Tag:FTC
The FTC’s Civil Action Against Powerful Pharmacy Business Managers Could Reduce the Cost of Insulin for Millions of Diabetic Patients
Insulin is a life-sustaining medication for numerous individuals with diabetes. For an extended period, many have been forced to pay inflated prices for a product that is inexpensive to manufacture. However, individuals with diabetes may now have cause for cautious optimism regarding more cost-effective treatment options. This development arises as the Federal Trade Commission (FTC) has decided to address one aspect of the system responsible for the high cost of insulin. The FTC initiated legal proceedings against the three largest pharmacy benefits managers (PBM) on September 20, 2024. The action was taken in response to alleged unfair and anticompetitive rebating practices that were purported to have artificially elevated the list prices of insulin medications.
FTC has Health Apps and Wearable Tech Vendors in its Sight with its Amended Health Breach Notification Rule
The Federal Trade Commission (“FTC”) is intensifying its already rigorous oversight of how health apps, such as fitness apps, menstrual cycle trackers, sleep trackers, etc., utilize and disseminate sensitive personal information. However, unresolved questions regarding the extent of the agency’s authority are likely to precipitate challenges that could significantly curtail these efforts.
Cybersecurity Compliance: Safeguarding Sensitive Information
In today’s interconnected world, cybersecurity regulations have become crucial for organizations to safeguard sensitive information, mitigating legal and commercial risks. Navigating the complex landscape of regulatory compliance can be a daunting task. However, organizations can effectively meet the regulatory compliance challenge and protect their data with the appropriate standards, procedures, and protocols.
Federal Trade Commission Rule Would Make it Easier to Cancel Subscriptions
The Federal Trade Commission (FTC) is proposing a rule that would make it easier for consumers to cancel subscription services and free trials they no longer want. This proposal, the “click to cancel” provision, was announced on March 22 and is part of the FTC’s ongoing review of its 1973 Negative Option Rule. This Rule regulates any and all unfair and deceptive practices related to subscriptions, memberships, and other recurring-payment programs.
Growing Banking Crisis: Silicon Valley Bank Failure
Founded in 1983, Silicon Valley Bank (SVB) is a midsize California-based lender that shook the foundation of the entire global financial system. Regulators closed SVB on March 10, making it the largest bank failure since the 2008 financial crisis and the second largest in U.S. history. While SVB offered various services from standard checking accounts to loans, it was primarily home to venture capitalists in the tech industry. Therefore, the majority of the corporate deposits were larger than the Federal Deposit Insurance Corporation’s (FDIC) $250,000 insurance limit, leaving over $150 billion in uninsured deposits at the end of 2022. The sudden collapse caused a frenzy leaving companies and investors vulnerable having already experienced mass layoffs in the tech industry.
FTC Continues Investigation into Twitter’s Privacy Practices
Sophie Shapiro Associate Editor Loyola University Chicago School of Law, JD 2024 Over the past few months, the Federal Trade Commission (FTC) has begun an investigation against Twitter, specifically into Elon Musk’s personal role in various high-profile decisions including massive layoffs, rapid changes to Twitter’s features and the sharing of internal company records with journalists.
The FTC’s Enforcement Action: GoodRx’s Failure to Protect Its Customers’ Personal Health Information
On February 1, 2023, the Federal Trade Commission (FTC) brought an enforcement action against GoodRx, a provider of telehealth and prescription drug services at discounted rates. In a first-of-its-kind action, the FTC alleged that GoodRx violated the Health Breach Notification Rule (HBNR) by sharing their consumers’ confidential health information with several advertising companies. While GoodRx is already facing a $1.5 million penalty for the violation, the FTC has also proposed an order that will require GoodRx to remedy the situation and make several changes to protect confidential health information in the future.
FTC Proposes Rule Banning Non-Compete Clauses Nationwide
On January 5, 2023, the Federal Trade Commission (FTC) proposed a ban on the use of non-compete provisions in employment contracts. The ban would also require employers to nullify any existing non-compete clauses within six months of activation. The proposed rule applies to all employees and independent contractors, paid and unpaid workers, and businesses of all sizes and location. This is a far-reaching move that has the potential to raise wages and increase competition among businesses.
Too Big to Fail?: Ticketmaster and the Live Entertainment Debacle
After months of near-total silence, Beyonce opened Black History Month with a bang when she finally blessed the Beehive with what they had been impatiently waiting for since the release of her seventh studio album: the announcement of the Renaissance World Tour. Her loyal fans have been anticipating this news since Renaissance was released too much acclaim at the end of July 2022. However, alongside anticipation, fans are battling a strong feeling of anxiety at the prospect of not being able to secure tickets for the coveted shows. And no wonder. Ticketmaster – the vendor through which tickets for the Renaissance tour are being sold – recently, and very publicly, bungled another highly awaited ticket sale.
To Compete or to Non-Compete: A Look Into the FTC’s Proposed Ban
On January 5, 2023, the Federal Trade Commission (FTC) released a proposal to ban employers from the use of non-compete agreements with their workers. The FTC’s motivation behind the proposed rule is the protection of American workers, with the regulatory agency stating that non-compete agreements restrict about one in five American workers – about 30 million people. Additionally, the agency estimated that the rule could increase wages by $250 to $296 billion a year across the economy. Since seeking public comment on the ban, the FTC’s broad non-compete proposal has been met with both support and criticism.