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FTC Announces Second in Series of Hearings on Evolving Intellectual Property Marketplace

The Federal Trade Commission today announced the second in a series of public hearings exploring the evolving market for intellectual property (IP). These hearings, to be held February 11 and 12, 2009 in Washington, DC, will examine remedies for patent infringement. District Court Judge Sue L. Robinson (U.S. District Court for the District of Delaware) will deliver the keynote address on the opening day.

The February 11 hearing will address patent damages, including the standards that govern such assessments, the application of these standards in court proceedings, and the impact of the resulting awards on business activity, including licensing and innovation. The hearing on February 12 will focus on permanent injunctions in the wake of the U.S. Supreme Court’s eBay decision and willful infringement. Panelists will consider, among other issues, the criteria courts have considered in deciding whether to grant or deny an injunction and the effect of these legal doctrines on innovation and business strategies. An agenda for the hearings is available on the FTC’s Web site and as a link to this press release.

These hearings are part of an ongoing series of public hearings that will examine changes in patent law, patent-related business models, and new learning about the operation of the IP marketplace since the issuance in October 2003 of the Commission report on the patent system, “To Promote Innovation: The Proper Balance of Competition and Patent Law and Policy.” The Commission held the initial hearing in the series on December 5, 2008. Additional information about the series is available at the Web site for the hearings, http://www.ftc.gov/bc/workshops/ipmarketplace/.

The Commission is seeking public comments on the remedies issues to be discussed at the February 11 and 12 hearings, and in response to any of the topics raised in the Federal Register notice announcing the hearings on the Evolving IP Marketplace. Comments must be received by February 5, 2009, and should refer to “Evolving IP Marketplace – P093900.” The Federal Register notice and information on how to submit written and electronic comments to the Commission are available at the web site for the hearings, http://www.ftc.gov/bc/workshops/ipmarketplace/.

The FTC’s hearings on the Evolving IP Marketplace are free and open to the public. Pre-registration is helpful but not required. All attendees must present a valid photo ID for admission to the agency’s Satellite building, which is located at 601 New Jersey Ave., NW. The hearings will be accessible to people with disabilities. Anyone needing a related accommodation should contact Carrie McGlothlin at the FTC at 202-326-3388 or [email protected]. Such requests should include a detailed description of the accommodations needed and contact information if more information is needed. Please provide advance notice of accommodation needs.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 1,500 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s Web site provides free information on a variety of consumer topics.

(IP Hearings.wpd)

Companies Turn to Advanced Therapies to Curb the Spread of Cancer

NEW YORK, Oct. 9, 2019 /PRNewswire/ — In 2019, the American Cancer Society projected 1.76 million new cancer cases diagnosed and the number of deaths to stand at 606,880 in the U.S. Overall, the alarming projection has caused concern within the biotechnology marketspace. In response, biotechnology companies, specifically companies dabbling in the immunotherapy and oncology sector, are working to develop innovative treatments and therapies in order to effectively treat patients diagnosed with cancer. Mainly, most patients suffer from lung, breast, and prostate cancer, and in 2019, the National Cancer Institute expects 268,000 new breast cancer cases, 228,150 new lung cancer cases, as well as 174,650 new prostate cancer cases. Overall, several new cancer treatments such as immunomodulators, CAR-T cell therapy, and monoclonal antibodies are also becoming more abundant as biotechnology companies further develop and market these therapies. Compared to traditional treatments, these therapies are more technologically advanced, meaning they are more effective at suppressing or possibly even eliminating cancer. However, despite the progress in technology, the demand for cancer therapies isn’t slowing down. Patients and medical institutes are constantly looking for more effective and efficient treatments in order to reduce the number of cases. And according to data compiled by Grand View Research, the global cancer immunotherapy market size is expected to reach USD 126.9 Billion by 2026 while exhibiting a CAGR of 9.6%. Additionally, the industry is expected to grow due to the increasing patient pools and higher mortality rates, while an increasing number of approvals for new immunotherapeutic drugs is also expected to propel the market. Oncology Pharma Inc. (OTC: ONPH), Kadmon Holdings, Inc. (NYSE: KDMN), Advaxis, Inc. (NASDAQ: ADXS), SELLAS Life Sciences Group, Inc. (NASDAQ: SLS), Geron Corporation (NASDAQ: GERN)

There is an ongoing shift from traditional chemotherapies to immunotherapies, which also has an impact on the market by further propelling its growth. In addition to early detection and treatment of cancer, the immuno-oncology industry is also developing post-treatment therapies to better protect patients from recurrence. There has also been an introduction of immunomodulatory drugs such as thalidomide, lenalidomide, and pomalidomide, which were among the best treatment options in the past few years. As well as an influx of newer drug classes like antibodies and HDAC inhibitors which are designed to target specific cancers. “Faced with growing clinical workloads and decreasing margins, oncologists are under a growing amount of pressure at work,” said Joe DePinto, President of Cardinal Health Specialty Solutions. “But, as our research shows, many oncologists are meeting their challenges head-on by proactively investing in tools, technology and additional clinical support staff. And today they are feeling more confident in their ability to adapt to changing trends, such as value-based care.”

Oncology Pharma Inc. (OTC: ONPH) announced yesterday that, “Stefan Gruenwald (MD, PhD), cofounder and president of Diagnomics Inc., has been elected to Oncology Pharma’s supervisory board of directors. Dr. Stefan Gruenwald is a former VP of Research and Development at Becton Dickinson, a conglomerate with a current market capitalization of approximately $68 Billion. He is the co-founder and managing partner of Genautica, established in December of 2010. Genautica is a California LLC located in close proximity to the Biotech Hub of San Diego.

Dr. Stefan Gruenwald, through Genautica, has seed-funded Diagnomics, a biotech company employing a highly qualified team of scientists, including early pioneers in sequencing the human genome. Through its investment in Diagnomics, Genautica has also been a co-founder and early investment partner of the EONE-Diagnomics Genome Center (EDGC) in Korea, which went public in 2018 on KOSDAQ, the major Korean tech stock market for over 400 Million USD. Part of the IPO proceeds have been used to buy a female health clinic (10,000 patients), build an R&D center in Songdo, Korea, housing 14 biotech and pharmaceutical companies, acquiring one of the major diagnostics distribution companies and expanding the clinical genome center approach to various countries in Asia. EDGC has grown rapidly and annual revenues for 2019 are predicted to be around 50 million USD.

Chuck Wagner, President of Oncology Pharma Inc., commented: “Oncology Pharma conducted an exhaustive search to strengthen the board of directors’ breadth of background and talent. I am delighted to have such an outstanding individual join the board to contribute to our mission, vision and goal of the company. Dr. Stefan Gruenwald is a pioneer with more than thirty years of experience in the biotechnology space and brings vast knowledge and experience in both the clinical, scientific and business fields to the company.”

“I am very excited to join the Board of Directors of Oncology Pharma,” said Dr. Gruenwald. “I’ve been involved in biotech for over a quarter of a century and I’m truly thrilled about this amazing opportunity to help this company to evolve into a world-wide leader in its space.”

ABOUT ONCOLOGY PHARMA, INC: ONCOLOGY PHARMA, INC. (OTCPK: ONPH) (the “Company”) is a pioneering oncology company dedicated to developing, manufacturing, and commercializing therapeutics. The Company has licensed Tulynode’s patent pending Autologous Immuno-therapy for durable therapy response using an extracorporeal device. The Company is currently engaging in research and development of therapeutics for oncology, and prides itself for having a world-class Advisory Board that keeps the Company in the forefront of developing technologies in cancer research, biotechnology, and healthcare.”

Kadmon Holdings, Inc. (NYSE: KDMN) presented earlier last year preclinical data on KD033, its anti-PD-L1/IL-15 fusion protein in development for oncology indications, at the Society for Immunotherapy of Cancer (SITC) Annual Meeting, taking place November 7-11, 2018, in Washington, D.C. KD033 is a novel immunotherapy designed to stimulate an immune response directed to the tumor microenvironment. Recombinant IL-15 alone, which stimulates cancer-fighting immune effector cells, is not well tolerated when administered systemically. Kadmon has developed a novel approach to overcome this challenge by fusing IL-15 to an anti-PD-L1 antibody to direct IL-15 activity specifically to the tumor microenvironment, promoting efficacy and inducing durable responses while potentially increasing tolerability. “Although immunotherapy has been game-changing for the treatment of cancer, many tumors learn to evade current therapies, limiting efficacy and durability of response. New approaches are needed to address relapsed or refractory patients as well as non-responders,” said Harlan W. Waksal, M.D., President and CEO at Kadmon. “By directing a potent cancer-fighting response to the tumor site, KD033 has potential to safely overcome resistance and induce long-lasting responses for patients. We look forward to continuing our research on KD033 and initiating our first-in-patient studies in the second half of 2019.”

Advaxis, Inc. (NASDAQ: ADXS) a late-stage biotechnology company focused on the discovery, development and commercialization of immunotherapy products, announced recently updated data from the Phase 1/2 KEYNOTE-046 study in metastatic, castration-resistant prostate cancer (mCRPC). This trial is being conducted in conjunction with Merck (known as MSD outside the U.S. and Canada) and is evaluating ADXS-PSA, one of Advaxis’ Listeria monocytogenes (Lm)-based immunotherapies, alone and in combination with KEYTRUDA® (pembrolizumab), Merck’s anti-PD-1 therapy. Findings will be highlighted in a poster discussion entitled “Effects of ADXS-PSA with or without Pembrolizumab on Survival and Antigen Spreading in Metastatic, Castration-Resistant Prostate Cancer Patients” at the American Association for Cancer Research (AACR) Annual Meeting underway in Atlanta. The poster discussion will be held today from 1:00-5:00 p.m. ET and will be led by lead author Mark N. Stein M.D., FACS, Associate Professor of Medical Oncology at Columbia University Medical Center. “We are very excited to report the updated ADXS-PSA data today at the AACR meeting,” said Kenneth A. Berlin, President and Chief Executive Officer of Advaxis. “These data show the clinical potential of ADXS-PSA both alone and in combination with KEYTRUDA®. It is meaningful that the combination has been well-tolerated in the study population because dose-related toxicities can present challenges for cancer patients, and an additive therapy with a favorable safety and tolerability profile may offer an attractive option for clinicians if developed further in this indication.” He concluded, “Based on the prolonged survival data and strong safety profile to date, we believe that continued clinical development of ADXS-PSA in combination with KEYTRUDA® is warranted and represents a potentially significant opportunity for Advaxis.”

SELLAS Life Sciences Group, Inc. (NASDAQ: SLS) is a clinical-stage biopharmaceutical company focused on novel cancer immunotherapeutics for a broad range of cancer indications. SELLAS Life Sciences Group, Inc. recently announced the dosing of the first patient in its Phase 1/2 open-label study of GPS in combination with Merck’s anti-PD-1 therapy KEYTRUDA® (pembrolizumab), in patients with selected WT1-positive advanced cancers, including both solid tumors and hematologic malignances. “This is an important milestone as this study allows us to potentially enhance our safety and activity profile of GPS in combination with anti-PD-1 therapies, particularly in combination with KEYTRUDA® in multiple malignances, following intriguing initial combination clinical data with OPDIVO®,” said Angelos M. Stergiou, M.D., ScD h.c., President and Chief Executive Officer of SELLAS. “We are confident this study will build on our body of clinical evidence in support of the use of GPS in combination with PD-1 inhibitors to benefit cancer patients with limited treatment options. We believe that our innovative WT1 immunotherapeutic, GPS, in combination with anti-PD-1 immunotherapy agents, may provide therapeutic benefit for patients with WT1 expression. These beliefs are shared by the renowned U.S. oncologists who are undertaking this work. We look forward to studying this combination in patients with a wide range of cancers and expect to provide the first clinical data from this study in the first quarter of 2020.”

Geron Corporation (NASDAQ: GERN) is a late-stage clinical biopharmaceutical company focused on the development and potential commercialization of a first-in-class telomerase inhibitor, imetelstat, in hematologic myeloid malignancies. Geron Corporation recently announced the opening of patient screening and enrollment for the Phase 3 portion of IMerge to evaluate imetelstat, a first-in-class telomerase inhibitor, in lower risk myelodysplastic syndromes (MDS). IMerge is a two-part Phase 2/3 clinical trial of imetelstat in transfusion dependent patients with lower risk MDS who are relapsed after or refractory to erythroid stimulating agents (ESAs). The Phase 3 portion is planned to enroll approximately 170 patients in a randomized, double-blind, placebo-controlled clinical trial to test the hypothesis that imetelstat improves the rate of red blood cell transfusion independence (TI). The trial is planned to be conducted at multiple medical centers globally, including North America, Europe, Middle East and Asia. The primary efficacy endpoint is 8-week TI rate, which is defined as the proportion of patients achieving transfusion independence during any consecutive eight weeks since entry into the trial. Key secondary endpoints include the rate of transfusion independence lasting at least 24 weeks, or 24-week TI rate, durability of transfusion independence and the amount and relative change in transfusions. “The start of the Phase 3 portion of IMerge is a significant milestone for Geron and imetelstat,” said John A. Scarlett, M.D., Chairman and Chief Executive Officer. “We are hopeful that the Phase 3 will confirm the encouraging results from the Phase 2 portion, and that imetelstat could become a much-needed treatment alternative for patients with lower risk MDS.”

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FTC Charges Pittsburgh-Area MLS With Illegally Restraining Competition

West Penn Multi-List, Inc., the operator of the real estate multiple listing service (MLS) in the Pittsburgh, Pennsylvania metropolitan area, has agreed to settle Federal Trade Commission charges that certain restrictions on access to its MLS services were anticompetitive and violated U.S. antitrust laws. West Penn’s MLS rules limited publication and marketing of the listing of sellers’ properties based solely on the terms of the seller’s listing contract with the real estate broker.

The FTC’s consent order settling the charges bars West Penn from imposing restrictions that discouraged brokers who subscribed to the MLS from offering lower-cost, limited brokerage services to home sellers in the Pittsburgh area.

“This case demonstrates that the Commission has no tolerance for attempts by those who run an MLS to ban nontraditional listings or limit the use of discounting in brokerage services,” said David P. Wales, Acting Director of the FTC’s Bureau of Competition. “We have challenged such conduct in a number of cases in the last few years because it results in higher prices for consumers, and we will continue to prosecute such conduct wherever we find it.”

West Penn is the only MLS that serves metropolitan Pittsburgh and surrounding counties, according to the FTC. It is owned by its membership, which consists of more than 6,800 real estate professionals in the area. Membership in West Penn is necessary for a broker to provide effective residential real estate brokerage services to buyers and sellers of real estate in the area, the FTC alleges.

The FTC alleges that West Penn’s rules excluded from the MLS, and refused to make available for viewing on popular Internet Web sites, any type of listing other than the traditional full-service style of real estate broker listing agreement, which is typically associated with a non-discounted commission.

The FTC alleges these restrictions favored traditional full-service brokerage agreements, in which a property owner appoints a real estate broker for a set period of time as an exclusive agent to sell the property, and agrees to pay the listing broker a commission if and when the property is sold. The restrictions effectively blocked brokers from offering an alternative form of listing agreement, which could be used by home sellers who do not want to pay for the full range of brokerage services. The FTC charges that these rules illegally restrained trade and harmed competition by limiting consumers’ ability to obtain lower-cost real estate brokerage services.

The FTC’s consent order prohibits West Penn from adopting or enforcing these rules. The order also prohibits West Penn from adopting or enforcing rules that (1) had required brokers to comply with the MLS form contract and submit copies of their listing contracts to the MLS, and (2) discouraged brokers and home sellers from contracting for services for terms of less than a year. Although West Penn has already dropped these restrictions, the settlement bars West Penn from reverting back to the old rules or adopting any new ones that deny or limit the ability of MLS participants to enter into any lawful listing agreement.

The Commission vote to approve the consent order was 4-0. The order will be subject to public comment for 30 days, until February 10, 2009, after which the Commission will decide whether to make it final. Comments should be sent to: FTC, Office of the Secretary, 600 Pennsylvania Ave., N.W., Washington, DC 20580.

The materials related to this case, as well as a wide range of other real estate competition information, can be found on the FTC’s real estate competition Web page.

NOTE: A consent agreement is for settlement purposes only and does not constitute an admission of a law violation. When the Commission issues a consent order on a final basis, it carries the force of law with respect to future actions. Each violation of such an order may result in a civil penalty of $11,000.

Copies of the complaint, consent order, and an analysis to aid public comment are available from the FTC’s Web site at http://www.ftc.gov and also from the FTC’s Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, D.C. 20580. The FTC’s Bureau of Competition works with the Bureau of Economics to investigate alleged anticompetitive business practices and, when appropriate, recommends that the Commission take law enforcement action. To inform the Bureau about particular business practices, call 202-326-3300, send an e-mail to [email protected], or write to the Office of Policy and Coordination, Room 394, Bureau of Competition, Federal Trade Commission, 600 Pennsylvania Ave, N.W., Washington, DC 20580. To learn more about the Bureau of Competition, read “Competition Counts” at http://www.ftc.gov/competitioncounts.

(FTC File No. 081-0167)

FTC Charges Pittsburgh-Area MLS With Illegally Restraining Competition

The materials related to this case, as well as a wide range of other real estate competition information, can be found on the FTC’s real estate competition Web page.

(FTC File No. 081-0167)

Three Home Loan Advertisers Settle FTC Charges; Failed to Disclose Key Loan Terms in Ads

Three mortgage loan advertisers that allegedly deceptively touted low monthly payments and low rates without fully disclosing loan terms have agreed to settle Federal Trade Commission charges that their ads violated federal law.

According to the FTC, the ads represented that people could receive mortgage loans at the terms prominently stated in the ads. However, in violation of the FTC Act, the ads allegedly failed to disclose, or failed to disclose adequately, that the advertised low monthly payment amounts and low rates apply only for a limited time, after which they will increase, and that the advertised payment amounts and rates did not include the interest owed each month, with the interest added to the total loan balance.

The Commission also charged the mortgage advertisers with violating the Truth in Lending Act (TILA) and its Regulation Z by stating periodic payment amounts but failing to disclose clearly and conspicuously the repayment terms, the annual percentage rate (APR), and that the APR could be increased during the loan period. They also were charged with failing to disclose clearly and conspicuously the rate of finance charge as an APR, using that term; the APR, stated with, and at least as conspicuously as, the stated simple annual rate; and required payment rate disclosures.

According to the Commission’s complaint against Florida-based American Nationwide Mortgage Co., a direct mail ad for the company states, “30-Year Fixed. 1.95%.” However, a fine-print, virtually illegible footnote at the bottom of the ad states, “4.981% Annual Percentage Rate,” and a fine-print disclosure on the reverse side of the ad states, “Initial Annual Percentage Rate (APR) for a 30 year mortgage loan with 80% loan to value is 4.981%. Rate is fixed for 12 months and adjusts upward 7.5% of the payment amount annually for the first ten years of the loan . . .” In addition to the other charges, the FTC alleges that American Nationwide violated the FTC Act by falsely representing that its advertised rate is a fixed rate for the full term of the loan.

According to the FTC’s complaint against California-based Michael Gendrolis, doing
business as Good Life Funding, a direct mail ad for the respondent states, “Your first Mortgage originally funded by [the consumer’s current lender] can be restructured to a TEN Yr fixed
payment of only $116 . . . Your payment rate is only 1/4%* and is fixed for TEN years . . . This is the lowest payment in history. You can receive an additional $88,252 Cash out with a monthly payment of only $134 . . . Call Today, and have No House Payments until June 2008 (that’s 12 months)**.” However, a fine-print disclosure at the bottom of the ad states, “Good Life Funding is not sponsored or affiliated with [the consumer’s current lender] and the solicitation is not authorized by [the consumer’s current lender] . . . *Payment Rate 1/4% 6.75% APR. Deferred interest will accrue . . .** . . . Based on the first year 1/4% interest only payment at close . . .” In addition to the other charges, the FTC alleges that Gendrolis violated the FTC Act by failing to disclose adequately that the mortgage offer is made by the respondent, Gendrolis, and not the consumer’s current lender.

According to the Commission’s complaint against California-based Shiva Venture Group, Inc., doing business as Innova Financial Group, an Internet ad for the company states, “Innova Financial Group is currently offering monthly payments as low as 1%!,” without disclosing terms as required by law.

The proposed consent orders bar all of the respondents, in connection with promoting any extension of closed-end credit (including mortgages), from advertising a rate lower than the rate at which interest is accruing, regardless of whether the rate is referred to as an “effective rate,” a “payment rate,” “qualifying rate,” or any other term, provided that this does not prohibit the respondents from advertising the “annual percentage rate” or “APR.” The respondents are also barred, in connection with promoting any extension of closed-end credit, from making any representation about the monthly payment amount unless they disclose, clearly and conspicuously and in close proximity to the representation, as applicable, that the advertised low monthly payment amount: 1) applies only for a limited period of time, after which it will increase; 2) does not include the amount of interest that the consumer owes each month; and 3) is less than the monthly payment amount (including interest) that the consumer owes, with the difference added to the total amount due from the consumer.

The consent order with American Nationwide also bars the company, in connection with promoting any extension of closed-end credit, from misrepresenting the nature and/or extent of the variability of any loan rate or payment amount, such as an interest rate or APR; whether it is fixed rather than adjustable or vice versa; and, for an interest rate or payment amount, the duration of the fixed or variable interest rate or payment amount.

The consent order with Michael Gendrolis, d/b/a Good Life Funding, also bars him, in connection with promoting any extension of consumer credit, from making representations about the consumer’s current lender or any entity other than the respondent, unless it clearly and conspicuously discloses the respondent’s name and identity as the entity promoting or offering the extension of credit.

In addition, the consent orders bar all of the respondents, in connection with promoting any extension of closed-end credit, from stating the amount of any payment, the number of
payments or the repayment period, or the amount of any finance charge, unless they clearly and conspicuously disclose the repayment terms, the APR, and whether the APR may be increased, as required by the TILA and Regulation Z. In addition, the respondents may not state a rate of finance charge without clearly and conspicuously stating the rate as an APR; and, if the rate is a simple annual rate, stating it in conjunction with, but not more conspicuously than, the APR. The respondents also may not fail to comply in any respect with the TILA and Regulation Z.

Each of the settlements contains record-keeping provisions to allow the FTC to monitor compliance with the order. The Commission voted 4-0 to accept the administrative complaints and consent orders.

The FTC will publish an announcement regarding the agreements in the Federal Register soon. The agreements will be subject to public comment for 30 days, until February 9, 2009, after which the Commission will decide whether to make it final. Comments should be addressed to the FTC, Office of the Secretary, Room 135-H, 600 Pennsylvania Avenue, N.W., Washington, DC 20580. The FTC requests that any comment filed in paper form near the end of the public comment period be sent by courier or overnight service, if possible, because U.S. postal mail in the Washington area and at the Commission is subject to delay due to heightened security precautions.

NOTE: The Commission issues an administrative complaint when it has “reason to believe” that the law has been or is being violated, and it appears to the Commission that a proceeding is in the public interest. These complaints are not a finding or ruling that the respondents have actually violated the law. The consent agreements are for settlement purposes only and do not constitute admissions by the respondents of a law violation.

(FTC File Nos. 0723168, 0823034, & 0823032)
(Nationwide, Good Life, Innova)

Mortgage Foreclosure “Rescue” Operators Settle with FTC

A mortgage foreclosure rescue service that claimed that, for a $1,200 fee, they would stop foreclosure and save consumers’ homes, has agreed to settle Federal Trade Commission charges that it violated federal law. Many consumers who paid the company ultimately lost their homes to foreclosure, and others avoided foreclosure only through their own efforts.

Under a federal court settlement, the defendants are barred from falsely representing:

that any home mortgage foreclosure can or will be stopped, postponed, or prevented;
an ability to help all consumers, regardless of their individual circumstances;
the likelihood that foreclosure can or will be stopped, postponed, or prevented;
the degree of past success of any such efforts;
the number of satisfied customers or customer complaints;
the terms of any refund or guarantee;
the likelihood that a consumer will receive a full or partial refund if a foreclosure is not stopped, postponed, or prevented;
any approval, endorsement, or rating by the Better Business Bureau or any other consumer advocacy or consumer protection association; or
any fact material to a consumer’s decision to purchase any mortgage foreclosure rescue service.

The defendants also are prohibited from falsely representing any material fact in connection with marketing any good or service. In addition, they are barred from disclosing or benefitting from personal information obtained from anyone in connection with marketing mortgage foreclosure rescue services. The settlement imposes a judgment of $1,178,920, all but $8,320.84 of which is suspended based on the defendants’ inability to pay. The full judgment will be imposed if they are found to have misrepresented their financial condition. The settlement also contains record-keeping provisions to allow the FTC to monitor compliance with the order.

The Commission vote to authorize staff to file the stipulated final order regarding Florida-based Mortgage Foreclosure Solutions, Inc., Debra Behrens, and Michael Siani, was 4-0. The order was filed in the U.S. District Court for the Middle District of Florida, Tampa Division, and was entered by the court on January 5, 2009.

NOTE: Stipulated final orders are for settlement purposes only and do not constitute an admission by the defendant of a law violation. A stipulated final order requires approval by the court and has the force of law when signed by the judge.

(FTC File No. X080026)
(MFS)

Mortgage Foreclosure “Rescue” Operators Settle with FTC

Under a federal court settlement, the defendants are barred from falsely representing:

that any home mortgage foreclosure can or will be stopped, postponed, or prevented;
an ability to help all consumers, regardless of their individual circumstances;
the likelihood that foreclosure can or will be stopped, postponed, or prevented;
the degree of past success of any such efforts;
the number of satisfied customers or customer complaints;
the terms of any refund or guarantee;
the likelihood that a consumer will receive a full or partial refund if a foreclosure is not stopped, postponed, or prevented;
any approval, endorsement, or rating by the Better Business Bureau or any other consumer advocacy or consumer protection association; or
any fact material to a consumer’s decision to purchase any mortgage foreclosure rescue service.

(FTC File No. X080026)
(MFS)

Commission Announces Revised Jurisdictional Thresholds for Section 7A and Section 8 of the Clayton Act

The Commission, by a vote of 4-0, has approved a Federal Register notice announcing the revised thresholds for the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 required by the 2000 amendments to Section 7A of the Clayton Act. Section 7A(a)(2) requires the FTC to revise the jurisdictional thresholds annually, based on the change in gross national product, in accordance with Section 8(a)(5). Certain related thresholds and limitations in the HSR rules also are adjusted by this notice. The notice will be published in the Federal Register shortly and become effective 30 days after publication. The revised thresholds will apply to all transactions that close on or after the effective date of this notice. (FTC File No. P859910; the staff contact is Michael Verne, Bureau of Competition, 202-326-3100.)

Also, by a vote of 4-0, the Commission has approved a Federal Register notice announcing the revised thresholds for Section 8 interlocking directorates. Section 8 of the Clayton Act was amended on November 16, 1990. The amendment establishes jurisdictional thresholds that trigger the Act’s prohibition on interlocking directorates. The Act also requires that the Commission revise those thresholds annually, based on the change in the level of gross national product. The new thresholds are $26,161,000 for Section 8(a)(1) and $2,616,100 for Section 8(a)(2)(A). The notice announcing the revisions will be published in the Federal Register shortly and will be effective upon publication. (FTC File No. P859910; the staff contact is James F. Mongoven, Bureau of Competition, 202-326-2879.)

Copies of the documents mentioned in this release are available from the FTC’s Web site at http://www.ftc.gov and from the FTC’s Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, DC 20580. Call toll-free: 1-877-FTC-HELP.

(FYI 1.2009.wpd)

General Counsel William Blumenthal To Leave FTC

Federal Trade Commission Chairman William E. Kovacic announced today that William Blumenthal, the agency’s General Counsel for almost four years, will leave the agency to return to private law practice.

“Bill set the highest possible standards for public service and the practice of law,” Chairman Kovacic said. “Within the FTC, he was a brilliant counselor. His advice routinely displayed a singular mastery of both technical issues and broader policy considerations. Outside the agency, at home and abroad, Bill applied an enviable mix of knowledge and wisdom to especially difficult questions. In doing so, he was an ideal representative for the FTC. In the development of competition policy in numerous countries, most notably in China, the United States played an extraordinarily constructive role because Bill was a frequent participant in the U.S. delegation. In the years ahead, Bill’s thoughtful approach will provide an enduring, valuable model for FTC officials and for the larger community of competition law and consumer protection authorities.”

Blumenthal, who joined the Commission in February 2005, will join Clifford Chance US LLP as a partner in the firm’s mergers and acquisitions practice and chairman of its U.S. antitrust group.

As the Commission’s chief legal officer and adviser, the General Counsel represents the agency in court and provides legal counsel to the Commission and its bureaus and offices. Blumenthal oversaw the FTC’s role in developing and presenting the federal government’s position, typically as amicus briefs, in several matters before the U.S. Supreme Court, including cases concerning patent tying, predatory buying, price discrimination, resale price maintenance, and patent settlements involving reverse payments. He also oversaw more than two dozen appellate cases, including antitrust matters involving corporate mergers, horizontal conspiracy, and monopolization, and consumer protection matters involving unauthorized telephone billing, third-party debt collection, the Telemarketing Sales Rule, and the adverse action notice requirement for users of consumer reports.

Blumenthal also acted for the Commission in formulating the agency’s position in several intellectual property cases. In addition, he played a significant role in influencing international competition policy, including discussing a new anti-monopoly law with officials in China. He also discussed competition law with officials in India, Japan, and Korea, as well as competition and consumer protection matters with the European Commission.

Before joining the Commission as General Counsel, Blumenthal spent 10 years with King & Spalding LLP as a partner in the firm’s antitrust and trade regulation practice. He served as the International Officer of the American Bar Association’s Antitrust Section, and he was a member of the Competition Committee of the Organization for Economic Cooperation and Development’s Business and Industry Advisory Committee, the International Chamber of Commerce’s Commission on Competition, and the Antitrust Council of the U.S. Chamber of Commerce. Blumenthal also served as a U.S. Private Sector Advisor to the Notification and Procedures Subgroup of the Working Group on Mergers for the International Competition Network.

Blumenthal graduated from Harvard Law School and earned undergraduate and graduate degrees in Economics from Brown University.

(Blumenthal)

FTC Reports to Congress on Credit Report Complaint Referral Program

The Federal Trade Commission has issued a report to Congress on the credit report complaint referral program under the Fair Credit Reporting Act (FCRA).

The Commission is the federal agency with primary responsibility for compliance with the FCRA and operates a system for receiving complaints from consumers about possible violations of the FCRA. Section 611(e) of the FCRA, which was added by Congress in the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), requires the Commission to establish a program to refer certain consumer complaints to the three nationwide consumer reporting agencies (CRAs) – TransUnion, Equifax, and Experian – and to report to Congress on the information gathered in the program. The complaints covered by the program are those received by the Commission from consumers who have disputed the accuracy of information in their credit report with a CRA and are dissatisfied with the results of the process. This report covers the period from the initiation of the program in 2004 through the end of 2007.

The Commission vote to issue the report was 4-0.

(FCRA Complaint Referral – P044804)

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