News & Analysis as of

Eleventh Circuit Strikes Down Florida’s No-Surcharge Law

On November 4, 2015, the Eleventh Circuit struck down Florida’s no credit-card surcharge statute as unconstitutional under the First Amendment. See Dana’s Railroad Supply v. Attorney General, Florida, No. 14-14426, 2015 WL...more

What discount structures can a dominant firm use? European Court supplies further guidance

The European Court has given further guidance on how to assess the legality of rebates and discounts offered by dominant firms in a case concerning rebates practised by Post Danmark, which at the relevant time enjoyed a...more

D.C. District Court Deals Blow to HHS 340B Program Interpretive Rule

Court says Congress has the power to make the change that HHS attempted with its Interpretive Rule, and thus it should be left to the legislative branch. A lawsuit challenging the Interpretive Rule, filed by the...more

This Week In Securities Litigation

The Manhattan U.S. Attorney announced the filing of motions to dismiss the insider trading conviction of Michael Steinberg, formerly a portfolio manager at SAC Capitol, and six others in the wake of the Second Circuit’s...more

Canadian Bankruptcy Considerations in Factoring Transactions

Factoring transactions, in which a buyer purchases outright or acquires an interest in a seller’s accounts receivable, are becoming increasingly common. Initially, the buyer must determine whether the transaction is to be...more

Business Lit Ledger - Fall 2015

In this Fall issue of our newsletter, you will find a review of several significant legal developments. For example, our antitrust group reviews actions taken by the Federal Trade Commission and the Department of Justice...more

Business Law: The Distinction of Six of One, Half a Dozen of the Other. Second Circuit Upholds New York’s Prohibition on...

After nearly two years in limbo, the Second Circuit Court of Appeals has decided that the New York law that prohibits merchants from imposing a surcharge on customers who use credit cards is constitutional and, therefore,...more

Cheap Flights for Flying Blind

European discount airline Germanwings has a practice it calls “Blind Booking”. The concept is straightforward. Essentially you don’t know your destination city until after you have booked the flight. But for €33...more

Marginal Evidence of Customer Diversion Won’t Support a Price Discrimination Claim

In Cash & Henderson Drugs, Inc v. Johnson & Johnson, Case No. 12-4689 (2nd Cir. Aug. 27, 2015), the Second Circuit upheld a summary judgment in favor of defendant pharmaceutical manufacturers accused of price discrimination....more

IRS Plans to Further Restrict Family Business Valuation Discounts

IRS regulations anticipated for release as early as this September may further restrict valuation discounts. The exact scope of the regulations is unknown, but the regulations will likely make it more difficult for taxpayers...more

Cross Subsidization For Purpose Of Enhanced Grocery Sales Through Alleged Below Cost Gasoline Discounts Found Not To Violate...

Injury to competing retail fuel stations is non-actionable where market conditions demonstrate that an “incipient antitrust violation” is not imminent. Dixon Gas Club LLC v. Safeway Inc., Case No. A139283 (Court of Appeal 1st...more

California PUC Reforms California Teleconnect Fund

At a California Public Utilities Commission meeting on July 23, the Commission approved Decision 15-07-007, which restates the program goals of the California Teleconnect Fund (CTF) and implements a series of reform...more

FTC Comment: Minnesota Law Requiring Public Disclosure of Health Care Contract Data Increases Risk of Anticompetitive Behavior

On June 29, 2015, the Federal Trade Commission (FTC) responded to a request for comment from two Minnesota state legislators concerning recently enacted amendments to the Minnesota Government Data Practices Act (MGDPA). Under...more

Valuation Discounts at Risk

Yogi Berra used to say, “A nickel ain’t worth a dime anymore.” But a dime may be worth a nickel ... at least for the time being. Valuing interests in family-controlled entities is a challenging process, and an area where...more

Buy One Get One (Discounted) Only Violates The Sherman Act If The Discount For The “Tied” Product Is Below Cost

In a recent opinion, Collins Inkjet Corp. v. Eastman Kodak Co., the Sixth Circuit held that differential pricing in a tying arrangement (i.e., “I will charge you less for printer replacement parts, but only if you buy all of...more

Fit (Not) to Be Tied: Three Tricky Questions Every Company Must Ask When Selling Discounted Bundles of Products

From corner taco stands to corner offices, the discounted product bundle is ubiquitous. McDonald’s offers Extra Value Meals. Microsoft offers Office. Morgan Stanley offers Prime Brokerage. Like countless companies, these...more

OIG Warns Lab “Pull-Through” Arrangements May Be Illegal

In an important advisory opinion, the U.S. Department of Health and Human Services Office of Inspector General (OIG) gave a thumbs-down to a proposed clinical laboratory “pull-through” arrangement even though the patients in...more

Pharmacy Qui Tam Based On U&C Price Billing Survives Motion to Dismiss

Once again, a pharmacy employee has filed a qui tam involving a drug discount program, alleging that the failure of the pharmacy to use the discounted pricing as the “usual and customary” price in Medicaid and Medicare Part D...more

R.I.P.: The Facebook “Like” Gate

Do you still “like” me? Companies with Facebook Pages will find themselves asking that question of their followers over the next few weeks, as Facebook brings an end to the popular practice of offering discounts, exclusive...more

OIG Warns Pharma Its Copayment Coupons May Aid Crime

Brand name drugs cost a lot. So to make them more attractive, drug manufacturers issue coupons for discounts on the copayment portion of the price. They work the same as the dollar-off coupons offered by cereal manufacturers....more

OIG Okays Medigap Insurer’s Arrangement for Discount on Inpatient Deductibles

Last Monday the Office of Inspector General (OIG) of Health & Human Services posted an advisory opinion (No. 14-07) allowing a Medigap insurance company to strike a deal with hospitals for discounts—even waivers—of the...more

Bundled Discounts Subject to Section 1/Clayton 3 Scrutiny In the Absence of Market Power and Substantial Foreclosure?

Bundled discount programs have received significant antitrust scrutiny over the past decade, even though these marketing programs may benefit both consumers and competition. Typically, bundled discounts have been evaluated as...more

Term Sheet Math — When Is Your 66 Percent Really 52 Percent?

When negotiating valuation for a financing, an investor may conduct detailed due diligence and present you with a term sheet that reflects multiples, discounts, comparables, and so forth. In the end, you are negotiating for...more

SEC Settles With Adviser Over Failure to Consider Account Aggregation Requests in Applying Fee Breakpoint Discounts

The SEC settled administrative proceedings against Transamerica Financial Advisors, Inc. (the “Adviser”) over its failure to grant advisory fee breakpoint discounts to certain advisory clients based on the aggregation of...more

Accrual and Payment of Interest on Creditors’ Claims in Insolvency: The Plenary Session of the Russian Supreme Commercial Court...

This issue considers the most important provisions of the resolution adopted at the Plenary Session of the Supreme Commercial Court of the Russian Federation (the “SCC”) No. 88, dated 6 December 2013, “On Accrual and Payment...more

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