The Justice Department’s Antitrust Division, at the request of the Federal Trade Commission (FTC), filed a civil antitrust lawsuit today in US District Court for the District of Columbia, against Richard D. Fairbank, the CEO of Capital One Financial Corporation, for violating the pre-transaction notification and waiting period requirements of the Hart-Scott-Rodino Act of 1976 (HSR Act) when he acquired voting securities of Capital One in 2018.
At the same time, the department filed a proposed settlement, subject to approval by the court, under which Fairbank has agreed to pay a US$637,950 civil penalty to resolve the lawsuit.
The HSR Act imposes notification and waiting period requirements for transactions meeting certain size thresholds so that they can undergo pre-transaction antitrust review. Federal courts can assess civil penalties for pre-transaction notification violations under the HSR Act in lawsuits brought by the department. The maximum civil penalty for an HSR Act violation, which is adjusted annually, is currently US$43,792 per day.
Further details about this matter are described in the FTC’s press release issued on Thursday, September 2, and in the attached complaint and competitive impact statement.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
