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☆ New York AG pushing for lifetime Trump ban cites Martin Shkreli ruling
▼ + stars: | 2024-01-23 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Martin Shkreli, former chief executive officer of Turing Pharmaceuticals AG, exits court in New York, US, on Wednesday, Oct. 4, 2023. What does former President Donald Trump have in common with "Pharma bro" Martin Shkreli? A penchant for harshly trolling their enemies online and an attorney general who wants both of them banned for life from their preferred business. The ruling stemmed from an antitrust lawsuit James, the Federal Trade Commission, and six other states filed against Shkreli. James, in that case, asked Judge Arthur Engoron to ban Trump for life from the New York real estate industry and to bar his sons, Donald Trump Jr. and Eric Trump, from that sector for five years, along with fining them $360 million.

Persons: Martin Shkreli, Donald Trump, Pharma bro, Letitia James's, James, Judge Arthur Engoron, Donald Trump Jr, Eric Trump, Engoron, Colleen Faherty Organizations: Turing Pharmaceuticals AG, Pharma, New York, Shkreli, Trump, U.S, Circuit, New York federal, Federal Trade Commission, New Locations: New York, Manhattan, Fed

NEW YORK (AP) — U.S. regulators have barred TurboTax maker Intuit Inc. from advertising its services as “free” unless they are free for all customers, or if eligibility is clearly disclosed. The order also bars Intuit from “misrepresenting any material facts about its products or services,” including refund policies and price points. There was no financial penalty in the FTC's order, but Intuit has previously faced hefty charges over the marketing of “free” services. In a 2022 settlement signed by the attorneys general of all 50 states, Intuit agreed to suspend TurboTax’s “free, free, free” ad campaign and pay $141 million in restitution to nearly 4.4 million taxpayers nationwide. Those impacted were low-income consumers eligible for free, federally-supported tax services — but paid TurboTax to file their federal returns due to “predatory and deceptive marketing,” New York Attorney General Letitia James said.

Persons: Michael Chappell, TurboTax’s, Letitia James Organizations: —, Intuit Inc, Federal Trade Commission, Intuit, Associated Press, ” New York Locations: — U.S, California

☆ Appeals court upholds 'pharma bro' Martin Shkreli lifetime ban from drug industry
▼ + stars: | 2024-01-23 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

A federal appeals court Tuesday upheld a lifetime ban on "pharma bro" Martin Shkreli from working in the pharmaceuticals industry as well as an order to pay up to $64.6 million in disgorged profits for blocking competition to the drug Daraprim. His lawyer, Benjamin Brafman, in a statement to CNBC on the appeals court decision, said, "The lifetime ban is too severe." In its eight-page ruling, the appeals court noted that Shkreli argued that Manhattan federal court Judge Denise Cote "abused" her discretion in imposing a lifetime ban on him from the drug business. "The district court found, and Shkreli does not dispute, that Shkreli's illegal scheme was "egregious, deliberate, repetitive, long-running, and ultimately dangerous." "Given his strategic decision in the district court, there is no injustice to Shkreli by us declining to address his new argument."

Persons: Martin Shkreli, pharma bro, Shkreli, Benjamin Brafman, Brafman, Denise Cote, —, Peluso Organizations: Turing Pharmaceuticals AG, pharma, U.S, Circuit, New, Federal Trade Commission, CNBC, FTC, Vyera Pharmaceuticals, Phoenixus, Mr Locations: New York, California, Manhattan

☆ Federal Trade Commission bans 'deceptive advertising' for free filing from TurboTax maker Intuit
▼ + stars: | 2024-01-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

As the opening of tax season approaches, the Federal Trade Commission has cracked down on "deceptive advertising" from Intuit , maker of tax filing software TurboTax. The FTC on Monday upheld a September ruling that found Intuit violated federal law by marketing free TurboTax software to filers who were not eligible, and were upgraded to deluxe and premium products, according to the opinion. The Commission's final order bans Intuit from advertising "free" services unless all filers can use the free software or the company "clearly and conspicuously" discloses eligibility. In May 2022, Intuit entered a multistate agreement to pay $141 million to lower-income Americans who wrongly paid for using the "TurboTax Free Edition" of its software. The agreement affected 4.4 million customers and the settlement began in May 2023.

Persons: Ed Mierzwinski Organizations: Federal Trade Commission, Intuit, Finance, FTC, U.S . Public Interest Research Locations: America

☆ TurboTax can't keep advertising itself as 'free' when many people have to pay, FTC rules
▼ + stars: | 2024-01-23 | by ( Associated Press | ) www.businessinsider.com time to read: +3 min

The FTC targeted Intuit ads that claimed consumers can file taxes for free using TurboTax. The FTC ruled that Intuit can't advertise free services unless all customers qualify or it clearly says who does. Intuit has previously faced hefty charges over the marketing of "free" services. AdvertisementU.S. regulators have barred TurboTax maker Intuit Inc. from advertising its services as "free" unless they are free for all customers, or if eligibility is clearly disclosed. In a 2022 settlement signed by the attorneys general of all 50 states, Intuit agreed to suspend TurboTax's "free, free, free" ad campaign and pay $141 million in restitution to nearly 4.4 million taxpayers nationwide.

Persons: Michael Chappell, Letitia James Organizations: FTC, Intuit, Intuit Inc, Federal Trade Commission, Associated Press, New York Locations: U.S, California

☆ FTC bans TurboTax from advertising ‘free’ services, calls it deceptive advertising
▼ + stars: | 2024-01-22 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —The Federal Trade Commission ruled in a final order and opinion Monday that TurboTax, the popular tax filing software, engaged in deceptive advertising and banned the company from advertising its services for free unless it is free for all customers. By running ads for “free” tax services that many customers were not qualified for, the tax filing software violated the FTC Act and deceived consumers, the agency said. The FTC had first sued Intuit, TurboTax’s owner, for its deceptive advertising in 2022. Intuit cannot advertise or market any goods or services as free unless it’s free for all customers, the FTC ordered. The FTC added if the service isn’t actually free for the majority of consumers, TurboTax could state that as well.

Persons: D, Michael Chappell, “, ”, —, Letitia James, ” CNN’s Jordan Valinsky Organizations: New, New York CNN, Federal Trade Commission, FTC, Intuit Locations: New York

☆ Feds crack down hard on selling of personal data without consent
▼ + stars: | 2024-01-19 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

CNN —The US government is coming down hard on a data broker accused of selling consumers’ detailed location histories without their consent, highlighting privacy regulators’ growing focus on a sensitive and revealing form of personal information. But InMarket never got those people’s informed consent before using that data for advertising, according to the FTC. In addition to banning InMarket from selling or licensing the data, it also forced the company to either delete all of its previously collected location data or to take steps to anonymize it. Policy experts have highlighted the potential for location data to reveal whether a person has sought certain medical care. “All too often, Americans are tracked by serial data hoarders that endlessly vacuum up and use personal information,” FTC Chair Lina Khan said in a statement on the InMarket settlement.

Persons: InMarket, ”, ” InMarket, “, Roe, Wade, Thursday’s, —, Lina Khan, “ We’ll Organizations: CNN, Federal Trade Commission, InMarket Media, FTC, Google Locations: Texas

This is a type of savings account that offers a significantly higher interest rate than a traditional savings account. For customer support, Credit Karma offers both a phone line and a live chat for Credit Karma Money account holders. Credit Karma Savings Account FAQsIs Credit Karma savings a good idea? Yes, Credit Karma offers the Credit Karma Money Save Account, which is a high-yield savings account paying 4.10% APY. You can take money our of your Credit Karma savings account by transferring money to a linked external account or to your Credit Karma Money Spend Account.

Persons: It's, Karma, Ally, Synchrony, Kit Pulliam, Kit, Read Organizations: MVB Bank, CIT Bank, Savings, CIT, Better, Google, Apple, Credit Karma, Intuit, Karma, Better Business, Federal Trade Commission, FTC, Chevron, Karma Savings, Bank, Synchrony, Finance, Business, Vanderbilt University, Analysts

☆ Apple antitrust suit could reportedly come as soon as March
▼ + stars: | 2024-01-17 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

The Department of Justice is readying an antitrust case against Apple that could come as soon as March, Bloomberg reported Tuesday, pending signoff from senior officials within the DOJ's antitrust division. DOJ and Apple attorneys have met three times over a potential suit, Bloomberg reported, citing people familiar with the matter. Music streaming platform Spotify lodged a competition complaint with European Union in 2019, alleging that Apple's then-mandatory in-app payments system violated antitrust law. Apple has also been mired in civil litigation filed by Fortnite maker Epic Games, hinging on whether Apple's App Store rules violated federal antitrust statues. A federal judge concluded in 2021 that Apple violated a California law but did not run afoul of federal antitrust statues.

Persons: Tim Cook, Donald Trump, Jonathan Kanter, Lina Khan, Apple's, Apple Organizations: Apple, American Workforce Policy, White, The, Justice, Bloomberg, DOJ, DOJ Antitrust, Federal Trade Commission, Google, FTC, Amazon, Meta, Spotify, European Union, Epic, Circuit Locations: Washington , DC, California

☆ The Biden administration wants to save Americans $3.5 billion a year by making sure banks aren't profiting too much off of overdraft fees
▼ + stars: | 2024-01-17 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Trying to buy something without enough money in your checking account can lead to a hefty surprise overdraft fee . If the Biden administration gets its way, those fees, which produce major profits for banks, could soon shrink substantially. Consumers are hit with overdraft fees when they withdraw more money from their accounts than what they have in it. Overdraft fees often come as a surprise for consumers, and many may have had credit available to cover a purchase without going into the red on their checking accounts. "These overdraft loans will simply have to play by the rules."

Persons: Biden, Rohit Chopra, Chopra, Louis Organizations: Service, Consumer Financial, Bureau, Federal Reserve Bank of St, Federal Trade Commission

NEW YORK (AP) — The squabble over billion of dollars in overdraft fees that Americans get charged every year is intensifying. While banks have drastically cut back on overdraft fees in the past decade, the nation's biggest banks still take in roughly $8 billion in overdraft fees every year, according to data from the CFPB and bank public records. Political Cartoons View All 253 ImagesBanks charge a customer an overdraft fee if their bank account balance falls below zero. What started off as a courtesy offered to some customers, the popularity of debit cards beginning in the 1990s led to Americans wracking up tens of billions of dollars in overdraft fees. While big banks have cut back on overdraft fees, smaller banks have not, and a number of them heavily rely on overdrafts to be profitable, industry analysts said.

Persons: Biden, “ It's, Joe Biden, “, Greg McBride, ”, Aaron Klein, ” Klein, Rohit Chopra, ” Chopra, Chopra, Barack Obama, Carter Dougherty, overdrafts, can’t Organizations: Consumer Financial, Biden Administration, Federal Trade Commission, Bank of America, Banking, Bankrate, Brookings Institution, Armed Forces Bank, Republican, Trump Administration, American Bankers Association, Financial Reform

☆ 4 stock ideas I brought back from the JPMorgan Healthcare Conference and everything else I learned about the industry
▼ + stars: | 2024-01-15 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

We will go over them – but first, let me talk about what I learned at last week's JPMorgan Health Care Conference that I attended in San Francisco, and what it means to your portfolio. We know health care has a lot of angles too it. The previous CEO Roz Brewer was from Starbucks and struggled with the role that Walgreens plays in health care. You have to be following the transformation of Bristol-Myers, which is opening its wallet to buy a host of drug companies, including anti-psychotic firm Karuna. Health care is the way to go.

Persons: Regeneron, Pfizer, Eli Lilly, Dave Ricks, Lilly, donanemab, Lilly's, Zepbound, it's, Abbott, It's, Roche, Merck, Myers, ABT, Robert Ford, Tim Wentworth, He's, Roz Brewer, Wentworth, he'll, Brewer wasn't, Bob Bradway, Amgen, Vas Narasimhan, Sandoz, Karuna, Medtronic, Hugo, Morgan Stanley, Wells, Covid, Cramer's, Jim Cramer, Jim, Las Vegas Brendan Smialowski Organizations: Abbott Labs, Covid, Novartis, Amgen, Walgreens Boots Alliance, JPMorgan Health Care Conference, Humana, Drug Administration, Novo Nordisk, Dickinson Co, Bristol, Myers Squibb, Pfizer, Department, WBA, Walgreens, Starbucks, -, pharma, Merck, Keytruda, Horizon Therapeutics, Federal Trade Commission, Myers, BD, CVS Health, JPMorgan, Cramer's Charitable, CNBC, Consumer, AFP, Getty Locations: San Francisco, GLP, North Carolina, Europe, Cencora, Amgen, West, Bristol, Target, Las Vegas

☆ Proposed Kroger, Albertsons merger will take more time to close as scrutiny continues
▼ + stars: | 2024-01-15 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Supermarket chain Kroger's proposed acquisition of rival Albertsons is now expected to close in the first half of Kroger's fiscal year 2024 instead of early this year. Kroger, Albertsons and C&S Wholesale Grocers said they are in "active and ongoing dialogue" with the Federal Trade Commission and individual state attorneys general, according to the joint statement. In a bid to close the proposed $24.6 billion deal, Kroger agreed in September to divest 413 stores and eight distribution centers to C&S for $1.9 billion. With regulatory approval, the merger may require C&S to purchase an additional 237 stores from Kroger and Albertsons, Kroger said last year. Washington state's attorney general filed a lawsuit Monday seeking to block the proposed merger, calling it "harmful" for shoppers and workers.

Persons: Rodney McMullen, Kroger, —, Elizabeth Warren, Bernie Sanders, Alexandria Ocasio, Cortez Organizations: Albertsons, Antitrust, Consumer, Capitol, S Wholesale Grocers, Federal Trade Commission, Kroger, Safeway, Acme, Washington, & $ Locations: Washington, Sens, Alexandria

SEATTLE (AP) — Washington state Attorney General Bob Ferguson on Monday sued to block the proposed merger of Kroger and Albertsons, two of the nation's largest grocery chains. Kroger and Albertsons have more than 300 locations in the state and account for more than half of its grocery sales, according to the suit. “This merger is bad for Washington shoppers and workers,” Ferguson said in a news release Monday. "Workers, shoppers and our communities need to prevent this proposed mega-merger from taking place,” Yasmin Ashur, a union member who works in an Albertsons grocery store, said in a union statement Monday. The grocery chains say they must merge to compete with Walmart, Amazon and other major companies that have stepped into the grocery business.

Persons: Bob Ferguson, Ferguson, ” Ferguson, ” Kroger, Fred Meyer, Kroger, ” Yasmin Ashur Organizations: SEATTLE, Kroger, Albertsons, King County Superior Court, Seattle Times, “, Safeway, Federal Trade Commission, United Food & Commercial Workers, The Seattle Times, Workers, S Wholesale Grocers, Walmart, Amazon Locations: Washington, King County, Cincinnati, Boise , Idaho, Oregon, Idaho

☆ OpenAI eases stance on the use of ChatGPT for military purposes
▼ + stars: | 2024-01-13 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

As part of the update, it eased restrictions on military use of its technology. In an unannounced update to its usage policies on January 10, OpenAI lifted a broad ban on using its technology for "military and warfare." On January 10, OpenAI rolled out its GPT Store , a marketplace for users to share and browse customized versions of ChatGPT known as "GPTs." AdvertisementSome AI experts worry that OpenAI's policy rewrite is too generalized, especially when AI technology is already being used in the conflict in Gaza. The Israeli military said it used AI to pinpoint targets to bomb inside the Palestinian territory.

Persons: —, OpenAI, OpenAI's, Sarah Myers West Organizations: Service, OpenAI, Business, Federal Trade Commission Locations: Gaza

☆ U.S. Bank fined $36 million for freezing unemployment debit cards during Covid-19 pandemic
▼ + stars: | 2023-12-19 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The Office of the Comptroller of the Currency imposed an additional $15 million penalty on the bank over the same practices. The fifth-largest commercial bank in the country, U.S. Bank administered prepaid debit cards to distribute unemployment insurance benefits through its ReliaCard program. Between March 2020 and July 2021, states issued $794 billion in combined state and federal unemployment benefits. The $15 million OCC portion of the fine was related to alleged unfair practices under the Federal Trade Commission Act. Under a consent order, U.S. Bank will provide $5.7 million in redress to consumers and pay a $15 million civil money penalty.

Persons: WASHINGTON, Rohit Chopra, Cheryl Leamon, Leamon, Chopra Organizations: Consumer Financial, U.S, Bank, U.S . Bank, CNBC, Federal Trade Commission, Consumers, OCC, U.S . Treasury Locations: U.S, cardholders, Minneapolis , Minnesota

☆ Activision Blizzard agrees to settle California case alleging discrimination against women
▼ + stars: | 2023-12-16 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Microsoft -owned Activision Blizzard has agreed to settle a case from a California state agency that alleged the video game publisher discriminated against women, including denying them promotion opportunities and paying them less. The news comes almost two years after Activision Blizzard settled a case from the U.S. Shares fell, and Microsoft subsequently began talks to acquire Activision Blizzard, the maker of Call of Duty. The agency will file a new complaint that excludes prior harassment allegations, according to the proposed settlement agreement, which CNBC viewed. WATCH: Activision Blizzard CEO Bobby Kotick: We always believed the deal would get through

Persons: Bobby Kotick Organizations: Microsoft, Activision Blizzard, Civil Rights Department, U.S, Opportunity Commission, of Fair, Housing, Wall Street Journal, Activision, Federal Trade Commission, CNBC Locations: California, U.S, Europe, San Francisco, Los Angeles

☆ A merger between Cigna and Humana that would have created a gigantic $140 billion healthcare conglomerate has been called off
▼ + stars: | 2023-12-10 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

Cigna and Humana called off a potentially massive merger. Cigna still believes a merger with Humana has merit, The Wall Street Journal reported. AdvertisementCigna is giving up on its merger with Humana, which would have created a healthcare giant worth $140 billion, according to reports. This revelation caused Cigna stock to drop nearly 10% as investors began to question the wisdom of using the company's stock as currency, according to the outlet. Instead of the merger Cigna is planning an additional $10 billion of stock buybacks, The Wall Street Journal reported.

Persons: Humana, —, Cigna, David Balto Organizations: Humana, Street Journal, Service, Cigna, UnitedHealth Group, Business, Wall Street, Wall Street Journal, Biden, Antitrust, Federal Trade Commission

☆ FTC Investigates Exxon’s $60 Billion Deal for Pioneer
▼ + stars: | 2023-12-05 | by ( Dave Michaels | Collin Eaton | ) www.wsj.com time to read: 1 min

Exxon’s proposed takeover of Pioneer Natural Resources would make Exxon the largest oil producer in the Permian Basin of West Texas and New Mexico. Photo: Bloomberg NewsU.S. antitrust enforcers are investigating Exxon Mobil’s plan to acquire Pioneer Natural Resources , which would be the largest oil-and-gas deal in two decades, according to securities filings. The Federal Trade Commission has sought additional information from the companies about the deal, a step it takes when reviewing whether a merger could be anticompetitive under U.S. law, Pioneer disclosed in a filing Tuesday. Merger investigations on average take about 10 months to complete, according to data compiled by law firm Dechert.

Persons: Exxon’s Organizations: Pioneer Natural Resources, Exxon, Bloomberg News, Natural Resources, Federal Trade Commission Locations: West Texas, New Mexico

WASHINGTON (AP) — Federal regulators are investigating ExxonMobil's $60 billion deal to acquire a Texas oil company in what would be one the largest mergers in the energy industry in two decades, according to securities filings. The Federal Trade Commission, which enforces federal antitrust law, has asked for additional information from the companies about Exxon’s proposed acquisition of Pioneer Natural Resources. Exxon reported $9.1 billion in profits in the quarter that ended Sept. 30, while Chevron reported $6.5 billion in profits. Exxon has said the proposed deal with Texas-based Pioneer Resources would enhance U.S. energy security and benefit the American economy and consumers. Chevron said its proposed deal with New York-based Hess would strengthen long-term performance while “delivering higher returns and lower carbon” dioxide emissions that contribute to global warming.

Persons: Chuck Schumer, Schumer, Hess, Exxon, Alex Witt, Witt Organizations: WASHINGTON, —, Federal Trade Commission, Natural Resources, FTC, Exxon, Pioneer, Hess Corporation, Chevron, Justice Department, Resources, Climate, Center for American Progress Action Fund, League of Conservation Voters, Sierra Club Locations: Texas, Chevron, Ukraine, New York

☆ Free ChatGPT may incorrectly answer drug questions, study says
▼ + stars: | 2023-12-05 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

The free version of ChatGPT may provide inaccurate or incomplete responses — or no answer at all — to questions related to medications, which could potentially endanger patients who use OpenAI's viral chatbot, a new study released Tuesday suggests. Pharmacists at Long Island University who posed 39 questions to the free ChatGPT in May deemed that only 10 of the chatbot's responses were "satisfactory" based on criteria they established. Notably, the free version of ChatGPT is limited to using data sets through September 2021 — meaning it could lack significant information in the rapidly changing medical landscape. Grossman acknowledged there's a chance that a paid version of ChatGPT would have produced better study results. It's possible that the free version of ChatGPT has improved and may produce better results if the researchers conducted a similar study now, she added.

Persons: Sara Grossman, LIU, National Institutes of Health's MedlinePlus, Grossman, ChatGPT, there's Organizations: Pharmacists, Long Island University, National Institutes of Health's, Federal Trade Commission

☆ Alaska-Hawaiian merger faces a Justice Department that has been skeptical of airline deals
▼ + stars: | 2023-12-04 | by ( Leslie Josephs | ) www.cnbc.com time to read: +4 min

An Alaska Airlines aircraft flies past the U.S. Capitol before landing at Reagan National Airport in Arlington, Virginia, U.S., January 24, 2022. It could be the latest in a string of challenges brought by President Joe Biden's Justice Department against airline deals it views as anticompetitive. Alaska Air Group 's executives spent months working on its plan to buy rival Hawaiian Airlines . The Alaska-Hawaiian and JetBlue-Spirit deals are different in approach, but the Alaska acquisition could still face hurdles with regulators. "We have very similar product offerings and we have very limited network overlap."

Persons: Joe Biden's, William Kovacic, Shane Tackett, Samuel Engel Organizations: Alaska Airlines, U.S, Capitol, Reagan National Airport, JetBlue, Joe Biden's Justice Department, Alaska Air Group, Hawaiian Airlines, Spirit, Virgin America, Airbus, Boeing, The, George Washington School of Law, Federal Trade Commission, CNBC, Boston University's Questrom School of Business, ICF Locations: Arlington , Virginia, U.S, The Alaska, Hawaii, Southwest, Asia, Delta, United, Alaska, anticompetitive, Pacific

☆ Your local Subway will no longer be allowed to reject digital coupons or avoid footlong sandwich deals
▼ + stars: | 2023-12-04 | by ( Nancy Luna | ) www.businessinsider.com time to read: +4 min

Subway franchisees have been able to opt out of deals made through the chain's app. Starting December 28, the chain is forcing franchisees to honor all digital deals. Subway appThe Subway app currently shows a deal for 50 % off a footlong sandwich when you buy one at full price. A Subway franchisee from California questioned the legality of forcing operators to accept low-margin deals via the app. The California franchisee said they honor digital deals to maintain good customer relationships.

Persons: Jimmy John's, —, we've, Roark, Subway's Organizations: Service, Business, Roark Capital, FTC, Subway, Federal Trade Commission, Politico Locations: California

☆ Jim Cramer blasts the prospect of a Humana-Cigna deal — it could never be approved by regulators
▼ + stars: | 2023-11-30 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +3 min

That's a major reason why we took a stake in the company in April 2022 and a key growth area for the health insurance industry overall. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Cigna, I've, Jim, It's, That's, Joe Biden, Biden, Lina Khan, Jim Cramer's, Ty Wright Organizations: Street, Humana, Express, Aetna, CVS Health, Cigna, Federal Trade Commission, Justice Department, FTC, CNBC, Bloomberg, Getty Locations: U.S, Louisville , Kentucky

In a lawsuit filed late Wednesday in federal court in Washington, D.C., Meta Platforms Inc. said it is challenging “the structurally unconstitutional authority exercised by the FTC” in reopening the privacy agreement. “Meta respectfully requests that this Court declare that certain fundamental aspects of the Commission’s structure violate the U.S. Constitution, and that these violations render unlawful the FTC Proceeding against Meta,” the company says in its complaint. The dispute stems from a 2020 consent agreement Meta made with the FTC that also had the social media giant pay a record $5 billion fine over privacy violations. In May of this year, the FTC said Meta has failed to fully comply with the 2020 settlement and proposed sweeping changes to the agreement that includes barring Meta from making money from data it collects on minors. Political Cartoons View All 1274 ImagesThe FTC had no comment on the lawsuit.

Persons: “ Meta, Meta, Sen, Edward Markey, “, ” Markey Organizations: Facebook, Federal Trade Commission, Washington , D.C, Inc, FTC, Constitution, Meta, U.S, Securities and Exchange Commission, SEC, Big Tech, Massachusetts Democrat Locations: Calif, Washington ,, U.S, U.S ., Massachusetts

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