(Legal Newsline) — The Department of Justice announced a civil antitrust
lawsuit Jan. 17, filed at the request of the Federal Trade Commission (FTC),
against Ahmet Okumus.
lawsuit, filed in U.S. District Court for the District of Columbia, charges Ahmet Okumus
with violations of the premerger notification and waiting period requirements
of the Hart-Scott-Rodino (HSR) Act of 1976. Okumus allegedly ignored the
waiting period requirements when acquiring voting securities of Web.com Group
Inc. in 2016.
At the same
time it filed the lawsuit, the department filed a proposed settlement, which
will be subject to approval by the court. In the agreement, Okumus will pay
$180,000 in civil penalties to resolve the allegations.
The HSR Act
enforces waiting period requirements for transactions of certain sizes so that
the proper authorities can give the merger a pre-merger antitrust review.
Federal courts can assess penalties for violations of this rule, up to $40,000
per day. The proposed settlement is consistent with the rules of the Tunney Act
and will be published in the Federal Register after a 60-day public comment
period. After 60 days, the U.S. District Court for the District of Columbia can
approve the settlement.