Flurry of Antitrust Merger Enforcement Actions as Obama Presidency Comes to a Close

McDermott Will & Emery
Contact

McDermott Will & Emery

In Depth

The Federal Trade Commission (FTC) and Antitrust Division of the Department of Justice (DOJ) announced several antitrust enforcement actions in advance of the inauguration of President Trump, including settlements for failures to file under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), a challenge to an unreportable deal and a settlement of a “gun-jumping” claim under the HSR Act. These cases illustrate the importance of compliance with the often complex reporting, waiting period and substantive aspects of antitrust laws in connection with acquisitions of various types, whether or not those acquisitions require premerger reporting. Failure to comply can result in significant financial penalties.

Two HSR “Failure to File” Settlements. On January 17, 2017, the FTC announced two settlements for failures to submit HSR filings and observe the statutory waiting period under the HSR Act prior to consummating acquisitions that met the relevant thresholds. The HSR Act requires notification of certain acquisitions of voting securities, assets and non-corporate interests if the value held as result of the transaction is in excess of certain notification thresholds and size of person thresholds (if applicable), and the transaction is not otherwise exempt. Parties to reportable transactions must observe the statutory waiting period prior to closing. If they fail to file, or otherwise do not observe the waiting period under the HSR Act, the parties may be liable for civil penalties of up to $40,654 per day (which was recently increased from $40,000, effective February 24, 2017).

In the first settlement, Ahmet Okumus agreed to pay $180,000 in connection with failing to notify for his purchases of voting securities of Web.com Group, Inc. (Web.com). According to the complaint, in September 2014, Okumus acquired voting securities of Web.com and as a result, held approximately 13.5 percent of the voting securities of Web.com. Okumus continued to acquire voting securities of Web.com through November 2014. Okumus did not file an HSR notification prior to making these acquisitions, relying on the “investment only” exemption, which exempts acquisitions resulting in holdings of 10 percent or less of the issued and outstanding voting securities if the shares are held solely for the purpose of investment (see 15 U.S.C. § 18a(c)(9) and 16 C.F.R. § 802.9). However, because Okumus held in excess of 10 percent, this exemption was not applicable. In late November of 2014, Okumus made a corrective filing that allowed him to acquire additional Web.com voting securities for approximately five years, provided that the value of the voting securities he held as a result of any acquisition did not exceed the $100 million (as adjusted) notification threshold. In a letter that accompanied his corrective filing, he indicated that the failure to file was inadvertent. The FTC did not seek civil penalties in that instance.

In June of 2016, Okumus began acquiring additional voting securities of Web.com. Later that month he acquired 236,589 voting securities of Web.com, and as a result of that acquisition, Okumus held voting securities valued (per the HSR rules) in excess of the $100 million (as adjusted) threshold, which at the time was $156.3 million. He made this acquisition without first filing and observing the HSR waiting period. In July of 2016, Okumus sold 33,200 shares, which resulted in him holding less than $156.3 million in Web.com voting securities, so technically, Okumus was only in violation of the HSR Act between June 27, 2016 (when he made the acquisition that put him over the $100 million (as adjusted) threshold) and July 14, 2016 (when his holdings in Web.com fell below the $100 million (as adjusted) threshold). In connection with this second corrective filing, Okumus agreed to pay a civil penalty of $180,000. In its press release, the FTC noted that it determined to seek penalties because “this is Okumus’s second HSR violation in two years regarding Web.com.” While technically the maximum civil penalty could have approached $700,000, the FTC noted that the penalty was adjusted downward from the maximum because the violation was inadvertent and promptly corrected, and Okumus was willing to resolve the matter quickly through a consent decree.

In the second settlement, Mitchell P. Rales agreed to pay $720,000 in connection with his wife’s acquisition of voting securities of Colfax Corporation (Colfax) and his acquisition of voting securities of Danaher Corporation (Danaher). Prior to his wife’s acquisition of Colfax shares, Rales held 57.9 percent of the voting securities of Colfax, and because he held over 50 percent of the voting securities of Colfax, any additional acquisitions would have been exempt under the HSR rules. However, after an initial public offering of Colfax voting securities, Rales’ holdings decreased to approximately 20.8 percent, and thus additional acquisitions were not exempt under the HSR rules. In October 2011, Rales’ wife acquired 25,000 voting securities of Colfax on the open market. Under the HSR rules, holdings of spouses and minor children are aggregated, so the shares acquired by Rales’ wife were attributed to him. As a result of this acquisition, Rales held voting securities of Colfax valued in excess of the then applicable $100 million (as adjusted) threshold. Rales did not file or observe the waiting period prior to his wife making this acquisition.

Separately, in January of 2008, Rales acquired 6,000 shares of Danaher on the open market, and as a result of this acquisition, held voting securities of Danaher valued at approximately $2.3 billion, which is well in excess of the $500 million (as adjusted) notification threshold at the time. Rales did not file or observe the waiting period under the HSR Act. Rales made corrective filings in February 2016 for both this acquisition and his wife’s acquisition of Colfax voting securities.

Prior to these corrective filings, Rales had paid a civil penalty of $850,000 in 1991, in connection with an acquisition for which Rales failed to file, that the FTC alleged was not inadvertent, but instead was structured in such a way as to avoid filing. In its press release, the FTC stated that it determined to seek penalties because “Rales had paid civil penalties to settle an earlier HSR enforcement action brought by the Department of Justice in 1991.”

These two settlements include some important reminders for acquiring parties, especially natural persons.

  • First, the “size of transaction” for HSR purposes is not simply the value of what is being acquired, but also includes the current value (as defined by the HSR rules) of what is already held of the acquired person.
  • Second, because acquirers need to consider the value of what they currently hold, valuation can creep up over time and a subsequent acquisition—no matter how small—may trip an HSR notification threshold. In other words, valuation must be considered with every acquisition from the same acquired person.
  • Third, natural persons must aggregate holdings of spouses and minor children when considering possible HSR filing requirements.

Disgorgement of Profits for Non-Reportable Transaction. On January 18, 2017, the FTC announced Mallinckrodt ARD Inc. (formerly known as Questcor Pharmaceuticals, Inc.) (Questcor) and its parent company agreed to pay $100 million to settle claims it monopolized a market for therapeutic adrenocorticotropic hormone (ACTH) drugs in the United States. The FTC alleged that Questcor held a monopoly in ACTH drugs when it acquired the rights to develop a competing drug, Synacthen Depot, from Novartis AG in June of 2013. The acquisition of these intellectual property rights was not subject to the reporting requirements of the HSR Act at the time. However, changes to the HSR rules applicable to pharmaceutical licenses in November 2013 likely would have resulted in a reportable transaction.

The FTC claimed that Questcor disrupted the bidding process for Synacthen and outbid other bidders so that it could keep Synacthen from becoming a competitor to Questcor’s product. Because of Questcor’s actions, the FTC alleged that a competitor was thwarted from challenging Questcor’s market position with a lower priced product. Meanwhile, Questcor has taken significant price increases on eight occasions since 2011. The FTC alleged these actions were in violation of Section 5 of the Federal Trade Commission Act as an unfair method of competition and Section 2 of the Sherman Act as monopolization. The Attorneys General of Alaska, Maryland, New York, Texas and Washington joined the FTC’s complaint.

Under the settlement, Questcor will pay $100 million in disgorgement and grant a license to develop Synacthen Depot to a licensee approved by the FTC. The states that joined the FTC’s complaint will receive $10 million of the $100 million payment and an additional $2 million as payment for attorney’s fees and costs. This settlement serves as an important reminder that non-reportable transactions remain subject to antitrust review and potential challenge at both the federal and state levels.

“Gun-Jumping” under the HSR Act. Also on January 18, 2017, the DOJ announced a settlement with Duke Energy Corporation (Duke) for violating the HSR Act by taking operational control of a target prior to observing the HSR waiting period. In August 2014, Duke agreed to purchase an electrical generating plant located in Florida. As part of the purchase agreement, Duke also entered into a “tolling agreement” where Duke would immediately—and prior to closing—began exercising control over the plant’s output and retaining the day-to-day profits and losses from its business. The DOJ’s complaint stated that Duke assumed control of purchasing all the fuel for the plant, arranging for delivery of that fuel and arranging for transmission of the energy generated by the plant. The DOJ claimed that Duke bore the benefit (or risk) of the profit (or loss) generated by the plant as well as the risk of changes in the market price for fuel and the market price for energy.

As stated in the 1978 Statement of Basis and Purpose issued with the final rules implementing the HSR Act, “the existence of beneficial ownership is to be determined in the context of particular cases with reference to the person or persons that enjoy the indicia of beneficial ownership, which include the right to obtain the benefit of any increase in value or dividends, the risk of loss of value, the right to vote the stock or to determine who may vote the stock, the investment discretion (including the power to dispose of the stock.” (43 Fed. Reg. 33450, 33458.) Application of these indicia of beneficial ownership depends on the totality of the circumstances; no one factor or set of factors is necessarily dispositive. In any event, in transactions that meet the HSR Act thresholds and are not otherwise exempt, the HSR Act prohibits an acquiring person from taking beneficial ownership of the target prior to the expiration or termination of the statutory waiting period. The DOJ alleged that Duke’s retention of the profit and loss of the electrical generating plant’s business as well as the benefit (or risk) of changes in market prices for fuel and energy were indicative of its beneficial ownership of Duke.

The parties did not submit their respective HSR notification and report forms for Duke’s acquisition of the plant until months after entering into the tolling agreement, which the DOJ alleges gave Duke beneficial ownership of the plant. Accordingly, the DOJ alleged that Duke was in violation from October 1, 2014, when the tolling agreement became effective, until February 27, 2015, when the HSR waiting period expired. To settle the DOJ’s complaint, Duke agreed to pay a civil penalty of $600,000 for violation of the HSR Act. In a statement, Duke noted that it “admits no wrongdoing or liability as part of the settlement,” but agreed to the civil penalty “to settle the case and avoid the costs and uncertainties of continued litigation.”

Summary. These various settlements illustrate several important reminders for acquiring or merging parties. First, the notification requirements of HSR Act can apply in unexpected circumstances. Acquiring parties—whether individual investors, executives that receive stock as compensation, spouses or companies—should give careful consideration as to whether the HSR Act may apply to even the most seemingly mundane or ordinary acquisitions. Second, even if a transaction is not subject to the reporting requirements of the HSR Act, it may still be investigated and ultimately challenged—possibly resulting in an effective unwinding of the transaction and disgorgement of profits. Careful analysis and advance planning can help parties anticipate and manage the potential risk of a post-closing challenge. Third, obligations under the antitrust laws do not end with the execution of a transaction agreement. Parties must continue to observe obligations under the antitrust laws prior to closing even after they have executed a transaction agreement. This applies to the pre-closing activity of merging competitors, as well as complying with the HSR Act by not taking beneficial ownership prior to the expiration or termination of the HSR waiting period (regardless of the competitive overlap between the parties). These enforcement actions illustrate the potential (and possibly unanticipated) applicability of antitrust laws to a variety of acquisitions and at different stages of a transaction’s life cycle.

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© McDermott Will & Emery | Attorney Advertising

Written by:

McDermott Will & Emery
Contact
more
less

McDermott Will & Emery on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.