For the second time in as many weeks, the Federal Trade Commission (FTC) announced the filing of a civil complaint for violation of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 as amended (the “HSR Act”). On 2 July 2013, the Department of Justice (DOJ) filed a complaint on behalf of the FTC in federal district court alleging that Barry Diller acquired shares of Coca Cola without proper notification under the HSR Act. Parties, including individual investors, must notify the FTC and DOJ and observe a waiting period before acquiring voting securities, assets, or controlling interests in partnerships or limited liability companies if HSR threshold tests would be satisfied and no exemption would apply. Diller agreed to pay civil penalties of US$480,000 to settle the charges.
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