Antitrust Law Daily Wrap Up, WORTH NOTING—Other Antitrust and Trade Regulation developments, (Aug 5, 2016)

A periodic roundup of other items of interest to the Antitrust and Trade Regulation community:

ANTITRUST—S.D.N.Y.: Quinn Emanuel and Cohen Milstein have been appointed interim co-lead counsel in a putative class action alleging that major domestic and foreign financial institutions engaged in a conspiracy to manipulate the market for interest rate swaps (IRS) by boycotting companies that attempted to enter the market. The federal district court in New York City found compelling the fact that Quinn Emanuel and Cohen Milstein jointly filed the first class action complaint in this litigation, not by piggybacking on an existing government investigation or enforcement action, but by undertaking an independent investigation. In addition, the court found that it was the firms’ initial complaint that catalyzed the filing of later actions. The appointment of two interim co-lead counsel would most likely produce efficient and effective representation, the court also determined (In re Interest Rate Swaps Antitrust Litigation, August 3, 2016, Engelmayer, P.).

ANTITRUST NEWS: In his annual address to the Law Council of Australia’s Competition and Consumer Workshop in Manly, Australia, today, Australian Competition and Consumer Commission (ACCC) Commissioner Rod Sims discussed the ACCC’s considerable activity in competition enforcement, along with key competition cases. He also discussed the ACCC’s recent overall record on merger reviews, which he stated that the agency is pleased with. Finally, he reported that market studies are now a core part of the ACCC’s work. He concluded by noting that the Harper recommendations would soon be implemented and a review of the Australian Consumer Law was well underway.

CONSUMER PROTECTION—9th Cir.: The U.S. Court of Appeals in San Francisco has affirmed a decision entered by the federal district court in Las Vegas to impose a $26.9 million judgment against Jonathan Eborn, the operator of an alleged phony work-at-home scheme that operated under names such as "Google Money Tree," "Google Pro," and "Google Treasure Chest." The district court imposed the judgment after finding that Eborn lied about his financial assets when he agreed to settle the FTC’s claims in 2010. The appeals court found that Eborn’s omissions and misrepresentations were material as a matter of law because: (1) the FTC’s agreement to the consent judgment was conditioned on the truthfulness of Eborn’s financial statements and (2) the parties stipulated that those financial statements provided the basis for the monetary judgment (FTC v. Infusion Media, Inc., No. 14-16485).

CONSUMER PROTECTION—W.D.N.Y.: A stay entered by the federal district court in Buffalo, New York, was enforceable against two state court, third-party judgment creditors, in an action in which the FTC obtained an injunction against 4 Star Resolution, LLC and others for allegedly operating egregious and abusive debt collection operations. Allowing the judgment creditors to seize the receivership assets, for the payment of more than $400,000 in state court default judgments, would serve to reduce the total estate assets available to other claimants in the FTC’s action, which would undermine the temporary injunction and preliminary injunction orders in the instant suit, the court noted. Also finding that the Anti-Injunction Act was inapplicable and that the court had jurisdiction to stay the judgment creditors’ state court sexual harassment actions, the judgment creditors were ordered to comply with the stay (FTC v. 4 Star Resolution, LLC, August 4, 2016, Skretny, W.).

Attorneys: Carol V. Gilden (Cohen Milstein Sellers & Toll PLLC) for Public School Teachers’ Pension and Retirement Fund of Chicago. Adam Selim Hakki (Shearman & Sterling LLP) for Bank of America Corp. Michael Daniel Bergman and Brian Nathaniel Lasky for the FTC. Janelle Eurick Bauer (Ray Quinney & Nebeker) for Jonathan Eborn. Michael A. Benson (Law Office of Michael A. Benson) for 4 Star Resolution LLC.

Companies: Public School Teachers’ Pension and Retirement Fund of Chicago; Bank of America Corp.; 4 Star Resolution, LLC

News: Advertising Antitrust ConsumerProtection FederalTradeCommissionNews AlaskaNews ArizonaNews CaliforniaNews HawaiiNews IdahoNews MontanaNews NevadaNews NewYorkNews OregonNews WashingtonNews