The United States (US) Federal Trade Commission (FTC) has made available its Prepared Statement (17 July 2013) before the US Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection (the Committee) for the Committee's inquiry titled Shining a Light on the Consumer Debt Industry.
The United States Federal Trade Commission (FTC) has announced that the recent decision in FTC v. Actavis is "an important victory for consumers and a vindication of basic antitrust and free market principles" because the Supreme Court ruled that pay-for-delay agreements are subject to rule of reason scrutiny. The ruling also confirmed that illegal pay-for-delay agreements are detrimental to consumers and are likely to prevent companies from entering into anti-competitive agreements.
Johnson & Johnson has agreed to pay US$22.9 million to cease a lawsuit carried out by investors who claimed the company concealed quality-control failures, which culminated in a large-scale recall of children's medicines.
The United States (US) Financial Industry Regulatory Authority (FINRA) has announced that it has "significantly increased transparency in mortgage-backed securities issued by [the US Federal National Mortgage Association], [the US Federal Home Loan Mortgage Corporation] and [the US Government National Mortgage Association], as well as in securities backed by loans guaranteed by the US Small Business Administration [SBA]".
The United States Commodity Futures Trading Commission (CFTC) has put Wall Street banks and other large traders on notice for a possible investigation of their metals warehousing businesses following extensive complaints about inflated prices.
The United States (US) Securities and Exchange Commission (SEC) has announced that it brought charges against hedge fund adviser Steven Cohen for failing reasonably to provide supervision of portfolio managers Mathew Martoma and Michael Steinberg, with a view to prevent their insider trading under his watch, which has cost their firm over US$615 million.
The United States (US) Federal Trade Commission (FTC) has announced that the deadline for public comments regarding the proposed changes to the agency's Telemarketing Sales Rule (TSR) has been extended to 8 August 2013. According to the FTC, the proposed changes "concern banning certain payment methods favoured in fraudulent telemarketing transactions".
BP has opened an anti-fraud hotline for the public to report allegations of fraud involving claims arising from BP's oil spill in the Gulf of Mexico in 2010.
United States egg producers Quality Egg and Hillandale Farms have reached a settlement with distributor NuCal Foods Inc (NuCal) regarding allegations of a salmonella outbreak in 2010 which caused NuCal to suffer lost profits.
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