Law360, New York ( December 16, 2013, 1:16 PM EST) -- Nearly 100 years after Congress passed the Federal Trade Commission Act, the meaning of one of its central provisions remains largely unsettled. In Section 5 of the FTC Act, Congress prohibited "[u]nfair methods of competition" but declined to elaborate further. The FTC, for its part, has never issued clear official guidance on its views of the provision. This ill-defined proscription is a potential nightmare for modern businesses — and their legal counsel — which are hamstrung from discerning and advising upon the boundary between legal and illegal conduct. Specifically, if Section 5 proscribes conduct that is permissible under the Sherman Antitrust Act, exactly how far does it reach?...
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