James Dolan, a prominent businessman, has agreed to pay a $609,810 civil penalty for violating the premerger notification requirements of the Hart-Scott-Rodino Act. This penalty comes after Dolan was accused of not properly notifying the government about his acquisition of voting securities of Madison Square Garden Company in 2017.
The Hart-Scott-Rodino Act of 1976 requires companies to notify the government about certain transactions in order to ensure that they do not violate antitrust laws. Companies that fail to comply with this requirement can be subject to civil penalties.
Dolan’s failure to comply with the premerger notification requirements has led to a civil lawsuit, which was filed in U.S. District Court in Washington, D.C. The lawsuit alleges that Dolan’s acquisition of voting securities of Madison Square Garden Company in 2017 was not properly disclosed to the government.
The maximum civil penalty for an HSR violation is currently $41,484 per day. Dolan has agreed to pay $609,810 to resolve the lawsuit, which is a significant penalty considering the maximum daily fine.
The proposed settlement, which includes the $609,810 penalty, will be published in the Federal Register. Any person may submit written comments concerning the proposed settlement during a 60-day comment period.
Dolan’s case highlights the importance of complying with antitrust laws and regulations. The Hart-Scott-Rodino Act is designed to prevent companies from engaging in anti-competitive practices, and companies that fail to comply with this requirement can face significant penalties.
Defendant: James Dolan
Criminal Charges: Violating the premerger notification requirements of the Hart-Scott-Rodino Act
City and State: Washington, D.C.
Exact Date: Not specified
Sentence or Outcome: Dolan has agreed to pay a $609,810 civil penalty to resolve the lawsuit
Dollar Amount: $609,810
Key Facts
- State: Washington
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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