December 20, 2018 - Antitrust + Competition

FTC Announces that Owner of New York Knicks, Rangers Agrees to Pay Civil Penalty for HSR Act Violation

On December 6, 2018, the FTC announced that James Dolan, Executive Chairman and CEO of The Madison Square Garden Company (MSG), agreed to pay a $609,810 civil penalty to settle charges brought by the Federal Trade Commission (FTC) and U.S. Department of Justice (DOJ) that he violated the premerger notification requirements of the Hart-Scott-Rodino Act of 1976 (HSR Act) by failing to timely report his acquisition of shares of MSG. This is the latest of several enforcement actions in recent years against corporate executives for HSR Act violations stemming from the failure to file for acquisitions of voting securities.

Read our client alert.