Antitrust Law Daily Wrap Up, WORTH NOTING—Other Antitrust and Trade Regulation developments, (Apr 24, 2015)
Organizations Mentioned:DB Group Services (Uk) Ltd. | Deutsche Bank AG
A periodic roundup of other items of interest to the Antitrust and Trade Regulation community:
ANTITRUST NEWS: In remarks regarding the settlement of wire fraud and antitrust charges against Deutsche Bank AG and its subsidiary DB Group Services (U.K.) Limited yesterday, Assistant Attorney General Bill Baer noted that the settlement was a key milestone in the LIBOR manipulation investigation and demonstrated the department’s continued commitment to prosecuting fraud and collision in the financial industry. “It is important to highlight that Deutsche Bank’s traders conspired with competing traders too,” he said. “As the factual statement details, they used various online chats to agree with traders at other banks on concerted actions that amplified the effect of their manipulation of the Yen LIBOR and EURIBOR rates. Financial markets function properly only if customers and competing banks have confidence that they are untainted by fraud and collusion.” The unprecedented size of the penalties “show just how far from that bedrock principle Duetsche Bank and its traders strayed.”
STATE UNFAIR TRADE PRACTICES NEWS: Two season ticket subscribers filed a class action complaint in the federal district court in Newark, New Jersey, against the New Jersey Devils professional hockey franchise, alleging that the team restrained competition for the resale market for Devils game tickets. The team allegedly prohibited season ticket holders from selling individual game tickets, imposed extra contractual fees on season ticket holders, refused to renew season ticket subscriptions of ticket holders who sold their tickets on the secondary market, and prohibited ticket print outs to limit ticket holder’s ability to resell their game tickets (Olsen v. New Jersey Devils, LLC, April 21, 2015).
CONSUMER PROTECTION NEWS: The FTC and the Colorado Attorney General’s Office today hosted the Colorado Common Ground Conference, entitled “Working Together to Protect Colorado Consumers,” at the Ralph J. Carr Colorado Judicial Center. According to an agency announcement, law enforcement and consumer advocates discussed issues affecting students, military personnel and veterans; talked about emerging trends and new and existing challenges in fraud; explored ways to collaborate; and shared information and resources.
News: Antitrust StateUnfairTradePractices ConsumerProtection