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ARTICLE · 24 JULY 2026

Below The Threshold, Not Above The Law: FTC Cracks Down On HSR Avoidance

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The FTC secured a record $12 million penalty against Edwards Lifesciences and Genesis MedTech for allegedly structuring a medical device acquisition to avoid mandatory Hart-Scott-Rodino premerger antitrust review. This landmark settlement, combined with recent enforcement statements from FTC and DOJ leadership, signals heightened scrutiny of deal structures that may circumvent reporting requirements, particularly in concentrated industries like medical devices and technology.

United StatesAntitrust/Competition Law
John J. Kavanagh
John J. Kavanagh
Travis West
Travis West

On July 13, 2026, the FTC secured $12 million in penalties from Edwards Lifesciences Corp. and Genesis MedTech Group Limited for failing to make a Hart-Scott Rodino (HSR) filing after structuring a deal to avoid premerger antitrust review. This settlement – the largest ever for this type of violation – paired with recent statements from Federal Trade Commission (FTC) and Department of Justice (DOJ) leadership, sends a clear signal: so-called 'reportability' is dangerous territory where companies need expert guidance. The question of whether a deal should be reported is very fact dependent, and transactions that could be legitimately exempt from the obligations in some circumstances become suspect or worse if perceived as part of an effort to evade it.

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