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ARTICLE · 07 SEPTEMBER 2021

CEO Fined By FTC For HSR Notification Violations

Hogan Lovells Cadwalader
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The CEO of a bank holding corporation settled FTC charges for violations of the notice and waiting period requirements under the Hart-Scott-Rodino Act.

United StatesAntitrust/Competition Law
Joel Mitnick
Joel Mitnick
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The CEO of a bank holding corporation settled FTC charges for violations of the notice and waiting period requirements under the Hart-Scott-Rodino Act ("HSR Act").

In a Complaint filed with the U.S. District Court for the District of Columbia, the FTC stated that in 2013, the CEO filed a notification with the DOJ and FTC to acquire voting securities of the corporation that would lead his holdings to be in excess of $168.8 million. The FTC claimed that the CEO was allowed to acquire more of the corporation's voting securities for the following five years without having to submit another HSR Act filing, provided his holdings did not exceed the next reporting level of $843.9 million. The FTC alleged that in March 2015, one month after the CEO's five-year exemption had expired, the CEO acquired voting securities of the corporation that again exceeded $168.8 million without submitting another HSR Act filing, in violation of HSR Act Section 7A ("Premerger

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