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Time of India
26-05-2025
- Business
- Time of India
FTC drops case against Pepsi alleging price discrimination
HighlightsThe United States Federal Trade Commission dropped its case against PepsiCo, which accused the company of price discrimination favoring Walmart. The lawsuit, which alleged violations of the Robinson-Patman Act, was criticized by Federal Trade Commission Chairman Andrew Ferguson for being a partisan stunt. Former Chair Lina Khan described the dismissal of the case as a benefit to large retailers, warning that it may lead to increased prices for consumers. The U.S. Federal Trade Commission on Thursday dropped its case accusing PepsiCo of price discrimination that favored Walmart, and criticized former Chair Lina Khan for rushing the case out. The lawsuit filed in New York had accused the soft drink manufacturer of violating the Robinson-Patman Act , a law that went largely unenforced for decades by the federal government. The case was filed in New York on January 17, days before President Donald Trump took office. "Taxpayer dollars should not be used for legally dubious partisan stunts," FTC Chairman Andrew Ferguson said. PepsiCo said the company "has always and will continue to provide all customers with fair, competitive, and non-discriminatory pricing, discounts and promotional value." A representative for Walmart did not immediately respond to a request for comment. The FTC had claimed PepsiCo's practices fed high consumer prices by placing other retailers ranging from large grocery chains to independent convenience stores at a disadvantage to Walmart. Khan called the dismissal of the case "a gift to giant retailers as they gear up to hike prices," in a post on social media platform X.
Yahoo
24-05-2025
- Business
- Yahoo
FTC ends opposition to Microsoft acquisition of Activision Blizzard
The US Federal Trade Commission (FTC) has formally ended its legal challenge against Microsoft's $69bn acquisition of video game company Activision Blizzard. In a press statement, FTC said: 'The Commission has determined that the public interest is best served by dismissing the administrative litigation in this case. Accordingly, it is hereby ordered that the complaint in this matter be, and it hereby is, dismissed.' Microsoft acquired Activision Blizzard in 2023 to enhance its presence in the video gaming market, featuring titles such as 'Call of Duty'. It marked the largest-ever transaction in the video gaming market. The deal, however, faced scrutiny for potential antitrust issues. The FTC had previously argued that the Activision Blizzard acquisition would give Microsoft an unfair edge in the gaming industry, particularly in the markets for the Xbox console, gaming subscriptions, and cloud-based services. The agency stated that continuing the case was no longer in the public interest, given that the transaction had already been completed. Earlier in May 2025, the FTC lost an appeal which aimed to overturn a judge's ruling against blocking the Microsoft-Activision merger. FTC chairman Andrew Ferguson was cited by Reuters as saying that the agency is aiming to align its efforts with US President Donald Trump's agenda. One such case involves examining whether advertisers coordinated efforts to reduce spending on the social media platform X. In response to the FTC's latest move, Microsoft president Brad Smith said on LinkedIn platform: 'Today's decision is a victory for players across the country and for common sense in Washington, D.C. We are grateful to the FTC for today's announcement.' "FTC ends opposition to Microsoft acquisition of Activision Blizzard" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24-05-2025
- Business
- Yahoo
FTC drops case over Microsoft's $69B deal for Activision, Reuters reports
The FTC has dropped a case that sought to block Microsoft's (MSFT) $69B purchase of Activision Blizzard, saying that pursuing the case was not in the public interest, Reuters reports. FTC Chairman Andrew Ferguson is seeking to use the agency's resources for cases that fit with President Donald Trump's agenda, such as a probe related to whether advertisers colluded to spend less on X, according to the report. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on MSFT: Disclaimer & DisclosureReport an Issue Melius Downgrades Marvell Technology Stock (MRVL) Ahead of Q1 Earnings Microsoft Stock (MSFT) Gets a Price Target Hike from Top Analyst as It Goes 'All In on AI' Nvidia Stock (NVDA) Maintains Bullish Tempo as Earnings Day of Reckoning Looms Amazon-Backed Anthropic (AMZN) Introduces Two New AI Models Meta Platforms (META) Tightens Performance Standards Just Months after Huge Layoff Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Epoch Times
23-05-2025
- Business
- Epoch Times
FTC, DOJ File ‘Statement of Interest' Against BlackRock, State Street, and Vanguard in Coal Manipulation Case
The Federal Trade Commission (FTC) and the Department of Justice (DOJ) have filed a 'Statement of Interest' in a multi-state litigation that accuses asset managers BlackRock, State Street, and Vanguard of conspiring to restrict coal production, the FTC said in a May 22 A 'Statement of Interest' is typically used by government entities to express their perspective in a legal argument without formally intervening in the suit. The In the complaint, the states alleged that BlackRock, State Street, and Vanguard acquired 'substantial stockholdings in every significant publicly held coal producer in the United States' over several years, thus gaining enough power to control company policies, Texas Attorney General Ken Paxton's office said in a According to the statement, the asset managers, which, combined, Cutting down production impacts market prices. 'Deliberately and artificially constricting supply increased prices and enabled the investment companies to produce extraordinary revenue gains,' the statement reads. Related Stories 5/23/2025 5/21/2025 The three companies' actions ended up raising electricity costs for Americans, it adds. In the May 22 ' The Clayton Antitrust Act of 1914 prohibits unethical corporate behavior, including predatory or discriminatory pricing, price fixing, and monopolies. Even though the three asset managers play a key role in America's capital markets, they 'nonetheless remain subject to the same antitrust laws as everyone else,' the FTC said. Commenting on the latest development, FTC Chairman Andrew Ferguson said the companies 'allegedly blocked the production of American coal in the name of climate change scaremongering, all so they could take money out of the pockets of American consumers and put it in theirs.' 'President Donald Trump understands the importance of coal for our energy security and has vowed to fight left-wing ideologues who seek to make us weaker and poorer under the guise of ESG,' he said in a statement, referring to the environmental, social, and governance framework used in assessing how companies carry out sustainability efforts. 'Today, the Federal Trade Commission carries out this administration's mission to unleash American energy dominance, protect coal, and stop the left's attempt to corrupt financial markets with political and social objectives.' When the lawsuit was filed in November, a State Street spokesperson dismissed the complaint as 'baseless' in a 'As long-term capital providers, we have a mutual interest in the long-term success of our portfolio companies,' the spokesperson said at the time. Alexander Williams, a spokesperson for BlackRock, previously told The Epoch Times that the suggestion that BlackRock invested money in companies with the goal of harming these businesses was 'baseless and defies common sense.' 'BlackRock's holdings in energy companies are regularly reviewed by federal and state regulators,' he said. 'We make these investments on behalf of our clients, and our focus is on delivering them financial returns.' The Epoch Times reached out to BlackRock, State Street, and Vanguard for further comment, but they did not respond by publication time. Promoting Coal Development The three asset managers have publicly shifted away from an anti-fossil fuel stance to express a more tolerant view in recent times. For instance, State Street quit the Climate Action 100+ initiative last year. The initiative was an investor-led effort to 'ensure the world's largest corporate greenhouse gas emitters take appropriate action on climate change,' according to Climate Action's website. Meanwhile, BlackRock transferred its membership in the initiative to an international subsidiary to limit its involvement. Speaking to The Epoch Times in a previous interview, Will Hild, executive director of Consumers' Research, said: 'These companies seem to be backing away from these commitments, but we need to keep the pressure on. 'They haven't really paid a price yet for what they've done to the American people, and I think this suit, and hopefully the massive damages that come out of it, will both dissuade the defendants in this case from ever doing it again, but also other people who are engaged in similar conspiracies.' Meanwhile, the Trump administration is The orders instruct federal agencies to prioritize coal leasing on U.S. lands and lift any barriers to coal mining. It also required Interior Secretary Doug Burgum to 'acknowledge the end' of a 2008 Obama-era moratorium that paused leasing of coal on federal lands. Kevin Stocklin contributed to the report.
Yahoo
23-05-2025
- Business
- Yahoo
FTC scraps price discrimination lawsuit against PepsiCo
The Federal Trade Commission (FTC) has decided to drop its legal case against PepsiCo, which accused the company of engaging in 'illegal price discrimination' in soft drinks. The lawsuit, filed in the final days of the Biden administration, claimed that PepsiCo provided 'unfair pricing advantages' to a 'large, big box retailer', while increasing prices for other competing retailers and customers. In a statement issued yesterday (22 May), FTC chairman Andrew Ferguson said the lawsuit was dismissed because 'the Biden-Harris FTC rushed to authorise this case just three days before President Trump's inauguration in a nakedly political effort'. 'Taxpayer dollars should not be used for legally dubious partisan stunts,' Ferguson added. The commission's vote to dismiss the complaint was unanimous at three to zero. The FTC's January lawsuit alleged that PepsiCo's practices violated the Robinson-Patman Act (RPA) by offering promotional benefits to the favoured retailer, which were not extended to competing businesses. These benefits included promotional payments, which were not extended to competing businesses and violates the Robinson-Patman Act (RPA). These 'unfair practices' allegedly resulted in inflated prices for American consumers and hindered fair competition. The lawsuit was filed in the US District Court for the Southern District of New York. Responding to the lawsuit in January, PepsiCo said its 'practices are in line with industry norms, and we do not favour certain customers by offering discounts or promotional support to some customers and not others'. Commenting on the latest dismissal, FTC commissioner Melissa Holyoak said: 'The staff at the Federal Trade Commission - both economists and lawyers - are highly skilled professionals, and we as a Commission should not have sent them into court to fight a losing battle. "Today's dismissal allows our dedicated staff to focus on bringing enforcement actions where we have reason to believe the law has been violated, and where they can do what they do best - protect American consumers.' "FTC scraps price discrimination lawsuit against PepsiCo " was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
