Key Changes, Shifts & Surprises in Trade This Year! From tariff updates to trade policy shifts, 2025 has been a year full of change. In the first session of our webinar series, we’ll take a look back at what shaped…
FTC: GameStop CEO Fined Nearly $1M by FTC for Violating Antitrust Laws in Wells Fargo Stock Purchase
FTC: GameStop CEO Fined Nearly $1M by FTC for Violating Antitrust Laws in Wells Fargo Stock Purchase
September 27, 2024/
The Federal Trade Commission announced 9/18 that the CEO of GameStop will be paying nearly $1m to settle charges that his acquisition of Wells Fargo shares violated the Hart-Scott-Rodino (HSR) Act. The CEO's acquisition was above the threshold of HSR filing requirements, but he didn't file with the antitrust agencies and wait the required waiting period before proceeding with the purchase. Full complaint details here. The purchase was made in March 2018, and the CEO disclosed it in January 2021. The penalty comes out to ~$900 per day that he was in violation (you're in continuous violation from the time the purchase is made until it's disclosed). The max penalty for HSR Act violations is $51,744 per day, so he got off easy.
Related Posts
BIS: U.S. Eases Export Rules for Civilian Goods to Syria Under New License Exception
Specifically, this rule adds a new license exception SPP (Syria peace and prosperity) under which U.S.-origin goods, software, and technology that have purely civilian uses (i.e., those classified as EAR99), as well as consumer communications devices and certain items related to civil aviation, can generally go to Syria without an export license. The rule also…
ITC: Stainless Steel Trade Case Nears Final Stage as ITC Weighs Duty Decision
Corrosion resistant steel also known as stainless steel has received a final determination from commerce and is waiting for one from the ITC. The ITC has 45 days to determine this. If they agree, we will start to see duties collected for this steel from multiple countries. Read More
BIS: U.S. Revokes License-Free Exports for Foreign Chip Fabs in China
In 2023, the Validated End-User (VEU) program was expanded to allow a select group of foreign semiconductor manufacturers to export most U.S.-origin goods, software, and technology license-free to manufacture semiconductors in China. No U.S.-owned fab has this privilege – and now, following today’s decision, no foreign-owned fab will have it either. Former VEU participants will…
DOF: Mexico Blocks Footwear in Maquiladoras and Plans Tariff Hikes on China
Recently Mexico announced their intent to not allow footwear into the Maquiladora. The headings for footwear were added to the list and published in the Gazette here. The Gazette shows a list of all headings not allowed in the Maquiladora. In addition, reports say Mexico’s government plans to increase tariffs on Chinese imports of cars,…