|
|---|
|
| Agency: Federal Trade Commission
Date: 11 May 2012 [Non-automotive content removed.] |
The FTC previously settled similar charges against Sigma Corporation, and has also charged another industry competitor, McWane, Inc. with acting anticompetitively in the market for iron pipe fittings. The complaint against McWane is scheduled to be heard by an administrative law judge at the Commission later this year.
The Commission vote approving the final settlement order with Star was 4-0-1, with Commissioner Maureen K. Ohlhausen not participating. The order can be found on the FTC's website and as a link to this press release. (FTC File No. 101-0080, Docket No. 9351; the staff contact is Linda Holleran, Bureau of Competition, 202-326-2267; see press release dated January 4, 2012.
FTC Approves Final Orders Settling Charges that Auto Dealers Falsely Promised to Pay Off Consumers' Trade-ins, No Matter What They Owed
Following a public comment period, the Federal Trade Commission has approved final orders settling charges that five automobile dealers made deceptive claims that they would pay off the remaining balance on consumers' trade-ins, no matter what they owed. The FTC's complaint alleged that despite their advertisements, Billion Auto, Inc.; Frank Myers AutoMaxx, LLC; Key Hyundai, LLC and Hyundai of Milford LLC; and Ramey Motors, Inc., actually rolled the negative equity on the trade-ins into customers' new car loans. The final orders prohibit the auto dealers from making these types of deceptive claims.
The Commission vote approving each final order and letters to members of the public who commented on them was 4-0-1, with Commissioner Maureen K. Ohlhausen not participating. (FTC File Nos. 112-3204, 112-3206, 112-3207, and 112-3209; the staff contact is Robin Thurston, Bureau of Consumer Protection, 202-326-2752; see press release dated March 14, 2012.
The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC's online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC's website provides free information on a variety of consumer topics. Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.
(FYI 16.2012.wpd)