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Nov14

Seventeenth Annual Microeconomics Conference

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The Federal Trade Commission's Bureau of Economics and the Tobin Center for Economic Policy at Yale University will host the 17th Annual FTC Microeconomics Conference on November 14 and 15, 2024 in...

Womply, FTC v.

Womply and its CEO, Toby Scammell, have agreed to pay $26 million to settle FTC charges they preyed on small businesses in desperate need of PPP funding. The FTC’s complaint alleges they widely advertised that small businesses – particularly one-person businesses like gig workers – could successfully get PPP funding when they applied through Womply. The complaint charges, however, that more than 60 percent of Womply applications never resulted in funding.

In addition, according to the complaint, Womply and Scammell advertised that their automated processes and good customer service would help small businesses secure PPP loans fast. In fact, applicants regularly faced significant issues that slowed down or fully hindered their applications and were often unable to receive customer service assistance they were promised, according to the complaint.

Type of Action
Federal
Docket Number
3:24-cv-01661
Case Status
Pending
Technology Blog

Semiconductor Chips & Cloud Computing: A Quote Book

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The FTC’s Tech Summit on AI [1] highlighted three panels that reflect different layers of the AI tech stack – hardware and infrastructure, data and models, and front-end user applications. Today, we...
Business Blog

Ready, Set, PrivacyCon

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Where can you hear technology researchers discuss what’s new and what’s next in talked-about tech topics like AI, deepfakes, and health privacy? At the FTC’s eighth annual PrivacyCon. It starts this...
Business Blog

Price fixing by algorithm is still price fixing

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Landlords and property managers can’t collude on rental pricing. Using new technology to do it doesn’t change that antitrust fundamental. Regardless of the industry you’re in, if your business uses an...