 2024 Read Now >

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

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

Aug 28, 2024 Read Now >

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

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

Aug 28, 2024 Read Now >

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

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

Aug 27, 2024 Read Now >

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

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

Aug 23, 2024 Read Now >

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

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

Aug 22, 2024 Read Now >

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

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

Aug 20, 2024 Read Now >

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

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

Aug 16, 2024 Read Now >

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

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

Aug 07, 2024 Read Now >

Verisign in Period of Uncertainty as US Launches Price Review

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

Aug 06, 2024 Read Now >

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

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

Aug 02, 2024 Read Now >

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

Recent elections in France have weakened Emmanuel Macron in Paris and Brussels. But the push by the French president and other senior European politicians for less aggressive European Union competition enforcement to favor companies in the region over foreign rivals will remain strong,...

Jul 23, 2024 Read Now >

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

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

Jul 18, 2024 Read Now >

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

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

Jun 24, 2024 Read Now >

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

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

Jun 24, 2024 Read Now >

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

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

Jun 21, 2024 Read Now >

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

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

Jun 21, 2024 Read Now >

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

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

Jun 20, 2024 Read Now >

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

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

Jun 18, 2024 Read Now >

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

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

Jun 17, 2024 Read Now >

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

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

Jun 14, 2024 Read Now >

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

French lottery operator Française des Jeux’s (EUF: FDJ) proposed buyout of online gaming company Kindred Group (STO: KIND) for 27.95 billion Swedish kronor ($2.65 billion) is being challenged by multiple gambling operators, who are urging the French competition regulator to reject the...

Jun 14, 2024 Read Now >

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

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

Jun 13, 2024 Read Now >

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

This article is published in collaboration with The American Prospect. You’ve grabbed a shopping cart, walked through the sliding doors, and checked your list for the week. Keep it simple—Monday, spaghetti and meatballs. Tuesday, of course, is for tacos. Wednesday, how about a stew....

Jun 12, 2024 Read Now >

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

Burnett case will determine the scope of upcoming legal fight between brokerages and homebuyers. Appeals by rival plaintiff lawyers were expected in the landmark Burnett settlement, which will see the National Association of Realtors (NAR) and major brokerages pay hundreds of millions of...

Jun 07, 2024 Read Now >

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

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

Jun 06, 2024 Read Now >

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

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

Jun 06, 2024 Read Now >

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

Acadia Healthcare’s (ACHC) network of opioid treatment facilities, known as Comprehensive Treatment Centers (CTCs), are operating at staffing levels far below what is required by regulators in several of the states in which they operate, a Capitol Forum investigation has...

Jun 06, 2024 Read Now >

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

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

May 31, 2024 Read Now >

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

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

May 28, 2024 Read Now >

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

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

May 28, 2024 Read Now >

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

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

May 24, 2024 Read Now >

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

Congressional Democrats launch probe into oil collusion, drawing in major producers. The FTC’s explosive findings on former Pioneer Natural Resources CEO Scott Sheffield’s communications with other oil producers including OPEC representatives continues to reverberate on Capitol Hill,...

May 23, 2024 Read Now >

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

Firefighters pension fund sues UnitedHealth Group for securities fraud for not disclosing DOJ antitrust probe. The suit, filed last week by the City of Hollywood Firefighters’ Pension Fund, also named company executives CEO Andrew Witty, Chairman Stephen Hemsley, and UnitedHealthcare...

May 22, 2024 Read Now >

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

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

May 21, 2024 Read Now >

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

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

May 17, 2024 Read Now >

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

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

May 16, 2024 Read Now >

Natera: Kentucky Attorney General Investigation Appears to Be Nearing End

The response to a recent records request by The Capitol Forum to the Kentucky Attorney General indicates that the agency’s investigation of the genetic testing company Natera (NTRA) is nearing completion. While the agency denied the entirety of The Capitol Forum’s request, which asked...

May 15, 2024 Read Now >

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

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

May 15, 2024 Read Now >

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

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

May 10, 2024 Read Now >

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

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

May 08, 2024 Read Now >

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

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

May 06, 2024 Read Now >

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

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

May 03, 2024 Read Now >

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

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

May 02, 2024 Read Now >

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

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

Apr 30, 2024 Read Now >

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

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

Apr 30, 2024 Read Now >

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

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

Apr 30, 2024 Read Now >

MoneyLion: Former Company Employees Describe Culture of Weak Fraud Controls

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

Apr 29, 2024 Read Now >

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

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

Apr 26, 2024 Read Now >

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

CVS Health (CVS), Cigna (CI) and UnitedHealth Group (UNH)—which operate the three largest U.S. pharmacy benefit managers—are targeted in a lawsuit the FTC is preparing that alleges the companies’ PBM units engineered a scheme to trade rebates for favored positioning of brand-name...

Apr 22, 2024 Read Now >

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

CVS Health (CVS), Cigna (CI) and UnitedHealth Group (UNH)—which operate the three largest U.S. pharmacy benefit managers—are targeted in a lawsuit the FTC is preparing that alleges the companies’ PBM units engineered a scheme to trade rebates for favored positioning of brand-name...

Apr 22, 2024 Read Now >

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

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

Apr 19, 2024 Read Now >

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

WillScot Mobile Mini Holdings (WSC) has pursued an aggressive seven-year roll-up strategy in the office trailer and portable storage business, largely avoiding antitrust scrutiny while completing an eye-popping 21 acquisitions in the last two years alone. It’s now trying to buy what...

Apr 19, 2024 Read Now >

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

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

Apr 15, 2024 Read Now >

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

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

Apr 12, 2024 Read Now >

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

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

Apr 12, 2024 Read Now >

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

Second request pushes Chesapeake/Southwestern deal back. Chesapeake Energy Corporation (CHK) and Southwestern Energy Company’s (SWN) planned merger received a second request from the FTC on April 4, with regulators seeking more information about the impacts of a merger that’s expected...

Apr 11, 2024 Read Now >

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

This article has been updated for clarity. HHS Secretary Xavier Becerra may run for governor of California in 2026. HHS Secretary Becerra is thinking about leaving the White House after the presidential election this November with the goal of running for governor of California in 2026,...

Apr 10, 2024 Read Now >

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

The judge assigned to the DOJ/Apple lawsuit has limited experience ruling on antitrust. The New Jersey federal judge overseeing the Justice Department’s sprawling challenge to Apple’s (AAPL) alleged illegal monopolization of the iPhone ecosystem is in for quite the crash course on...

Apr 09, 2024 Read Now >

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

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

Apr 08, 2024 Read Now >

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

New FTC Commissioner Melissa Holyoak hires attorney-advisers. Melissa Holyoak has chosen Douglas Geho, Elisa Jillson and Chris Mufarrige to fill out her team at the FTC. Mufarrige will serve as her chief of staff, he announced in a LinkedIn post. Geho, chief antitrust counsel on the House...

Apr 08, 2024 Read Now >

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

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

Apr 05, 2024 Read Now >

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

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

Apr 05, 2024 Read Now >

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

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

Apr 04, 2024 Read Now >

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

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

Apr 03, 2024 Read Now >

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

In 2019, state and federal authorities stripped Chicago Lakeshore Hospital, a behavioral facility for teens and adolescents, of both funding and its license after a string of regulatory violations and allegations of child abuse. Two years later, Acadia Healthcare (ACHC) purchased the...

Apr 02, 2024 Read Now >

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

The Department of Justice’s antitrust lawsuit against Apple (AAPL) over its iPhone ecosystem and “lock in” tactics doesn’t just take on the company’s current conduct. It also attempts to prevent Apple from expanding its allegedly anticompetitive business practices in the future....

Apr 01, 2024 Read Now >

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

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

Mar 28, 2024 Read Now >

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

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

Mar 26, 2024 Read Now >

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

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

Mar 26, 2024 Read Now >

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

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

Mar 26, 2024 Read Now >

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

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

Mar 22, 2024 Read Now >

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

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

Mar 21, 2024 Read Now >

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

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

Mar 20, 2024 Read Now >

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

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

Mar 19, 2024 Read Now >

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

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

Mar 19, 2024 Read Now >

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

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

Mar 18, 2024 Read Now >

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

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

Mar 18, 2024 Read Now >

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

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

Mar 15, 2024 Read Now >

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

Staff at Ambercare, a New Mexico subsidiary of Addus HomeCare (ADUS), failed to provide any services for almost 1,000 Medicaid recipients in the state, according to an internal email reviewed by The Capitol Forum and interviews with former employees of the...

Mar 14, 2024 Read Now >

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

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

Mar 11, 2024 Read Now >

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

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

Mar 06, 2024 Read Now >

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

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

Mar 05, 2024 Read Now >

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

Six Flags Entertainment (SIX) and Cedar Fair’s (FUN) proposed “merger of equals” would eliminate close competition between the theme park operators in three metropolitan areas—Washington, D.C., Philadelphia, and the San Francisco Bay Area—an outcome that’s the likely focus of...

Mar 05, 2024 Read Now >

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

AELP’s Stoller points out how Shaheen’s new spending bill language makes $45 million cut to DOJ antitrust division’s budget. Matt Stoller, research director for the American Economic Liberties Project, wrote in the latest edition of his newsletter, BIG, that new language in...

Mar 04, 2024 Read Now >

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

Evolv Technology (EVLV), which has sold itself to customers and investors as a “frictionless” artificial intelligence weapons detection system capable of screening people 10 times faster than conventional metal detectors, recently made several changes to its online marketing...

Mar 01, 2024 Read Now >

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

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

Mar 01, 2024 Read Now >

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

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

Feb 29, 2024 Read Now >

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

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

Feb 27, 2024 Read Now >

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

Pharmacy benefit managers have launched new partnerships with GoodRx (GDRX), representing yet another tactic aimed at undermining financially strapped independent drugstores, industry experts critical of PBMs’ practices told The Capitol Forum. Since January 1, four major PBMs—Express...

Feb 27, 2024 Read Now >

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

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

Feb 27, 2024 Read Now >

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

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

Feb 26, 2024 Read Now >

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

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

Feb 23, 2024 Read Now >

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

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

Feb 23, 2024 Read Now >

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

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

Feb 23, 2024 Read Now >

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

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

Feb 23, 2024 Read Now >

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

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

Feb 23, 2024 Read Now >

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

Caffarra talks reaction and legacy. First and foremost, the architect of the conference, Cristina Caffarra, published a comprehensive recap and assessment, including this take on the lasting effect she hopes to see from the event:  “The conference was groundbreaking, and the moniker...

Feb 21, 2024 Read Now >

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

DOJ investigation of Visa has recently taken back seat to Apple, Live Nation probes. DOJ has prioritized its monopolization investigation of Apple (AAPL) and is expected to file suit soon. The department is on track to follow that litigation with a suit against Live Nation Entertainment...

Feb 20, 2024 Read Now >

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

Democratic representatives in support of USTR digital trade policy. A group of 87 House Democrats led by Representative Rosa DeLauro (D-CT) sent a letter to the Biden administration on February 13 announcing their support for U.S. Trade Representative Katherine Tai’s...

Feb 20, 2024 Read Now >

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

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

Feb 20, 2024 Read Now >

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

Greek electricity provider suspected of predatory pricing. Athens-based Public Power Corporation (PPC) may have violated EU antitrust rules when it sold wholesale electricity below cost, potentially pushing out rival generator companies, according to preliminary findings of a years-long...

Feb 12, 2024 Read Now >

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

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

Feb 12, 2024 Read Now >

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

With less than a month remaining before a critical March 7 deadline, Google’s (GOOG) plan to comply with the European Union’s sweeping Digital Markets Act is garnering bad reviews from retailers and operators of comparison shopping sites, sources familiar with the matter said. In...

Feb 09, 2024 Read Now >

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

British telecommunications companies have warned the Competition and Markets Authority that the planned 15 billion pound ($18.9 billion) combination of CK Hutchison’s (0001.HK) and Vodafone’s (VOD: LN) UK mobile networks would give the new entity control over more than half the...

Feb 09, 2024 Read Now >

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

Letter to the Editor Financial Times From Barry Lynn, Open Markets Institute February 7, 2024 Director General Guersent is absolutely correct that the European Commission did admirable and important work in antitrust for many years, at a time when the Bush, Obama, and Trump...

Feb 07, 2024 Read Now >

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

Judge denies motion to dismiss in FTC v. Kochava. U.S. District Court Judge B. Lynn Winwill denied Kochava’s motion to dismiss the FTC’s case against it, in an order filed over the weekend. The FTC filed its complaint against the mobile attribution company in 2022, amending it later...

Feb 06, 2024 Read Now >

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

On January 1, Baidu (BIDU), operator of China’s most popular search engine, gave up on its three-year attempt to buy Joyy’s (YY) live-streaming business for $3.6 billion after failing to obtain approval from the country’s antitrust regulator. However, just four weeks later, the...

Feb 06, 2024 Read Now >

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

Randy Stutz, the new president of the American Antitrust Institute, said today that he plans to focus the venerable advocacy group’s energy on supporting enforcers’ deterrence capabilities, strengthening plaintiffs’ chances of winning in court and encouraging more litigation against...

Feb 01, 2024 Read Now >

Cloud Computing Giants Turn on Each Other as FTC Enforcement Looms

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

Jan 26, 2024 Read Now >

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

Shows promoted by Live Nation Entertainment (LYV) dwindled at New York City’s Barclays Center after the arena ditched Ticketmaster as its primary ticketing company, but surged back once the arena reversed course, a Capitol Forum analysis shows. Allegations of retaliation have dogged...

Jan 24, 2024 Read Now >

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

If the European Commission forges ahead with considering a breakup of Google’s (GOOG) digital advertising business, the search giant could seek the less intrusive remedy of establishing its adtech services as an independently operated business entity but still under the company’s...

Jan 23, 2024 Read Now >

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

The regulatory path grew riskier for Alaska Airlines’ (ALK) proposed $1.9 billion acquisition of Hawaiian Airlines (HA) after DOJ won the JetBlue/Spirit case last week, antitrust and airline experts told The Capitol Forum. In enjoining JetBlue Airways’ (JBLU) $3.8 billion attempted...

Jan 23, 2024 Read Now >

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

State lawsuits to block Kroger’s (KR) proposed $24.6 billion acquisition of rival supermarket chain Albertsons (ACI) could provide a form of insurance for the FTC if a widely anticipated challenge of the deal by the agency were unsuccessful, five former antitrust enforcement officials...

Jan 23, 2024 Read Now >

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

Choice Hotels International’s (CHH) $8 billion hostile takeover of rival Wyndham Hotels & Resorts (WH) has triggered requests from the offices of four state attorneys general—Colorado, Washington state, Kansas and Vermont—to receive material the companies are providing the...

Jan 19, 2024 Read Now >

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

Former employees of AirSculpt (AIRS), a national chain of body-contouring liposuction clinics, are raising concerns about lax standards, including poor sterilization processes, that are harming patients. Knowledge of these harms, which include infections and at least one patient death,...

Jan 16, 2024 Read Now >

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

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

Jan 10, 2024 Read Now >

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

Nippon Steel’s (5401.T) proposed takeover of U.S. Steel (X), once a symbol of American industrial might, is generating serious political opposition that complicates the $14.9 billion deal’s regulatory path. Just days after the Japanese buyer unveiled the transaction on December 18,...

Jan 10, 2024 Read Now >

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

Margrethe Vestager, the EU’s top antitrust enforcer, could be out of the job by the end of the year. The current European Commission mandate runs until October 31. A third term for Vestager, having been in the competition post since late 2014, would be unprecedented. Vestager,...

Jan 10, 2024 Read Now >

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

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

Jan 08, 2024 Read Now >

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

FIFA suspends new football agent regulations. Soccer’s governing bodies faced multiple setbacks in December, with the European Court of Justice (ECJ) ruling that UEFA and FIFA breached competition law by rejecting the proposed Super League tournament. It also invalidated UEFA’s...

Jan 08, 2024 Read Now >

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

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

Jan 08, 2024 Read Now >

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

FTC staff reviewing ExxonMobil’s (XOM) proposed $59.5 billion acquisition of Pioneer Natural Resources (PXD) will likely examine the past labor practices of the companies, according to a Capitol Forum analysis—a history that includes the deaths of three oilfield services contractors...

Jan 04, 2024 Read Now >

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

This article has been updated with a statement from Live Nation. Caffarra’s agenda-setting conference on January 31 (Register here). One development that hasn’t been fully appreciated is how the Biden administration has reshaped competition policy through a new vision for trade,...

Jan 02, 2024 Read Now >

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

New York Times sues Microsoft, OpenAI over copyright infringement. The New York Times Company filed suit against Microsoft (MSFT) and OpenAI on December 27 for copying and using millions of the Times’ copyrighted articles to train their generative AI tools. Microsoft is named alongside...

Jan 02, 2024 Read Now >

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

After receiving notice letters from the Federal Trade Commission last month disputing certain drug patents, drugmakers Kaleo, Impax Laboratories (IPXL) and GlaxoSmithKline (GSK) have responded by withdrawing or recertifying challenged patent listings from the Orange Book, the Food and...

Dec 15, 2023 Read Now >

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

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

Dec 15, 2023 Read Now >

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

Drugmakers with allegedly improper patent listings in the Orange Book, the Food and Drug Administration’s publication of approved drug products, could face—among other repercussions—class action lawsuits for violations of antitrust and racketeering laws, experts told The Capitol...

Dec 14, 2023 Read Now >

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

Ten years after the FTC found that IDEXX Laboratories (IDXX) held an illegal monopoly in diagnostic testing for veterinarians, a Capitol Forum investigation finds that the company has taken steps to maintain its monopoly position through anticompetitive practices in its direct sales...

Dec 14, 2023 Read Now >

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

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

Dec 13, 2023 Read Now >

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

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

Dec 12, 2023 Read Now >

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

Dexcom (DXCM), a manufacturer of continuous glucose monitors (CGM), has not been providing all of the required supplies to patients using it devices, placing additional potential financial burdens on its patients and potentially violating Medicare guidelines, according to a Capitol Forum...

Dec 07, 2023 Read Now >

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

The FTC’s recently unredacted Amazon (AMZN) antitrust complaint revealed the name of the company—rival discount e-commerce website Jet.com—that the agency said the tech giant ran out of business by wielding its dominance in online retail. “Amazon predicted that Jet’s business...

Dec 06, 2023 Read Now >

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

The European Commission’s objections to Amazon’s (AMZN) pending $1.4 billion acquisition of iRobot (IRBT) and Adobe’s (ADBE) $20 billion plan to buy Figma could set the transactions on vastly different paths, according to an analysis by The Capitol Forum. While the...

Dec 06, 2023 Read Now >

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

China’s antitrust authority’s new merger guidelines will account for problems that arise when geopolitics and U.S. export controls conflict with a merging company’s ability to fulfill its obligations on a remedy, a senior competition official said today. “Our antitrust authority...

Dec 05, 2023 Read Now >

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

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

Dec 04, 2023 Read Now >

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

Japanese entertainment powerhouse Sega Sammy Holdings’ planned buyout of Irvine, California gaming technology company GAN (GAN) will likely face an intensive U.S. investigation of the $108 million transaction’s effect on sensitive personal data and the buyer’s extensive ties to...

Nov 30, 2023 Read Now >

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

ExxonMobil’s (XOM) proposed $59.5 billion takeover of Pioneer Natural Resources (PXD) and Chevron’s (CVX) $53 billion bid for Hess (HES) spurred a large number of Democratic senators in a letter this month to call on the FTC to closely probe the energy mega deals—a possible sign...

Nov 27, 2023 Read Now >

Health Insurers Have Been Breaking State Laws for Years

This story was originally published by ProPublica. In North Carolina, lawmakers outraged that breast cancer patients were being denied reconstructive surgeries passed a measure forcing health insurers to pay for them. In Arizona, legislators intervened to protect patients with diabetes,...

Nov 16, 2023 Read Now >

Insurance Executives Refused to Pay for the Cancer Treatment That Could Have Saved Him. This Is How They Did It.

This story was originally published by ProPublica. Forrest VanPatten was 50 and strong after years as a molten-iron pourer when he learned in July 2019 that a hyperaggressive form of lymphoma had invaded his body. Chemotherapy failed. Because he was not in remission, a stem cell...

Nov 15, 2023 Read Now >

Taking a Closer Look at Lantus, the Case Behind the FTC’s Crackdown on Improper Orange Book Listings

On November 7, the FTC disputed more than 100 patents on asthma inhalers, EpiPens and other drug products that the agency claimed were improperly listed in the Orange Book, a publication of FDA-approved drugs and drug products and their patent protections. The FTC sent letters to 10...

Nov 15, 2023 Read Now >

JetBlue/Spirit: Buyer’s Entry into Market Doesn’t Lower Fares as Much as ULCCs Do, Frontier CEO Says

The antitrust trial on DOJ’s suit to block JetBlue Airways (JBLU) $3.8 billion bid for Spirit Airlines (SAVE) entered its third week with Frontier Airlines (ULCC) CEO Barry Biffle asserting today that the “JetBlue Effect” tends not to “drop the fare as much” as ultra-low cost...

Nov 14, 2023 Read Now >

Kroger/Albertsons: Proposed Deal Fix Could Suffer From Affiliate’s Reliance on Walmart

Kroger (KR) and Albertsons’ (ACI) attempt to win regulatory approval for their $24.6 billion merger by selling assets to C&S Wholesale Grocers may face a hurdle from an unusual quarter—a C&S affiliate that is beholden to the biggest U.S. supermarket player of them all, Walmart...

Nov 13, 2023 Read Now >

SAMR Investigates Patent-Licensing Practices in Auto Industry 

China’s antitrust regulator is investigating potential antitrust violations regarding the licensing of vital communications technology patents to the country’s automakers, sources familiar with the situation said. The State Administration for Market Regulation launched the probe...

Nov 10, 2023 Read Now >

AirSculpt: Patient Died From Complications During Liposuction Procedure, Company Concealed Patient Death; Public Awareness Could Negatively Affect Company

A 37-year-old mother of two walked into a San Diego AirSculpt (AIRS) office last October for abdominoplasty and gluteoplasty with liposuction. The woman had been sold on the promise of AirSculpt—advertised as a noninvasive alternative to traditional liposuction that claims to deliver...

Nov 10, 2023 Read Now >

Labcorp: The Invisible Workers Keeping Our Healthcare System Alive Are Reaching a Breaking Point

This piece is published in collaboration with 404 Media. Somewhere in the bowels of a Labcorp drug testing facility in Madison, Wisconsin, which one worker described to me as “the bunker,” is a severed human finger encased in wax. The finger, which workers presume was once attached to...

Nov 09, 2023 Read Now >

U.S. v. Google: Silicon Valley Giant Changed Agreements to Help Android Devices Compete with Apple, Former Executive Says

Google (GOOG) has used its revenue sharing agreements with wireless carriers and mobile phone makers to improve the Android ecosystem and better compete with Apple’s (APPL) iPhones, a former executive for the search giant said today at the company’s antitrust trial.  Jamie Rosenberg,...

Nov 08, 2023 Read Now >

Tech/Media/Telecom Antitrust Weekly: Facebook Whistleblower Speaks Out; NAR Decision Could Impact Real Estate Tech Companies

Senate subcommittee hearing from Facebook whistleblower on social media and the teen mental health crisis. Former Facebook engineering director and Instagram consultant Arturo Béjar testified in front of a Senate Judiciary subcommittee on Tuesday, presenting internal documents stating...

Nov 07, 2023 Read Now >

Flowserve/Velan: France’s Rejection of Deal Reveals Sensitive Assets Remain Off Limits, Even to Allies

France’s rejection of U.S.-based Flowserve’s (FLS) proposed $245 million purchase of Canadian industrial valve manufacturer Velan (TSX: VLN) last month should serve as a warning to dealmakers regarding the limits of trust between even longstanding allies, trade and national security...

Nov 02, 2023 Read Now >

U.S. v. Google: CEO Pichai Calls Deals for Default Placement ‘Enhanced Promotion,’ Says They Improve User Experience

Google (GOOG) CEO Sundar Pichai said today in court that the company’s revenue sharing agreements are “enhanced promotion” payments to make it the default search engine on devices and browsers, defending the deals against DOJ’s claims that they stifled competition.  But the...

Oct 30, 2023 Read Now >

EQT/Dechra Pharmaceuticals: Formal EC Review Likely to Begin in Next Few Weeks

A formal European Commission review of EQT’s 4.5 billion-pound ($5.5 billion) plan to buy Dechra Pharmaceuticals (DPH: LN) is likely to begin in the next few weeks, The Capitol Forum has learned. The private equity buyer unveiled the transaction on June 2 and investor speculation...

Oct 27, 2023 Read Now >

ODDITY: Beauty Tech Company’s Product Marketing Based on Artificial Intelligence Claims Called into Question

Beauty and wellness product company ODDITY (ODD), which markets itself as a consumer technology firm that uses artificial intelligence to match shoppers with personalized skin, hair and anti-aging products, may be overstating the capabilities of that technology, a Capitol Forum...

Oct 27, 2023 Read Now >

Danaher/Abcam: Deal Not Attracting Industry Complaints So Far in Sped-Up Review

Danaher’s (DHR) planned $5.7 billion acquisition of Abcam (ABCM) hasn’t generated significant industry complaints so far as China’s antitrust authority, under its sped-up review process, starts seeking public comment about the tie-up, sources familiar with the matter said. Due to...

Oct 26, 2023 Read Now >

InnovAge: After CMS Lifted Sanctions, Company Cut Large Portions of Compliance and Quality Departments; Former Employees Say Cuts Will Only Exacerbate Ongoing Patient Harm; Company Already Out of Compliance with Multiple Regulations, Increasing Likelihood of Additional Sanctions

A few months after CMS and state regulators lifted sanctions against InnovAge (INNV), the country’s largest operator of PACE healthcare programs for low-income seniors, the company fired large portions of staff in its compliance, quality, and nursing departments. The company also began...

Oct 26, 2023 Read Now >

Pressure Builds on EC to Launch Cloud Services Market Investigation Under DMA Powers

The European Commission is under growing pressure by national enforcers, competition experts and industry groups to investigate whether Microsoft (MSFT), Amazon (AMZN), Google (GOOG) and other companies that provide cloud services should be subject to rules under the Digital Markets Act...

Oct 24, 2023 Read Now >

Adobe/Figma: Companies Push for Early Engagement Between Senior Executive and Enforcers

In defending Adobe’s (ADBE) proposed $20 billion Figma acquisition, the companies have sought to address key weaknesses in the UK enforcer’s review process by putting senior executives in front of the Competition and Markets Authority (CMA) at the outset of the watchdog’s in-depth...

Oct 13, 2023 Read Now >

Medtronic: Recalled Defibrillators Continue to Generate Adverse Event Reports; MAUDE Data Indicates Device Problems Persist Despite Recall

More than a year after medical device maker Medtronic (MDT) notified customers of life-threatening defects in its implantable cardiac defibrillators—a warning that was later classified by the Food and Drug Administration as its most serious type of recall—hundreds of reports of...

Oct 13, 2023 Read Now >

InMode: Pricing Flexibility of Products Raises Questions Regarding Statements to Investors and Margin Consistency

InMode (INMD), a manufacturer of aesthetic medical devices, has consistently posted gross margins of roughly 85% over the last several years, a figure that CEO Moshe Mizrahy has said is an absolute necessity for the company. In 2021, Mizrahy told investors that 85% gross margins are “a...

Oct 12, 2023 Read Now >

Kroger/Albertsons: California AG Says ‘Right Now, There’s Not a Lot of Reason Not to Sue’

This article has been updated with statements from spokespeople for Kroger and Albertsons. California Attorney General Rob Bonta is seriously considering a lawsuit against Kroger’s proposed acquisition of Albertsons, the AG said today at a press event in Washington, DC. “Right now,...

Oct 12, 2023 Read Now >

Tapestry/Capri: Labor Force Issues Could Trigger U.S. Antitrust Enforcer Questions, Capitol Forum Analysis Shows

Tapestry’s (TPR) proposed Capri Holdings (CPR) buyout has generated questions among investors about the $8.5 billion deal’s impact on prices for upscale handbags and other fashion accessories. But the transaction’s effect on those who help produce and sell these products might...

Oct 06, 2023 Read Now >

CMA Process for Selecting Deals to Review is Restrained, Methodical, Senior Agency Official Says

The Competition and Markets Authority’s critics in the business community have accused the UK watchdog of what they view as a cardinal sin—unpredictability.  But in an exclusive interview with The Capitol Forum this week, Eleni Gouliou, the CMA’s mergers director, described an...

Oct 05, 2023 Read Now >

Novozymes/Chr. Hansen: Lengthy EC Pre-Notification Process Could Suggest Some Regulatory Obstacles

The proposed combination of Danish food ingredients makers Novozymes (NZYMB:DC) and Chr. Hansen (CHR:DC) has spurred a particularly lengthy pre-notification process with the European Commission, suggesting the transaction could encounter some regulatory obstacles, according to an analysis...

Oct 05, 2023 Read Now >

Enbridge/Dominion: Horizontal Overlap in Natural Gas Storage Market Could Draw Federal Antitrust Scrutiny

Enbridge Inc’s (ENB) acquisition of electric utilities from Dominion Energy Inc (D) will give it control over Dominion’s northern Ohio natural gas storage assets, reducing the number of working gas storage owners in the Central Great Lakes region and potentially allowing Enbridge to...

Oct 05, 2023 Read Now >

CMA Process for Selecting Deals to Review is Restrained, Methodical, Senior Agency Official Says

The Competition and Markets Authority’s critics in the business community have accused the UK watchdog of what they view as a cardinal sin—unpredictability. But in an exclusive interview with The Capitol Forum this week, Eleni Gouliou, the CMA’s mergers director, described an agency...

Oct 04, 2023 Read Now >

Pfizer/Seagen: FTC Explores Innovation Theory of Harm It Examined In 2009 Wyeth Acquisition

In criticizing the FTC’s review of Pfizer’s (PFE) proposed buyout of Seagen (SGEN), Albert Bourla, CEO of the New York pharmaceutical giant, said last week that the agency was straying from the mainstream of antitrust enforcement by examining whether the $43 billion deal would thwart...

Oct 04, 2023 Read Now >

The European Antitrust Agenda: CMA Clears UnitedHealth/Emis and Reviews Two Proposed Sustainability Initiatives; Nvidia Reportedly Raided in France; CMI/Editis Notify EC of Merger; British Watchdog Mulls Qualcomm/Autotalks Review

UnitedHealth/EMIS gets final CMA approval. The Competition and Markets Authority has formally approved UnitedHealth Group’s (UNH) proposed 1.2 billion pound ($1.46 billion) purchase of EMIS (EMIS: LN). The agency provisionally cleared the deal last month in phase 2 after being convinced...

Oct 02, 2023 Read Now >

The Antitrust Agenda: Amazon Lawsuit Sends Shockwave Through Antitrust Community; Senator Grassley Welcomes DOJ Lawsuit vs. Agri Stats

The Antitrust Agenda: Amazon Lawsuit Sends Shockwave Through Antitrust Community; Senator Grassley Welcomes DOJ Lawsuit vs. Agri Stats The FTC’s antitrust lawsuit against Amazon (AMZN) continues to send a shockwave through the antitrust community. The lawsuit’s significant impact...

Oct 02, 2023 Read Now >

Pull-and-Refiles Become Less Effective in Heading Off Second Requests on High-Profile Deals

Pfizer (PFE), Seagen (SGEN) and other companies have found that a once tried-and-true procedural tactic to avoid an extended government investigation of their high-profile deals is proving less effective with the Biden administration. As the FTC in June approached the end of its initial...

Sep 29, 2023 Read Now >

Corcept Therapeutics: VA Prescriptions Fall Off for ‘Lack of Therapeutic Response;’ VA OIG Conducted Independent Assessment of Prescriptions at Orlando VA System

Prescriptions for Korlym, the only drug sold by Corcept Therapeutics (CORT), at VA hospitals has fallen by roughly 90% since 2018, according to a Freedom of Information Act request by The Capitol Forum. That steep drop-off comes after a previously-undisclosed VA Office of Inspector...

Sep 28, 2023 Read Now >

ZoomInfo: Repeated Processing of Personal Information Raises Questions About Company’s GDPR Compliance

ZoomInfo (ZI), a creator and aggregator of profiles for business professionals, has been repeatedly processing and selling the personal information of at least one individual covered by the United Kingdom’s General Data Protection Regulations (UK GDPR), in violation of the...

Sep 27, 2023 Read Now >

In Landmark Amazon Case, FTC Narrows Focus to Elevate Chances of Winning

The FTC finally filed its landmark antitrust lawsuit against Amazon (AMZN), and the three FTC Commissioners and 17 states joining the FTC opted in favor of a narrow lawsuit focused on price—particularly how Amazon raises prices on customers across the internet and increases costs to...

Sep 26, 2023 Read Now >

Evolv Technology: Claims Made in Connection With Sales of Weapons Detection Systems Appear to Overstate Capabilities, Potentially Exposing Company to FTC Action

Security screening company Evolv Technology (EVLV) may be overstating the capabilities of its walk-through metal detectors, which the company markets as faster and smarter than competitors—claims that have been called into question by customers and an industry research group, raising...

Sep 22, 2023 Read Now >

Enbridge/Dominion: Vertical Power Concerns Related to Dominion’s Control Over Contract Terms Could Attract FTC Scrutiny

In its acquisition of utility company Dominion (D), Enbridge (ENB), a major pipeline operator, could use Dominion’s control over contracts between buyers and sellers of natural gas in Ohio to favor its own interstate pipelines, according to a Capitol Forum analysis. Enbridge currently...

Sep 22, 2023 Read Now >

Broadcom/VMware: Deal Probe in Final Stage, as Senior Officials Examine Proposed Remedy Viewed Positively by SAMR Staff

China’s review of Broadcom’s (AVGO) planned $61 billion VMware (VMW) acquisition has reached its final stages as senior government officials examine a proposed remedy that has increasing support from case handlers and investigators at the country’s competition regulator, sources...

Sep 22, 2023 Read Now >

The European Antitrust Agenda: UnitedHealth/Emis Deal Faces Third-Party Complaints; Pfizer/Seagen Files for EC Review; Google Challenges Antitrust Fine; EC Competition Director Minimizes Role of Below-Threshold Merger Reviews

UnitedHealth/Emis review sparks third party complaints. The Competition and Markets Authority has published three third party responses critical of its decision to give a provisional green light to UnitedHealth Group’s (UNH) 1.2 billion pounds ($1.5 billion) plan to buy EMIS Health...

Sep 18, 2023 Read Now >

The Antitrust Agenda: Senate Commerce Hearing for FTC Commissioners This Week; Recap of Illumina vs. FTC 5th Circuit Hearing

Three FTC Commissioner Nominations on tap for hearing. The Senate Commerce Committee is set to hold a hearing on FTC nominees Melissa Holyoak and Andrew Ferguson and the renomination of FTC Commissioner Rebecca Slaughter. While the Republicans will likely not be confirmed before the...

Sep 18, 2023 Read Now >

InMode: Sales Meeting Recording Details Importance of Morpheus8V Sales to OBGYNS Even Though Company Does Not Have FDA Approval for Treatment of Stress Urinary Incontinence

In audio recordings from a February sales conference, Dr. Spero Theodorou, Chief Medical Officer of InMode (INMD), told sales representatives to sell a device that he acknowledged did not have FDA approval to treat stress urinary incontinence (SUI) to OBGYNs because it was a “Trojan...

Sep 18, 2023 Read Now >

Kroger/Albertsons: Divestiture Deal Triggers Blowback from Unions Representing Store Workers

Kroger’s (KR) proposed acquisition of Albertsons’ (ACI) is generating new union objections over the selected buyer of stores the supermarket operators would divest in exchange for the $24.6 billion deal receiving FTC and states’ clearance. Earlier this month, C&S Wholesale...

Sep 14, 2023 Read Now >

Medtronic: Class Action Filed Over Recalled Defibrillators; Devices Continue to Produce Adverse Event Reports, Including Deaths and Injuries, in FDA Data

Implantable cardiac defibrillators sold by medical device maker Medtronic (MDT), some of which have been recalled since August of 2022, continue to generate a high volume of reports of adverse events to the Food and Drug Administration, a Capitol Forum review of report data has found. The...

Sep 14, 2023 Read Now >

Adobe/Figma: The Impact of Rivals, Large and Small, Could be Key to Deal’s Regulatory Fate

The European approvals of Adobe’s (ADBE) $20 billion plan to buy Figma likely hinges on arguments that fast-growing competition from small, dynamic software design firms and constraints imposed by Big Tech titans will keep the merged entity in check, according to analysis by The...

Sep 14, 2023 Read Now >

Guaranteeing Google as Default Search Engine ‘Key Thing’ Company Paid for in Contracts, Former Executive Says

A former Google (GOOG) contract negotiator said today that guaranteeing its search engine was the default setting on smartphones was so important that it would only share revenue with the phone’s manufacturers and wireless carriers if they didn’t offer the same privilege to rival...

Sep 13, 2023 Read Now >

Health Care Antitrust Weekly: FTC Eyes Improperly Listed Patents in Orange Book; New Illinois Law Expands Targets Health Care Provider Consolidation

FTC set to issue statement on improperly listed patents in FDA’s Orange Book. The commission will consider whether to issue a policy statement regarding patent listings in the Orange Book at an open meeting tomorrow. We highlighted a report on the impacts of patent gaming on inhaler...

Sep 13, 2023 Read Now >

FTC Case Against J&J’s Remicade Inches Toward Litigation as FTC Considers Consumer Protection Count

The FTC’s four-year investigation of Johnson & Johnson’s (JNJ) allegedly illegal conduct in defending the market share of its blockbuster drug Remicade is inching toward litigation, according to sources familiar with the matter. The investigation is broader than has been publicly...

Sep 12, 2023 Read Now >

Broadcom/VMware: Deal Progresses Through Review Process as SAMR Talks Continue, Proposed Remedy Receives Initial Positive Feedback

Broadcom’s (AVGO) planned acquisition of VMware (VMW) is advancing through China’s regulatory process as the U.S. tech giant engages in discussions with the country’s competition enforcer over a proposed remedy that initially is receiving positive government and industry feedback...

Sep 06, 2023 Read Now >

The Antitrust Agenda: Monopolization Investigations and Litigation Set to Drive Agenda Through End of Biden’s Term 

Months of monopolization cases ahead. To date, mergers and big legislative fights have tended to dominate the headlines when it comes to antitrust enforcement during the Biden administration. But monopolization enforcement and litigation are set to command attention through the remainder...

Sep 05, 2023 Read Now >

The European Antitrust Agenda: Tech Firms Get Ready for EU’s DMA Designations; Microsoft Responds to EU Probe by Unbundling Teams from Office; UK Court Backs CMA in Bake-At-Home Goods Merger Block

Major tech companies prepare for Digital Markets Act designations. The European Commission is set to announce the first round of digital “gatekeepers” on Wednesday. Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), ByteDance, Meta (META), Microsoft (MSFT) and Samsung notified the agency...

Sep 05, 2023 Read Now >

I Set Out to Create a Simple Map for How To Appeal Your Insurance Denial. Instead, I Found a Mind-Boggling Labyrinth

This article was published by Cheryl Clark of ProPublica as part of ProPublica and The Capitol Forum’s series on the American health care system. This joint investigation won Silver in the Barlett & Steele Awards, which recognize excellence in investigative business...

Aug 31, 2023 Read Now >

LifeStance: Company Imposed Restriction on New TRICARE and Anthem Patients in Some California Locations, but Misled Payer Representatives and Patients into Believing Appointments Could be Scheduled

Payers that contract with LifeStance Health (LFST) frequently send questionnaires to LifeStance to inquire about provider and appointment availability for a specific insured member who needs mental health care.   But in the case of TRICARE and Anthem Blue Cross Blue Shield in certain...

Aug 24, 2023 Read Now >

AAON: Sales Concentration with Texas AirSystems and Meriton Raises Red Flags, Potentially Requiring Additional Disclosures

AAON Inc. (AAON), a large manufacturer of ventilation and air conditioning equipment for both commercial and residential use, discloses in its SEC filings that its customer Texas AirSystems LLC accounted for “more than 10% or more of its sales during 2022, 2021 and 2020” and accounted...

Aug 24, 2023 Read Now >

McKesson Uses PBM-Like Tactics in Oncology Drug Market to Boost Profits, Critics Allege

McKesson (MCK), America’s largest pharmaceutical distributor, has almost tripled its net income to $3.56 billion over the past 13 years and now ranks No. 9 on the Fortune 500 list of the largest U.S. companies by revenue, just behind Google’s parent company, Alphabet (GOOGL). But...

Aug 22, 2023 Read Now >

Antitrust Scrutiny of Vistra’s $3.4B Plan to Purchase Energy Harbor Grows Amid Second Request and Questioning by FERC

The Federal Energy Regulatory Commission (FERC) said yesterday that it wants more information on the Vistra (VST) acquisition of Energy Harbor (ENGH) after antitrust concerns were raised by state and regional authorities. “Please be advised that the Application is deficient, and the...

Aug 18, 2023 Read Now >

Khan Outlines FTC Support for Employees to Report Harassment Following Allegations Against Wright

This article has been updated slightly for clarity.  FTC Chair Lina Khan, in the wake of allegations made against former Commissioner Joshua Wright, outlined steps this week that agency employees can take to report sexual harassment.  In a memo yesterday to agency staff and her fellow...

Aug 16, 2023 Read Now >

Fiserv: California State Legislator’s Office Investigating Award of Two Additional Contracts to Money Network After Problems With Middle Class Refund Program

Money Network Financial—a subsidiary of global fintech and payments company Fiserv (FI)—last year was awarded a contract by California’s Franchise Tax Board to administer the state’s middle class tax refund, consisting of over $9 billion to be disbursed to over 32 million eligible...

Aug 14, 2023 Read Now >

Intel/Tower Semiconductor: Deal’s Fate Grows Murkier After Biden Unveils Executive Order on U.S. Investment in China

The fate of Intel’s (INTC) proposed $5.4 billion Tower Semiconductor acquisition has grown even murkier following President Joe Biden unveiling his long-anticipated executive order limiting U.S. investment in China, said attorneys in the country not involved with the deal. On the one...

Aug 10, 2023 Read Now >

Microsoft/Activision: Tech Giant’s Persistence Leads CMA to Effectively Launch Unprecedented ‘Phase 3’ UK Review

Microsoft’s (MSFT) persistent attempts to close its proposed takeover of game developer Activision Blizzard (ATVI) have prompted the Competition and Markets Authority to reassess the merger, effectively pushing the regulator to engage in what amounts to a phase 3 investigation of the...

Aug 10, 2023 Read Now >

EQT/Dechra Pharmaceuticals: Transaction Avoids UK Merger Scrutiny Following Briefing Paper’s Submission

Private equity firm EQT is said to have avoided a UK antitrust review of its proposed 4.5 billion pound ($5.6 billion) acquisition of Dechra Pharmaceuticals (DPH: LN). The Competition and Markets Authority had sought further information from the parties following their submission of a...

Aug 09, 2023 Read Now >

Resources Plans Expanded Drilling Program but Past Results May Indicate Challenges Ahead

In July, Houston Natural Resources (OTC: HNRC) acquired Appalachian operator Cunningham Energy for an undisclosed sum, after paying $19.62 million for a 9.9% interest in October 2022, with the company planning a NASDAQ or NYSE uplisting later this year. Central to the deal is an...

Aug 09, 2023 Read Now >

Medtronic: Device Incident Data Differs from Company’s Figures in Recall of Implantable Cardiac Defibrillators, Raising Questions About Company’s Calculations

After a series of recalls of implantable cardiac devices sold by medical device maker Medtronic (MDT), a Capitol Forum review of device incident data suggests that there may be more adverse events associated with the defibrillators than the company has identified in its recalls due to the...

Aug 08, 2023 Read Now >

Amazon/iRobot: Deal Provides Opportunity for Enforcers to Develop ‘Ecosystem’ Theory of Harm

Amazon’s (AMZN) proposed $1.7 billion iRobot (IRBT) acquisition is providing European enforcers an opportunity to further develop a 21st century economic theory of harm created with tech platforms in mind. In announcing its phase 2 in-depth investigation of Amazon/iRobot last month, the...

Aug 02, 2023 Read Now >

Managed-Care Industry Draws Section 2 Monopolization Investigation at DOJ

DOJ has launched a monopolization investigation of the managed-care industry, said people familiar with the matter but not involved in the probe. The investigation is still in the early stages, the sources said, and is being conducted under Section 2 of the Sherman Act, which makes it...

Jul 26, 2023 Read Now >

Citigroup: DOJ Investigating Possible Race Discrimination in Mortgage Lending

The Department of Justice is looking at whether Citigroup (C) discriminated against Black and Hispanic homebuyers in recent years, at a time when the nation’s third-largest bank was struggling to satisfy federal banking rules, according to sources familiar with the matter. A national...

Jul 21, 2023 Read Now >

Encompass Health: Former Employees Raise Concerns Regarding Enrollment Practices and Compliance with Medicare Requirements

For Medicare to pay for inpatient rehabilitation, patients must be diagnosed with at least one of 13 possible conditions and must be able to show a need and capability to undergo intensive rehabilitation for at least 15 hours per week. Medicare also requires that the assessment, known as...

Jul 20, 2023 Read Now >

Prospects Brighten for Broadcom/VMware, ICE/Black Knight, L3Harris/Aerojet Following Recent Developments

The prospects for Broadcom’s (AVGO) proposed VMware (VMW) buyout, Intercontinental Exchange’s (ICE) attempted Black Knight (BKI) purchase and L3Harris Technologies’ (LHX) bid for Aerojet Rocketdyne have distinctly improved due to a series of recent, unrelated developments, according...

Jul 20, 2023 Read Now >

Amazon/iRobot, Thoma Bravo/ForgeRock, Globus/NuVasive May Trigger Tripwires in Draft Merger Guidelines

U.S. antitrust enforcers could target Amazon’s (AMZN) planned $1.7 billion iRobot (IRBT) buyout, Thoma Bravo’s $2.3 billion ForgeRock (FORG) bid and Globus  Medical’s proposed $3.1 billion NuVasive (NUVA) tie-up, according to a Capitol Forum analysis of draft merger guidelines...

Jul 19, 2023 Read Now >

Microsoft/Activision Blizzard: Novel Move Could Open Path for Clearance After Final Report That Avoids Independent Inquiry

The Competition and Markets Authority’s likely clearance of Microsoft’s (MSFT) proposed $68.7 billion Activision Blizzard takeover could open a new route for companies to receive approval for their deals by reversing a “final” prohibition and avoiding an independent group’s...

Jul 18, 2023 Read Now >

FirstEnergy Expected to be Removed from MSCI ESG Indexes at Next Rebalancing

On August 31, the Deka Group expects its ESG ETFs to drop FirstEnergy (FE) following an index rebalancing by MSCI (MSCI), according to a statement made to The Capitol Forum by a Deka spokesperson. The Capitol Forum first reported in June that FirstEnergy would be dropped from numerous...

Jul 18, 2023 Read Now >

Thoma Bravo/ForgeRock: DOJ Leans Toward Suit, Raising Question of Whether Buyer Will Defend Deal in Court

DOJ is leaning toward suing to block Thoma Bravo’s planned buyout of cybersecurity software maker ForgeRock (FORG), sources said, raising questions about whether the private equity firm will bow out as the buyer in the $2.3 billion deal.    Following an...

Jul 11, 2023 Read Now >

Remicade: Of Late, Biosimilars Have Gained Share at Greater Clip, But Overall Picture Shows Problematic Biosimilar Adoption Rate; Antitrust Lawsuits Provide Context for FTC Investigation

The Capitol Forum recently published an analysis of market share and pricing data for the blockbuster autoimmune disorder treatment Remicade (infliximab), which has been under FTC investigation since 2019. Our reporting exposed a broken system in which rebate schemes appear to drive...

Jul 11, 2023 Read Now >

Globus/NuVasive: Spinal-Device Merger Could Give Doctors Fewer Operating Options, Some Surgeons Say

Globus Medical’s (GMED) proposed $3.1 billion acquisition of rival NuVasive (NUVA) could accelerate a market trend that has resulted in fewer choices of spinal devices and operating techniques, some surgeons told The Capitol Forum. The surgeons said that hospitals seeking discounts on...

Jul 07, 2023 Read Now >

EU and UK Look to Germany to Lead the Way in Google Automotive Services Enforcement

Germany’s antitrust regime for technology giants may already be proving more effective than the EU’s Digital Markets Act, with the European Commission and the UK’s Competition and Markets Authority leaving the German enforcer to take on a complaint against Google’s (GOOGL)...

Jul 06, 2023 Read Now >

Pfizer/Seagen: Deal Faces EC Probe with Bavencio Royalty Potentially at Issue

Pfizer’s (PFE) plan to buy Seagen (SGEN) for $43 billion is said to face scrutiny by the European Commission following a referral request by the buyer. The deal could draw regulatory questions in Europe about a royalty payment Pfizer is set to receive for bladder cancer drug Bavencio,...

Jun 29, 2023 Read Now >

FTC Could be Setting Up Coke and Pepsi as the Modern Textbook Cases of the Robinson-Patman Act, as the Agency Begins its Revival of the Long-Dormant Law

Experts say the FTC’s Robinson-Patman Act investigation into Coke (COKE) and Pepsi (PEP) could make for a shrewd first enforcement action, given the clear evidence of price discrimination by big soda against small retailers. The FTC is renewing enforcement of the 1936 anti-chain store...

Jun 29, 2023 Read Now >

How Often Do Health Insurers Say No to Patients? No One Knows.

This article is being published in partnership with ProPublica. This joint investigation won Silver in the Barlett & Steele Awards, which recognize excellence in investigative business journalism. It’s one of the most crucial questions people have when deciding which health plan to...

Jun 28, 2023 Read Now >

LifeStance: Company Creates Barriers to Mental Health Treatment, Cancels Appointments When Patients Refuse to Pay Amounts They Don’t Owe

LifeStance Health (LFST), a nationwide roll up of outpatient mental health clinics, has, in at least some clinics, installed gatekeepers who demand patients pay whatever the company’s error-ridden billing system shows as outstanding—even if it’s wrong—as a precondition to seeing...

Jun 27, 2023 Read Now >

Kroger/Albertsons: FTC Could Revive Depression-Era Law in Bid to Block Supermarket Merger

As Kroger (KR) and Albertsons (ACI) attempt to create the second-largest U.S. supermarket group after Walmart (WMT), the FTC is dusting off a Depression-era law aimed at curbing the power of large retail chains, suggesting that the long-dormant statute could play a role in a potential...

Jun 26, 2023 Read Now >

Chevron/PDC Energy: Combined Entity Would Control Over a Quarter of Colorado Oil & Gas Production

Chevron’s proposed $7.6 billion merger with PDC Energy would significantly consolidate the Colorado oil and gas industry—the fifth largest crude oil-producing state in the U.S.—combining Chevron’s 10 percent of Colorado’s market share with PDC Energy’s 16 percent, according to...

Jun 23, 2023 Read Now >

At least 18 Indexes Likely to Drop FirstEnergy at Next Redetermination as ESG Concerns Snowball

Index providers S&P Global (SPGI), MSCI (MSCI) and the London Stock Exchange Group’s (LSE) FTSE Russell are likely poised to remove FirstEnergy (FE) from at least 18 of their ESG indices after their next quarterly redetermination, according to a Capitol Forum investigation. Over a...

Jun 21, 2023 Read Now >

SAMR Shuffles Top Merger Officials Amid Probes of Sensitive Chip Deals

China’s antitrust authority has quietly made two key staff appointments in its merger department, putting a seasoned enforcer and a relative novice in charge of reviewing multibillion-dollar technology deals including Intel’s (INTC) proposed buyout of Tower Semiconductor (TSEM), said...

Jun 20, 2023 Read Now >

J&J’s Remicade: Rebates and High Net Prices, Not Low Net Prices, Inform Market Shares for Remicade and Biosimilar Competitors

The FTC has been investigating blockbuster biologic autoimmune disorder treatment Remicade (infliximab) since June 2019. Remicade is a tumor necrosis factor (TNF) inhibitor first approved in 1998 and marketed by Johnson & Johnson subsidiary Janssen. The drug is currently indicated to...

Jun 20, 2023 Read Now >

Broadcom/VMware: Some Deal Critics Not Included in EC Market Test of Proposed Remedy

The European Commission is said to have not sought feedback from some critics of Broadcom’s (AVGO) proposed VMware (VMW) acquisition regarding the U.S. chipmaker’s offer to address the regulator’s concerns about the $61 billion deal. By not approaching these critics, the commission...

Jun 07, 2023 Read Now >

iRhythm: FDA Publishes Warning Letter to Company Citing Several Problems with Labelling and Data Storage, Potentially Paving Path for Recall

Earlier this morning, the FDA published a lengthy warning letter the agency had sent to heart monitoring company iRhythm (IRTC) regarding the marketing of its Zio AT System as providing “near real-time monitoring” for immediate monitoring of “high-risk patients.” However, as the...

Jun 06, 2023 Read Now >

Natera: Response to Public Records Request Suggests Kentucky Attorney General’s Investigation into Natera Has Progressed

The response to a recent records request by The Capitol Forum to the Kentucky Attorney General suggests that the agency’s investigation into genetic testing company Natera (NTRA) has progressed over the last three months, with the agency gathering evidence and potentially preparing for...

Jun 05, 2023 Read Now >

The European Antitrust Agenda: Microsoft/Activision Deal Given Tentative UK Appeal Date; EC Mulls Broadcom/VMware Remedy; Booking Holdings Faces Objections to Etraveli Merger; Vodafone, Vantage Towers Face German Probe

Microsoft set for possible July showdown with CMA over Activision deal denial. Microsoft’s (MSFT) challenge at the Competition Appeal Tribunal to the UK’s decision prohibiting its proposed $68.7 billion acquisition of Activision Blizzard (ATVI) has been penciled in for July 24....

Jun 05, 2023 Read Now >

FleetCor: As Parties Await Terms of Court Order on Scope of Injunctive Relief Problematic Billing and Fee Practices Appear to Persist

Despite publicly professing a desire to cooperate with the FTC and revise certain billing practices, FleetCor Technologies’ (FLT) problematic billing and fee practices appear to continue, according to The Capitol Forum’s ongoing investigation into the company. At issue are the...

Jun 02, 2023 Read Now >

UnitedHealth/Emis: After Remedy Rejected, Unconditional Clearance Becomes Best Option For Salvaging Deal

UnitedHealth Group (UNH) will probably need the Competition and Markets Authority’s unconditional clearance for its planned 1.2 billion pound ($1.5 billion) acquisition of health care software and systems provider Emis Group (EMIS: LN) after the UK regulator rejected the company’s...

Jun 02, 2023 Read Now >

Amgen/Horizon Therapeutics: Judge Kness’s Criminal Law Background, Willingness to Get into Market Detail May Offset His Federalist Society Credentials

The FTC’s suit to block Amgen’s (AMGN) $27.8 billion acquisition of Horizon Therapeutics (HZNP) rests on tenets of antitrust law that U.S. antitrust enforcers haven’t used to challenge a merger in decades, prompting a skeptical response from defense attorneys and veteran deal...

Jun 01, 2023 Read Now >

MaxLinear/Silicon Motion: Parties Make Progress in Negotiating Remedy With Chinese Regulator

U.S. chipmaker MaxLinear (MXL) has achieved some progress in negotiating a remedy proposal with China’s antitrust authority for its planned $3.8 billion acquisition of Taiwanese rival Silicon Motion Technology (SIMO), sources familiar with the matter said. Case handlers at the State...

May 30, 2023 Read Now >

InMode: Former Sales Employees Detail Relationship with Financial Partners Group

Former sales employees of InMode (INMD), a manufacturer of medical aesthetic devices, tell The Capitol Forum that the company had a “hand in glove” relationship with Financial Partners Group (FPG), a broker that arranged financing for purchases of InMode devices by clinics and med...

May 26, 2023 Read Now >

Zynex: Company’s Accounting Practices Raise Red Flags, According to Accounting Experts

The accounting practices of Zynex (ZYXI), a manufacturer of electrotherapy devices for pain management, are raising red flags with finance experts who questioned how the company is accounting for adjustments, allowances, and nonpayment of the claims it submits to insurers. According to...

May 24, 2023 Read Now >

LifeStance Health: Vulnerable Mental Health Patients Burdened with Unwarranted Medical Debt from Company’s Billing Practices, Errors, and High Fees

In October, the Better Business Bureau submitted a written request to LifeStance Health Group, Inc. (LFST), a publicly traded, private equity-backed company that owns or manages hundreds of outpatient mental health facilities across 33 states, encouraging LifeStance to address a pattern...

May 19, 2023 Read Now >

Pictet Clean Energy Transition Fund Divests FirstEnergy as Utility Faces Challenging Legal Environment, Climate Concerns

Environmental, social, and governance (ESG) concerns factored into Swiss investment firm Pictet’s internal decision to close a position in FirstEnergy (FE) held by its sustainability-focused fund, according to information obtained by The Capitol Forum. The Pictet Clean Energy Transition...

May 17, 2023 Read Now >

Congressional Committee, Regulators Question Cigna System that Lets Its Doctors Deny Claims without Reading Patient Files

This article is published in partnership with ProPublica. This joint investigation won Silver in the Barlett & Steele Awards, which recognize excellence in investigative business journalism. A key congressional committee asked insurance giant Cigna on Tuesday to provide corporate...

May 16, 2023 Read Now >

Amgen/Horizon: FTC Prepares to Sue to Block $27.8 Billion Pharmaceutical Transaction

The FTC is preparing to sue to block Amgen’s (AMGN) proposed $27.8 billion acquisition of Horizon Therapeutics (HZNP), sources familiar with the matter said. The agency’s three sitting Democratic commissioners, who met on Friday in a closed-door meeting to discuss the case, are set to...

May 15, 2023 Read Now >

Kroger/Albertsons: Regional Grocers Sign NDAs in Talks to Buy Divested Stores, Sources Say

Grocers on the East Coast and in other U.S. regions have signed nondisclosure agreements to discuss potential purchases of Kroger (KR) and Albertsons (ACI) stores set to be divested as part of the supermarkets’ proposed $24.6 billion merger, according to two people familiar with the...

May 15, 2023 Read Now >

Zynex: Company Overbilling Federal TRICARE Program for Electrodes; Practice Mirrors 2018 DOJ False Claims Act Settlement

Zynex Medical (ZYXI), a manufacturer of electrotherapy devices for pain management, is overbilling TRICARE, the military health program for active-duty soldiers and their family members, for millions of dollars in unnecessary supplies for its devices, according to a Capitol Forum...

May 11, 2023 Read Now >

The Antitrust Agenda: How Judge Ana Reyes’ Pro-Settlement Bent in Assa Abloy/Spectrum Brands Case Led to Mediation; May 12 Items on FTC Calendar; Key Takeaway from AELP Event

How Assa Abloy/Spectrum Brands ended up in mediation. Judge Ana Reyes, despite being a Biden appointee, was antagonistic towards the government behind closed doors from the beginning of the Assa Abloy/Spectrum Brands case seemingly because she believed that the case should settle rather...

May 08, 2023 Read Now >

TD Bank/First Horizon: CEO Met With Top Bank Examiner Days After Deal Delay Announced, Document Shows

Days after the head of Toronto-Dominion Bank (TD) declared he was “fully committed” to his company’s proposed acquisition of First Horizon Bank (FHN), he met with senior officials of one U.S. regulator that will decide whether the $13.4 billion deal goes ahead, according to an...

May 04, 2023 Read Now >

Kroger/Albertsons: FTC, State Reviews Home In on Deal Shrinking Pharmacy Options in Some Regions of the U.S.

Kroger’s (KR) plan to acquire rival grocer Albertsons (ACI) is raising concerns among FTC lawyers and state attorneys general about how the $24.6 billion deal would affect pharmacy services in certain U.S. regions, sources familiar with the matter said. Nationally, the companies control...

May 02, 2023 Read Now >

Intel/Tower Semiconductor: SAMR Likely to Decide on Deal in Coming Weeks; Gelsinger’s Visit Smoothed Path for Remedy Talks, Lawyers Say

Chinese antitrust enforcers are likely to make a decision on Intel’s (INTC) proposed buyout of Tower Semiconductor (TSEM) in the coming weeks, ending a long “stop the clock” on their review of the $5.4 billion transaction, said China-based legal experts and practitioners.   The...

Apr 27, 2023 Read Now >

Viasat/Inmarsat: Course Set for Satellite Deal’s Clearance as European Commission Declines So Far to Issue Formal Objections

Viasat’s (VSAT) proposed acquisition of rival satellite service supplier Inmarsat Group (ISAT: LN) appears on course for a European Commission green light as the regulator so far has declined to produce a formal charge sheet on the $4 billion deal. “As of today, the commission has...

Apr 21, 2023 Read Now >

CFPB March Complaint Data: Total Monthly Complaints Hit 12 Month High as Bureau’s Policy Statement on Abusive Acts or Practices Appears to Signal Paradigm Shift, Prioritizing Fair Dealing Over Consumer Sovereignty

Total monthly complaints submitted by consumers to the CFPB rose to 112,600 in March 2023, reflecting an approximately 30% increase from February and the highest total number of complaints over the past twelve-month period, as measured by The Capitol Forum. The categories with the largest...

Apr 20, 2023 Read Now >

Health Care Antitrust Weekly: Litigation Volume Expected to Increase at FTC’s Health Care Division; Remicade Investigation Heating Back Up

FTC’s Health Care division agenda. Taking a look at the overall health care conduct enforcement agenda at the FTC, there appears to be plenty of bandwidth for Health Care Division’s roughly 35 attorneys to bring more cases. That’s particularly true considering that the agency’s...

Apr 19, 2023 Read Now >

The Beauty Health Company: Syndeo Defects, Company Policies Frustrate Machine Users

The Beauty Health Company (SKIN), maker of the HydraFacial skincare device and products, has clamped down on chatter among frustrated estheticians who recently took to a Facebook group page to voice concerns about defective HydraFacial machines and to discuss potential competitor...

Apr 13, 2023 Read Now >

As Private Equity Firms Work to Access 401(k) Market, Plaintiff Lawyers Gear Up to Sue

Seeing a green light from the Department of Labor, private equity firms are developing new investment products they hope will achieve their longtime goal of accessing the lucrative $7 trillion 401(k) market, industry experts tell The Capitol Forum. Private equity funds have historically...

Apr 10, 2023 Read Now >

Withdrawn Guidelines for Information Sharing Raise Risks for Healthcare Data Companies

Companies like Verisk Health and UnitedHealthcare (UNH) could draw unwanted attention from DOJ now that three policy statements regarding information sharing “safety zones” for healthcare companies have been withdrawn. The two companies have been singled out in the past for...

Apr 05, 2023 Read Now >

UnitedHealth/Emis: CMA Seeks Broader Asset Divestitures

UnitedHealth Group’s (UNH) plan to buy health care software and systems provider Emis Group (EMIS: LN) is said to have been pushed to an in-depth review by the Competition and Markets Authority because the watchdog sought asset divestures beyond those owned by the buyer in the...

Apr 05, 2023 Read Now >

Microsoft/Activision Blizzard: Buyer Expands EC Cloud Remedy as CMA Talks Continue

Microsoft (MSFT) is said to have broadened a remedy offered to the European Commission in connection with the company’s proposal to buy Activision Blizzard (ATVI) for $68.7 billion. The commission is seeking third-party feedback on the expanded offer. The change is said to relate to the...

Apr 05, 2023 Read Now >

Healthcare Antitrust Weekly: Ohio AG Sues PBMs for Using “Rebate Aggregators” to Fix Prices; DOJ Decision Not to Litigate CVS/Signify Further Boosts Odds of Section 2 Investigation into U.S. Healthcare Behemoths 

Ohio Attorney General Sues PBMs for Price Fixing. Ohio AG Dave Yost targeted PBMs’ strategy of hiding behind “rebate aggregating” pharmaceutical group purchasing organizations in a price-fixing lawsuit filed March 27. According to the complaint “Big Three” PBM Express Scripts,...

Apr 05, 2023 Read Now >

The Antitrust Agenda: With FTC Set to Have Two Open Republican Seats, Health of Senate Minority Leader McConnell Looms Large; Vedova Demands Compliance with HSR Form

Has McConnell’s absence from Senate delayed Republican FTC appointments? While antitrust enforcers made some headlines at the ABA Spring Meeting (see below for key remarks and highlights), the health of Senate Minority Leader Mitch McConnell was a subject of interest, as he is set to...

Apr 03, 2023 Read Now >

Assa Abloy/Spectrum Brands: Judge Grilled DOJ Litigator Over ‘Litigating the Fix’ Legal Standard; Case Still Comes Down to the Divestiture

At yesterday’s marathon hearing, U.S. District Judge Ana C. Reyes grilled DOJ litigator, Matthew Huppert, over the appropriate legal framework to apply to merger challenges involving a divestiture. Judge Reyes also indicated that DOJ’s challenge to Assa Abloy’s (ASSA-B:SS) bid for...

Mar 30, 2023 Read Now >

Adobe/Figma: Deal Faces Challenging Reviews in Brussels and London

Software company Adobe’s (ADBE) $20 billion plan to purchase the privately held design platform Figma will be reviewed by regulators in London and Brussels, and winning approval from both agencies is likely to be a challenge, according to an analysis by The Capitol Forum. Adobe’s...

Mar 30, 2023 Read Now >

TD Bank/First Horizon: DOJ Probe Holds Up Regulators’ Decisions On Deal

U.S. financial regulators’ decisions on TD Bank’s (TD) proposed $13.4 billion acquisition of First Horizon Bank (FHN) are being held up by issues raised in a DOJ investigation, a source familiar with the matter said. It’s unclear what the focus of the DOJ investigation is and how...

Mar 29, 2023 Read Now >

How Cigna Saves Millions by Having Its Doctors Reject Claims Without Reading Them

This article was published in partnership with ProPublica. This joint investigation won Silver in the Barlett & Steele Awards, which recognize excellence in investigative business journalism. When a stubborn pain in Nick van Terheyden’s bones would not subside, his doctor had a...

Mar 25, 2023 Read Now >

Early Bids for Orphan Well Plugging Reveal Cracks in States’ Ability to Accurately Track Well Ownership; Active Operators Are Poised to Further Exploit State Processes to Offload Retirement Obligations

Bidding documents produced during the first stages of states’ efforts to plug wells with federal funds reveal that certain wells identified for plugging appear to be owned by active operators like Chesapeake Energy (CHK), Diversified Energy (LON: DEC), or BP (BP), according to The...

Mar 24, 2023 Read Now >

Amgen/Horizon Therapeutics: FTC Staff Probes Buyer’s Past Drug-Price Increases and Alleged Anticompetitive Tactics 

FTC staff reviewing Amgen’s (AMGN) proposed $27.8 billion acquisition of Horizon Therapeutics (HZNP) is probing the acquirer’s track record of raising drug prices and allegedly shielding its products from competition, sources familiar with the matter said.   The staff is considering...

Mar 22, 2023 Read Now >

UnitedHealth/Change Healthcare: As DOJ Drops Appeal, Agency May Pivot to Considering Broader Section 2 Cases Against U.S. Health Behemoths

DOJ said today that it wouldn’t appeal a federal judge’s decision allowing UnitedHealth’s (UNH) $7.8 billion acquisition of Change Healthcare (CHNG).    The purchase of Change, which operates the most popular clearinghouse for insurance information, puts UnitedHealth, the No. 1...

Mar 21, 2023 Read Now >

The European Antitrust Agenda: Microsoft’s Formal Activision Remedy Pledge; CMA Takes Shot at UnitedHealth/Emis Merger; EC Extends Broadcom/VMware Probe; European Cloud Providers Tell Microsoft to End Allegedly Unfair Licensing

Microsoft makes formal EC remedy offer. Microsoft (MSFT) last week offered formal concessions to the European Commission in connection with its planned takeover of Activision Blizzard (ATVI). The Brussels-based regulator will seek third-party feedback on the offer.   The offer is said...

Mar 21, 2023 Read Now >

The Antitrust Agenda: What UBS Buying Credit Suisse Means for Bank Merger Reviews; Timing of Draft Merger Guidelines

UBS’s takeover of Credit Suisse, announced yesterday, is clearly at odds with the Biden administration’s whole-of-government approach to enforcing competition policy. The merger combines a formerly top 10 bank with its Swiss rival – an outcome that would have been unthinkable from a...

Mar 21, 2023 Read Now >

InMode: Company Only Recently Began Submitting Required Malfunction and Injury Reports to FDA

Prior to last month, InMode (INMD), a manufacturer and vendor of aesthetic medical devices, had not been submitting mandatory reports to the Food and Drug Administration regarding injuries and malfunctions stemming from the use of its devices, according to a Capitol Forum analysis of an...

Mar 10, 2023 Read Now >

Xponential: Sales Pitch to Some Former Franchisees May Have Violated Franchise Disclosure Rules

Fitness franchisor Xponential (XPOF) in some cases appears to provide financial projections as part of its sales pitch to prospective franchisees beyond those contained in its franchise disclosure documents—a potential violation of federal franchise rules—according to interviews and...

Mar 10, 2023 Read Now >

Microsoft Cloud Rivals Meet With Vestager to Discuss EU Antitrust Complaint

European cloud providers Aruba, Danish Cloud Community and OVHcloud met with EU competition chief Margrethe Vestager yesterday to discuss their allegations that Microsoft (MSFT) uses unfair software licensing practices to harm rivals of its own Azure cloud service, The Capitol Forum has...

Mar 10, 2023 Read Now >

Broadcom/VMware: EC, FTC Raising Concerns About Large Corporate Clients That Demand On-Premises Virtualization Software Services

The European Commission and the FTC are said to be raising concerns about how Broadcom’s (AVGO) proposed $61 billion VMware (VMW) purchase could affect large corporate clients that access their VMware server virtualization software on premises.  VMware is a market-leading producer of...

Mar 09, 2023 Read Now >

The European Antitrust Agenda: Microsoft/Activision Might Be Poised For a Win at the EC as Critics Turn Up the Heat; New Tune in EC’s Music-Streaming Case Against Apple; The Trouble With CMA Efforts to Encourage Climate Initiatives; Viasat/Inmarsat Gets Provisional Green Light From London; UnitedHealth/Emis Faces New Demands From CMA; Dutch Enforcer Calls for Tool to Tackle Tacit Collusion; EC About to Hit Google With SO Over Online Ads

A coup for Microsoft/Activision at the EC? Microsoft (MSFT) is set to receive a notable boost from the European Commission in connection with its planned $68.7 billion takeover of Activision Blizzard (ATVI), according to a report. The EC, the report said, is expected to approve the...

Mar 06, 2023 Read Now >

The Antitrust Agenda: At Keystone Conference, Kanter Warned About Big Tech as Vestager Struck Centrist Note

Antitrust enforcement sparks optimism at Brussels event, but some say new laws key. Speakers at a Keystone Strategy conference in Brussels on March 2 voiced optimism that antitrust enforcement and competition policy have sprung back to life in the fight against monopolies and other...

Mar 06, 2023 Read Now >

CMS Policy: Advance Notice Appears to Target Lucrative Diagnosis Codes Previously Used by Companies Like Signify and Oak Street Health 

The Centers for Medicare and Medicaid has proposed changes to the risk adjustment model that will reduce or eliminate some of the extra money the agency pays to Medicare Advantage plans to manage and treat certain chronic conditions.    In focus are certain inappropriate coding...

Mar 03, 2023 Read Now >

Intel/Tower Semiconductor: With SAMR Approval Outstanding, Intel Executive Stresses Commitment to China 

With Intel’s (INTC) $5.4 billion bid for Tower Semiconductor (TSEM) under review by China’s antitrust authority, Intel China Chairwoman Wang Rui has embarked on a charm offensive, stressing the company’s long-term commitment to the country.  Wang, who’s also a senior vice...

Mar 02, 2023 Read Now >

Federal Reserve Taps Amazon for New Payments Project; Lawmakers Calls for Scrutiny

The Federal Reserve has tapped Amazon (AMZN) to provide data storage for an ambitious new payment system, according to sources familiar with the matter. The move could increase political pressure to put the tech giant under the watch of U.S. financial system regulators.   The new...

Feb 24, 2023 Read Now >

FleetCor: Company and FTC Unable to Come to Agreement on Injunctive Relief Order; Judge Asks Parties to Answer Questions Ahead of Potentially Issuing Order

After initially trying to get the Federal Trade Commission and FleetCor (FLT) to reach an amicable decision on the scope of an order for permanent injunction and other relief, federal district court judge Amy Totenberg may be forced to issue an order, as the parties appear to remain far...

Feb 22, 2023 Read Now >

Coterra Marcellus Output Continues to Fall, Testing Company’s Fourth Quarter Natural Gas Production Guidance

Coterra Energy (CTRA) appears on track to see its lowest annual Marcellus output since 2018, with the company reporting an average of 77 million Mcfe per month from its Marcellus wells in the fourth quarter, Upstream shows. Coterra’s total Marcellus production in the second half of 2022...

Feb 22, 2023 Read Now >

The Beauty Health Company: Syndeo Problems Persist After Rushed Rollout of Machine

Almost one year since The Beauty Health Company (SKIN) rolled out its new RFID-enabled facial machine, Syndeo, problems with the device that were previously reported by The Capitol Forum persist and appear to be getting worse. The Capitol Forum has learned that facialists who bought the...

Feb 17, 2023 Read Now >

Xponential: Some Franchisees Say They Struggle to Make Business Model Work at Franchised Locations; Company Potentially Obfuscates Franchise Failure Rate in Disclosure Documents

Fitness franchisor Xponential (XPOF), whose brands include Club Pilates, Pure Barre and Cycle Bar, touts that it has never had a studio go out of business, even in the midst of pandemic restrictions that temporarily shut down exercise facilities and scared customers away from gyms.  The...

Feb 15, 2023 Read Now >

Pediatrix: Halt of Arbitration Payment Determinations Could Delay Company’s Collection of Disputed Payments

In response to a Texas Federal District Court decision vacating certain No Surprises Act implementation rules, the Centers for Medicare and Medicaid Services last week paused the issuance of all new No Surprises Act arbitration payment determinations and recalled all determinations issued...

Feb 15, 2023 Read Now >

New Hard Beverage Products From Pepsi and Coke Threaten the Integrity of Alcohol’s Three-Tier System, Critics Warn; States and the TTB Are Set to Weigh in With Enforcement and New Rules as FTC Investigates Big Soda’s Relationship with Retailers

Consumers browsing the beer aisle will soon be confronted by a new product: Lipton Hard Iced Tea, the next big move by PepsiCo (PEP) to spin off a popular consumer product into the alcohol industry.   It comes one year after Pepsi launched Hard Mtn Dew, a 5% alcohol version of Mountain...

Feb 13, 2023 Read Now >

Broadcom/VMware: FTC Staff Sounds Out Third Parties About Signing Declarations for Possible Court Case

FTC staff attorneys reviewing Broadcom’s (AVGO) proposed purchase of VMware (VMW) are sounding out industry participants about whether they would sign declarations or participate in investigational hearings, deepening the agency’s investigation of the $61 billion deal, sources...

Feb 10, 2023 Read Now >

InMode: New State Commercial Financing Laws Could Negatively Affect Sales Through Certain Lenders

Recent changes in disclosure requirements for loans to small businesses could affect doctors’ and spas’ willingness to finance equipment sold by InMode (INMD), a manufacturer and vendor of aesthetic skin care devices. These new laws, which recently went into effect in New York,...

Feb 08, 2023 Read Now >

Natera: Kentucky AG Investigation Ongoing; Public Records Request Indicates AG Formulating Policies, Official Actions

A response to a public records request from the Kentucky Attorney General indicates that the office may be formulating policy recommendations in regard to its active criminal investigation of the genetic testing company Natera (NTRA). The Capitol Forum has previously reported that Natera...

Feb 06, 2023 Read Now >

“We’re Still Gonna Say No”: Inside UnitedHealthcare’s Effort to Deny Coverage to Chronically Ill Patient

This article is being published in partnership with ProPublica, with ProPublica’s David Armstrong and Maya Miller and The Capitol Forum’s Patrick Rucker contributing. This joint investigation won Silver in the Barlett & Steele Awards, which recognize excellence in...

Feb 02, 2023 Read Now >

Corcept: Use of Charitable Foundations Could Draw DOJ Scrutiny

Corcept Therapeutics Incorporated (CORT) appears to have provided patients with free Korlym or financial assistance through charitable foundations to give them access to the company’s expensive flagship drug.  After those people got access to the drug, the company aggressively pushed...

Jan 24, 2023 Read Now >

Zynex: Company Improperly Billing Worker’s Compensation Funds for TENS Devices; Practices Strikingly Similar to Competitor Being Sued by 28 Liberty Mutual Insurers

Update: On June 6, 2024, Judge Steven Merryday entered an order dismissing Liberty Mutual’s case against EMSI with prejudice for failure to prosecute and ordered Liberty to pay EMSI’s legal fees of almost $70,000. A Capitol Forum investigation has uncovered extensive issues...

Dec 21, 2022 Read Now >

Coterra Energy: Pennsylvania Drilling Signals Early Shift Towards Less Promising Targets as Legacy Marcellus Wells Underperform Peers

Coterra Energy (CTRA) appears to be running out of Tier One inventory in the Marcellus, Upstream suggests, while its regional production during the first three quarters of 2022 has dipped to the company’s lowest levels since 2018. A surge in production in the second half of the year...

Dec 19, 2022 Read Now >

Amazon Should Face Firm UK Antitrust Action as EC Seeks to Settle Retail Cases, Critics Say

UK competition enforcers investigating how Amazon (AMZN) treats rival retailers should be tougher than the European Commission has been in reining in the company’s dominance over e-commerce, two critics told The Capitol Forum.   The EC and Amazon are expected to formalize a settlement...

Dec 15, 2022 Read Now >

Assa Abloy/Spectrum Brands: Judge Jackson Considers Following Judge Nichols Departure from Other D.C. District Judges’ ‘Litigating the Fix’ Burden Allocation 

During last week’s hearing, D.C. District Court Judge Amy Berman Jackson indicated that she is considering following Judge Nichols departure from how other D.C. District Court judges have allocated the evidentiary burden for divestitures in DOJ’s challenge to block Assa Abloy’s...

Dec 15, 2022 Read Now >

Procept Biorobotics: UnitedHealthcare Commercial Policy Effective December 1, 2022, Reiterates Aquablation as Unproven and Not Medically Necessary Due to Insufficient Evidence of Safety and/or Efficacy

UnitedHealthcare (UNH), the largest insurer in the country, recently released its prostate surgeries and interventions commercial medical policy effective December 1, 2022. The policy reiterates the insurer’s prior view that aquablation, which uses a high pressure saline solution to...

Dec 13, 2022 Read Now >

Korean Air/Asiana: Complainants Urge SAMR to Hold Parties to Initial Remedy Offer, Delay Decision

Chinese industry associations and airline operators are urging the country’s antitrust authority to require Korean Air (KRX: 003490) and Asiana Airlines (KRX: 020560) to abide by a remedy offer they made to address concerns with their proposed merger but subsequently rescinded, sources...

Dec 09, 2022 Read Now >

InMode: Company Misrepresents Licensing Requirements and Earnings Potential when Selling Devices to Doctors, According to Former Sales Representatives

InMode (INMD), a manufacturer of aesthetic medical devices, often does not tell doctors interested in purchasing their products about the additional licensing requirements needed to operate the devices, according to former company sales representatives. The omission, the former employees...

Dec 09, 2022 Read Now >

Corcept: DOJ Investigation may Involve Off-Label Marketing of Flagship Drug; Source says Potential Promotion for Off Label use Continues  

Drug manufacturer Corcept (CORT) disclosed that late last year it received a records subpoena from the U.S. Attorney’s Office for the District of New Jersey, stating that the office was “seeking information relating to the sale and promotion of Korlym, Corcept’s relationships with...

Dec 09, 2022 Read Now >

Kroger/Albertsons: State Lawsuits Over Albertsons Dividend Could Complicate Potential FTC Litigation 

State efforts to stop Albertsons (ACI) from issuing a $4 billion special dividend to shareholders ahead of its planned merger with rival supermarket Kroger (KR) could complicate a potential federal challenge of the deal itself.   The Washington, D.C., California, and Illinois attorneys...

Dec 07, 2022 Read Now >

Natera: Company’s Ties with China’s BGI Genomics Exposes it to Political and Regulatory Risk

Natera’s (NTRA) joint venture with a Chinese genetic testing company that has ties to the People’s Liberation Army could spell issues for the company and raise potential national security and human rights concerns, according to national security experts interviewed by The Capitol...

Dec 07, 2022 Read Now >

Amazon/iRobot: CMA’s Threat to Transaction Looms Large in Europe  

Approval from the Competition and Markets Authority will likely be the biggest European regulatory hurdle for Amazon’s (AMZN) $1.7 billion plan to buy automated cleaning device maker iRobot (IRBT), sources have told The Capitol Forum.   In many ways, the deal is like Google’s...

Dec 06, 2022 Read Now >

Microsoft/Activision Blizzard: Sony Far From Signing Call of Duty Proposal As Likely FTC Vote On Suit Nears 

Microsoft (MSFT)—facing a likely FTC lawsuit this month to block its proposed Activision Blizzard (ATVI) buyout when a timing agreement with the agency expires—has so far failed to convince Sony (SONY) to drop its objections to the $68.7 billion deal, sources familiar with the matter...

Dec 02, 2022 Read Now >

The Beauty Health Company: Customers, Former Employees Challenge Company’s Explanation for Slow Growth in Consumables Sales

The Beauty Health Company (SKIN) recently told investors that slow growth in sales of the solutions and serums used in its trademark HydraFacial treatments was due to company giveaways of product with sales of its new Syndeo devices, saying device purchasers are given enough product to...

Nov 23, 2022 Read Now >

Thoma Bravo/ForgeRock: Companies  Set to  Pull and  Refile Premerger Notification, Giving DOJ More Time to Review Deal

Thoma Bravo (TBA), the world’s largest private equity firm, and cybersecurity software company ForgeRock (FORG) plan to pull and refile the notification for their proposed $2.3 billion merger, according to a source familiar with the matter.   With the pull-and-refile, the...

Nov 22, 2022 Read Now >

Amazon and Private Equity Firm Apollo Grab Power in U.S. Air Cargo Industry; TSA Defers Safety Authority to Amazon’s Unregulated Airline

Amazon and Apollo are rolling up power in the air cargo market. In recent years, Amazon (AMZN) acquired equity and warrants in Atlas Air (AAWW) and equity and warrants at ATSG (ATSG)— two of the largest U.S. independent air cargo carriers, according to an analysis by The Capitol Forum...

Nov 17, 2022 Read Now >

Excessive Medicine Prices Under Spotlight in Two Upcoming UK Pharma Judgments

Two upcoming rulings by the UK’s Competition Appeal Tribunal (CAT) are expected to further clarify the price monopolist pharmaceutical companies can charge the UK’s National Health Service (NHS) for off-patent drugs, sources have told The Capitol Forum. The rulings—set to be...

Nov 16, 2022 Read Now >

The Antitrust Agenda: Republican Senators Take Aim at ESG Initiatives on Eve of Elections; Open Markets’ Lynn Says Attention on Amazon Following DOJ Win vs. Book Publisher Merger 

GOP senators warn law firms about clients’ possible ESG antitrust violations. Senate Republicans warned law firms about “possible antitrust violations” that their “clients may commit if they pursue Environmental, Social and Governance (ESG) initiatives.” The firms and their...

Nov 07, 2022 Read Now >

Kroger/Albertsons: Companies Have Overlap of More Than 1,400 Stores; Khan Highly Critical of Failed Supermarket Divestitures

Kroger’s (KR) planned $24.6 billion acquisition of rival grocer Albertsons (ACI) would result in common control of more than 1,400 closely competing stores absent divestitures, according to a Capitol Forum analysis. Past reviews of grocery mergers by the FTC have centered on economic...

Nov 02, 2022 Read Now >

Assa Abloy/Spectrum Brands: The Merging Parties are Unlikely to Offer Divesture that Moves the Needle with DOJ

Assa Abloy (ASSA-B:SS) confirmed last week that the company has taken initial steps to sell its Emtek lock brand and smart residential business in the U.S. and Canada to oppose DOJ’s challenge to its $4.3 billion bid for the hardware and home improvement (HHI) division of Spectrum...

Oct 18, 2022 Read Now >

Healthcare Policy: DOJ Sues Cigna Over Medicare Advantage Risk Score Adjustments; Alleged Practices Similar to Those Uncovered in Reporting About Oak Street Health and Signify Health

Yesterday, the Department of Justice announced that it had filed a civil lawsuit against Cigna (CI) alleging that the insurer defrauded the Medicare Advantage program out of tens of millions of dollars. The allegations raised by the government are similar to those uncovered by The Capitol...

Oct 18, 2022 Read Now >

Flagstar Bancorp/New York Community Bancorp: When FDIC Rebuffed Merger Bid, Banks Restructured Deal So OCC Would Review It

Federal Deposit Insurance Corporation (FDIC) staff members were so concerned about fair lending failings at Flagstar Bancorp (FBC) that they told executives at New York Community Bancorp (NYCB) that they wouldn’t support their proposed $2.6 billion acquisition of the company, according...

Oct 18, 2022 Read Now >

Coordination Out Loud: Analysis of Public Statements from Fertilizer Industry Executives 

Coordination Out Loud: Analysis of Public Statements from Fertilizer Industry Executives  Special Note: Coordination Out Loud is a series of articles that analyze select corporate transcripts through the lens of Joseph Harrington’s landmark paper, “Collusion in Plain Sight: Firms’...

Oct 17, 2022 Read Now >

CFPB September Complaint Data: Credit Acceptance Sees 8% Month-Over-Month Increase in Complaints, Some Complaints Allege Potential Violations of SCRA; ENOVA Sees a Number of Complaints and Recent California Decision Could Negatively Affect Business  

The information contained in this report is compiled from the CFPB’s publicly available complaint data. The agency uses complaint information to monitor risk in financial markets, assess risk at companies, and prioritize agency action. The Capitol Forum’s compilation of the data also...

Oct 13, 2022 Read Now >

Microsoft/Activision Blizzard: Deal Opponents Underscore Google Stadia Shutdown While Xbox Maker Can Point to Netflix Game Expansion

As regulatory concerns in the U.S. and Europe persist about Microsoft’s (MSFT) proposed $68.7 billion Activision Blizzard (ATVI) acquisition, two developments that occurred late last month—Google shuttering its Stadia service and Netflix’s deepening commitment to video-game...

Oct 13, 2022 Read Now >

Sino Biopharm/F-Star Therapeutics: U.S., UK Coordinate National Security Reviews of Controversial Deal

The Committee on Foreign Investment in the United States (CFIUS) and the UK’s Department of Business, Energy and Industrial Strategy (BEIS) are coordinating their national security reviews of the proposed purchase of Britain-based F-Star Therapeutics (FSTX), a company linked to research...

Oct 12, 2022 Read Now >

Standard General/Tegna: Sources Say Pelosi-Pallone Letter Provides Political Cover for Rosenworcel to ‘Pocket Veto’ Deal

House Speaker Nancy Pelosi and Energy and Commerce Committee Chairman Frank Pallone, Jr., raised concerns about Standard General’s $8.6 billion bid for broadcast station group Tegna (TGNA).   In an October 6 letter to FCC Chairwoman Jessica Rosenworcel, the two Democrats asked the FCC...

Oct 10, 2022 Read Now >

FTAI Infrastructure: Drag on Freight Revenues Likely Amidst US Steel Idling Facilities

Energy and transportation company FTAI Infrastructure (FIP) will likely see lower revenues this quarter amid a cut to steel and tin production from its largest freight customer, US Steel (X), according to a Capitol Forum investigation. ...

Oct 10, 2022 Read Now >

Procept Biorobotics: UnitedHealthcare Community Plan Policies Reiterate No Coverage for Aquablation, Indicating Procedure is Unproven and Not Medically Necessary Due to Insufficient Evidence of Safety and Efficacy

Last week, UnitedHealthcare (UNH), the largest insurer in the country, published updated coverage determinations for three Community Plan Medical Policies in New Jersey, Kentucky, and Tennessee. The updated determinations did not include coverage for the prostate treatment known as...

Oct 07, 2022 Read Now >

The Beauty Health Company: Company Faces Undisclosed Competition for Consumable Serums; Company’s Allegedly Anticompetitive Practices Face Tying Allegations in Court, Nominative Fair Use Arguments from Spas

The Beauty Health Company (SKIN) produces devices and serums for facial treatments at spas and dermatology clinics, with the Hydrafacial system being its flagship brand. While the company commands a high price for the Hydrafacial system and equipment, the consumable serums, boosters, and...

Oct 05, 2022 Read Now >

Pediatrix: Storm Clouds Loom over Enforceability and Deterrent Effect of Company’s Physician NonCompete Agreements

Pediatrix Medical Group (MD), the leading neonatology and specialty pediatric care staffing company, relies on noncompete agreements with physicians and nurse practitioners that bar them from working at a competing practice in a geographical area after leaving the company.    The...

Sep 30, 2022 Read Now >

Postal Policy: Express One Seeks Injunction Preventing Termination of Reseller Contract; Company Files Unredacted Contract

Postage Reseller Express One earlier today filed for a temporary restraining order and preliminary injunction preventing the USPS from terminating the Shipping Services Contract the parties entered into in December 2019.  The termination is set to become effective after Friday September...

Sep 29, 2022 Read Now >

Amazon/iRobot: Deal Raises Concerns at Center of 1967 Supreme Court P&G Case

Amazon’s (AMZN) proposed $1.7 billion acquisition of iRobot (IRBT) has sparked fevered debate over the 21st century fear of Big Tech’s data collection inside the home. But the deal’s critics also have raised concerns that are similar to those at the center of a 55-year-old...

Sep 23, 2022 Read Now >

FleetCor: FTC’s Proposed Order Seeks to Ban Company’s Fee Practices

The FTC is seeking a court order for permanent injunction and other relief against FleetCor (FLT) and its CEO Ronald Clarke that would prohibit some of the practices the company has relied on to generate hundreds of millions in improper fee revenue from small businesses that use its fuel...

Sep 22, 2022 Read Now >

Microsoft/Activision: After CMA Issues Meeting, Trouble May be Brewing in London; EC Remedies Questions In Flux as EC Leans Towards Blocking Illumina/Grail Merger

The UK’s Competition and Markets Authority is said to have held an “issues meeting” with Microsoft (MSFT) in which the authority outlined the competition concerns it sees with the company’s proposed $68.7 billion acquisition of video game publisher Activision Blizzard (ATVI).  ...

Aug 25, 2022 Read Now >

DuPont/Rogers: Parties Face SAMR Impasse, Unrelenting Industry Concerns, as Initial 180-Day Review Expires

China’s antitrust review of DuPont’s (DD) proposed $5.2 billion acquisition of Rogers Corporation (ROG) has hit an impasse as the companies haven’t yet resolved stiff industry concerns with their deal, sources familiar with the matter said.   That’s led to case handlers at the...

Aug 23, 2022 Read Now >

ZoomInfo: Company Sold Personal Phone Numbers of EU Citizens Without Consent After Saying It Does Not Sell Personal Data; Practice Likely Violates GDPR, According to Experts, and Undermines Company’s Lawful Basis for Operating in EU

Citizens of European countries subject to the General Data Protection Regulations are having their personal mobile phone numbers processed and sold without their consent by ZoomInfo (ZI), an aggregator of business-related contact information, according to a Capitol Forum...

Aug 19, 2022 Read Now >

Adtalem Global Education: Department of Education Initiates DeVry Recoupment Action; Company Likely on Hook for Borrower Defense Claims

The Department of Education announced that yesterday it formally notified DeVry that the institution is liable to the Department for nearly $24 million for approved borrower defense claims, according to a press release.  The notice is an initial demand that relates to DeVry Direct Loan...

Aug 16, 2022 Read Now >

MultiPlan: Consumers Claim They are Deceptively Sold Junk Health Insurance Plans by Marketers Who Mislead Them About MultiPlan Networks; Recent Benefytt Settlement and Forthcoming Rulemaking Could Negatively Affect Company  

Some consumers seeking health insurance claim they are sold plans that are marketed as “nationwide PPO network plans” that provide benefits similar to traditional, comprehensive health insurance plans. However, in reality the plans provide meager benefits, cap coverage, and exclude...

Aug 15, 2022 Read Now >

UnitedHealth/Change Healthcare: Economists Battle Over Whether Deal Would Increase Incentives to Access Claims Data

Two economists today argued over whether UnitedHealth Group (UNH) would be more likely to mine valuable health insurance claims data if the company completed its proposed $7.8 billion Change Healthcare (CHNG) acquisition.   This morning in federal court, Kevin Murphy, a University of...

Aug 15, 2022 Read Now >

JetBlue Airways/Spirit Airlines: Spirit CEO’s Post-Announcement Interview Foreshadows Deal’s Uphill Antitrust Climb 

JetBlue’s (JBLU) proposed $3.8 billion acquisition of Spirit Airlines (SAVE), which the companies formally inked on July 28 after a months-long takeover dance, faces an uphill climb to close given the carriers’ overlaps on dozens of highly-concentrated U.S. city-pair routes and a...

Aug 11, 2022 Read Now >

JPMorgan Chase Avoided Public Punishment From CFPB Under Trump After Discovery of Alleged Fake Accounts

JPMorgan Chase Bank (JPM) avoided public sanctions during the Trump administration for allegedly creating fake accounts when the Consumer Financial Protection Bureau (CFPB) opted to quietly close the matter instead, according to sources familiar with the matter, adding yet another major...

Aug 10, 2022 Read Now >

Privacy Policy: Third-Party Businesses that Engage in Data Collection for Cross-Contextual Advertising May Have to Alter Practices Under CPRA, Experts Say

The draft regulations of the California Privacy Rights Act contain various provisions that are designed to limit the sharing of consumers’ personal data with third-party companies that do not directly interact with consumers, according to privacy experts interviewed by The Capitol...

Aug 08, 2022 Read Now >

FirstCash: California Regulator Takes Action Against Four Technologies for Operating Without License; Levitin Opines that California Retail Installment Sales Agreements Resemble Direct Loans and Loans are Unconscionable

American First Finance, a point-of-sale consumer finance and rent-to-own company recently acquired by payday lender FirstCash (FCFS), operates in California without a nonbank lending license because the company has determined its retail sales installment agreements do not constitute a...

Aug 08, 2022 Read Now >

Mergers Face New Uncertainties in China as SAMR Rolls Out Online Filings and Delegates Power to Regional Offices 

China’s antitrust authority is preparing to introduce a new online merger-filing system and other measures that could subject deals such as MaxLinear’s (MXL) $3.8 billion buyout of Taiwan’s Silicon Motion Technology (SIMO) to longer reviews and heightened uncertainty, people...

Jul 21, 2022 Read Now >

EOG Resources: Expanded Drilling Efforts in Utica Oil Window, Company Returns to Appalachia in Positive Signal for Activity in the Region

Marking a return to the region after its 2020 exit, oil and natural gas explorer and producer EOG Resources (EOG) is ramping its drilling program and increasing its acreage on the edge of the Utica Basin’s oil window in Ohio, according to a Capitol Forum investigation.  Companies like...

Jul 20, 2022 Read Now >

Illumina/Grail: EC Probe Set to Resume With New Remedy Offer On Table

The European Commission is set to resume its in-depth probe of Illumina’s (ILMN) takeover of cancer-detection test maker Grail in short order, with the Brussels-based regulator expected to seek third-party feedback on a revised set of concessions offered by Illumina, The Capitol Forum...

Jul 19, 2022 Read Now >

AdaptHealth: Consolidation of Acquired Businesses Left Patients with Decreased Access to Oxygen and Forced Workers to Violate Federal Safety Regulations to Make Deliveries 

AdaptHealth (AHCO), a distributor of durable medical equipment, has a strong appetite for purchasing local and regional competitors, acquiring over 90 medical suppliers over the last four years. These acquisitions and the resulting efforts by the company to cut costs, however, can often...

Jul 15, 2022 Read Now >

Continental Grain-Cargill/Sanderson Farms: DOJ Officials, Companies Negotiating Remedies to Safeguard Workers; Suit to Block Deal Still Possible

DOJ’s concerns about Cargill’s $4.5 billion joint venture with Continental Grain’s Wayne Farms to buy Sanderson Farms (SAFM) have spawned negotiations between senior department officials and the companies over remedies to safeguard wages and conditions post merger for poultry...

Jul 13, 2022 Read Now >

Agencies See Uptick in Reverse Clearance Battles Amid Resource Constraints, Heightened Workloads

The U.S. antitrust agencies are increasingly fighting reverse clearance battles in which—rather than seeking to gain authority to investigate particular mergers—they’re instead pushing their sister enforcement agency to review the transactions, sources familiar with the matter...

Jul 12, 2022 Read Now >

Drug Patents May Draw Fire as DOJ Dusts Off Section 2 of Sherman Act, Experts Say

America’s top patent and pharmaceutical regulators took a joint stand against pricey prescription medication last week, agreeing to work together to keep drugmakers from using “incremental” patents to impede the release of cheaper versions of their products.  But their initiative...

Jul 12, 2022 Read Now >

Privacy Policy: California Starts Formal Rulemaking Process to Implement CPRA; Regulations as Proposed Enhance Consumer Protections and Do Not Exempt Business Information

On Friday, the California Privacy Protection Agency initiated the formal rulemaking process to adopt proposed regulations implementing the Consumer Privacy Rights Act of 2020 (CPRA), which amend and expand upon the California Consumer Privacy Act.  The proposed regulations strengthen...

Jul 11, 2022 Read Now >

TD Bank/First Horizon: Trump CFPB Opted Not to Punish TD Auto Finance Subsidiary Following Years-long Investigation

The Consumer Financial Protection Bureau (CFPB) during the Trump administration decided not to punish TD Auto Finance, a subsidiary of TD Bank (TD), following a years-long investigation into TD Auto Finance, according to an agency document and sources familiar with the matter.  The CFPB...

Jul 08, 2022 Read Now >

Perdoceo Education Corporation: Insider Selling Red Flags at Perdoceo; Advocates Call ED ‘Asleep at the Wheel’ on For-Profit Education 

Elise Baskel took over as President of Perdoceo’s (PRDO) Colorado Technical University (CTU) in January 2022.  In short order, Baskel implemented a trading plan known as 10b5-1 to regularly sell off her vested shares in Perdoceo, ultimately selling off 100% of her vested shares over a...

Jun 17, 2022 Read Now >

Oil and Gas Buyers Pause Amidst Volatility and a Lack of Top-Tier Assets; Interest in Ohio Especially Subdued 

As Appalachian natural gas companies continue to bring their portfolios to market, buyers have yet to be persuaded on the upside as they expect further volatility into the winter and beyond.  Sellers like ExxonMobil (XOM), Tug Hill Operating, Apex Energy, and Olympus Energy have been...

Jun 17, 2022 Read Now >

FirstCash: Financing Practices of American First Finance Subsidiary Could Draw Scrutiny from Democratic Majority FTC, Expanded Ongoing State AG Investigation 

The financing practices of American First Finance (AFF), a subsidiary of pawn shop operator FirstCash, Inc. (FCFS), could draw the scrutiny of the Federal Trade Commission and state attorneys general, according to an investigation by The Capitol Forum.   AFF specializes in point-of-sale...

Jun 01, 2022 Read Now >

NortonLifeLock/Avast: UK’s More Concentrated Markets, Higher Prices Provide Context for CMA Probe 

The UK economy is exhibiting a “worrying combination of trends”: more concentrated industries, higher prices by way of greater markups – a measure of market power – and the largest companies holding onto their sector-leading positions for longer, according to Mike Walker, the...

Jun 01, 2022 Read Now >

The European Antitrust Agenda: EC Raids Fashion Companies; CMA Publishes Full Norton/Avast Decision; Google Reports Privacy Sandbox Progress; LSE Faces Quantile Merger Jeopardy 

EC conducts fashion sector antitrust raids. The European Commission on Tuesday disclosed it has begun conducting unannounced inspections of fashion-industry companies in several EU member countries. The raids are a preliminary investigative step into suspected anticompetitive practices...

May 23, 2022 Read Now >

The Antitrust Agenda: Keeping Score as Antitrust Legislation Heads to Senate Floor; Subscription Offerings May Enjoy Break from Apple/Google App Store Taxes; Agency Funding Update 

Senate floor time for antitrust bill means likely passage into law. Axios reported May 19 that Senate Majority Leader is telling colleagues that he will allow for a Senate floor vote on antitrust legislation in early summer.  A source close to the legislative process explained that, to...

May 23, 2022 Read Now >

Ericsson/Vonage: CFIUS Review of Telecom Deal is Ongoing, Company Spokesperson Says  

The Committee on Foreign Investment in the United States (CFIUS) is still reviewing Ericsson’s (ERIC) proposed $6.2 billion buyout of U.S. cloud communications provider Vonage (VG), said a spokesperson for the Swedish telecommunications company, ending weeks of investor speculation...

May 17, 2022 Read Now >

TD Bank/First Horizon: Faulty Accounts Didn’t Draw Fines From Trump Officials; Workers Say Suspect Practices Persist As Deal Approvals Sought  

Despite finding TD Bank (TD) wrongly pressured customers into opening accounts and using banking services they didn’t want, a leading bank regulator during the Trump administration opted to give the company a private reprimand rather than a fine for the abuses, according to sources...

May 04, 2022 Read Now >

The Antitrust Agenda: FTC Morale Issues in a Historical Context; In Blows to Big Tech, Sally Hubbard Takes Position at DOJ, Raimondo Supports Antitrust Legislation 

The real history of morale at the FTC: Jim Miller on combative staff early in his tenure. The Office of Personnel Management last week released the results of its 2021 Federal Employee Viewpoint Survey (FEVS), which collects feedback from agency employees to detail their views on agency...

May 02, 2022 Read Now >

FTC, DOJ Officials Emphasize Clayton Act’s ‘Tend to Create a Monopoly’ Prong, Broadening Scope of Deals in Agency Crosshairs 

DOJ and FTC officials in recent speeches have touted a historically underutilized prong of the Clayton Act they said could serve to meaningfully broaden the scope of U.S. merger enforcement.  The Clayton Act prohibits mergers or acquisitions whose effect “may be substantially to lessen...

Apr 28, 2022 Read Now >

MultiPlan’s ‘Maybe You’re In-Network’ PPO Product May Violate No Surprises Act, Experts Say 

MultiPlan’s (MPLN) products for health plans fall under two umbrellas—a preferred provider organization (PPO) network product and products related to payment editing, negotiating, and repricing of healthcare claims.   The Capitol Forum has previously reported about the company’s...

Apr 28, 2022 Read Now >

Upstart: Seemingly Important Upstart Accounting Change Made Public via KBRA Pre-sale Securitization Report; Expert Says Accounting Change Likely to Be Mentioned in Upcoming 10-Q   

Upstart amended loan modification program in April. According to a new KBRA pre-sale report on Upstart’s (UPST) structured pass through trust series 2022-2a, “In April 2022, Upstart amended its CRB and FinWise loan modification policies. Under the new policy, borrowers that have...

Apr 27, 2022 Read Now >

JetBlue’s Competing $3.6 Billion Merger Offer Complicates Spirit Airlines’ Opposition to Northeast Alliance 

JetBlue’s (JBLU) unsolicited $3.6 billion offer earlier this month to buy Spirit Airlines (SAVE) does more than inject uncertainty into the discount carrier’s future plans: It complicates Spirit’s role as a leading opponent of JetBlue and American Airlines’ (AAL) Northeast...

Apr 21, 2022 Read Now >

Carvana: Auction Participants Moving Away from ADESA After Announcement of Acquisition 

Earlier this year, online used car dealer Carvana (CVNA) announced that it was acquiring the auction business of KAR Global (KAR) for $2.2 billion. The press release accompanying the announcement noted that the acquisition would greatly expand Carvana’s existing auto reconditioning...

Apr 14, 2022 Read Now >

Gazprom Firmly in EC’s Antitrust Sights as Pressure Mounts From Skyrocketing Energy Prices, War in Ukraine