Patterson, FTC reach agreement to settle price-fixing allegations
Patterson Companies entered a settlement agreement with the Federal Trade Commission after a judge ruled that the company illegally colluded with Benco Dental Supply Co. in a price-fixing arrangement, according to a Nov. 8 news release.
"After an evaluation of all options...Patterson determined that a settlement is in the company's best interest, and allows us to avoid the costs, distraction and uncertainty related to this matter," Patterson stated in the news release.
As part of the settlement, Patterson agreed to train employees to comply with federal law, file five annual compliance reports and select an internal compliance officer to handle antitrust issues. Patterson doesn't have to pay any fines or admit wrongdoing, Patterson said, according to the Star Tribune.
Though Benco Dental Supply Co. and Patterson Companies did not appeal the judge's decision that they violated U.S. antitrust law, Patterson disagreed with the verdict.
"We continue to categorically deny any wrongdoing and believe that the facts and mainstream legal precedent demonstrate the company's independent and lawful decision-making in a highly competitive industry," Patterson said.
More articles on dental:
Texas dental assistant claims device explosion caused third-degree burns
Nevada dental board terminates 2 members for lack of oversight
Benco, Patterson accept fault with conspiring against buying groups
© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.