FTC fine will be well over $1Million for Benco

I talked to a friend of mine who used to be an attorney for the FTC. He said the fine will be well over $1Mllion. More than Patterson or Schein due to the fact that Chuck tried to induce Burkhart to join the conspiracy. Great Ethics!

 

Well considering that the fine for the dental association lawsuit was 30 million, 1 million isn’t that big of a deal

 

Only 1.. really- that would be a gift. That’s under their mattress money. Given the evidence I would think this one would be a much much bigger ouchie of a settlement. And it will be a settlement. Why else would things be running sooooooooooo “lean”

 

1 Mill would be a gift, ....thats under their mattress money.... although reality is out of the resources to support you money. Given what appears to be evidence I would guess the settlement would be much much higher and painful. This would explain how “lean” things are now. Unbearably lean.

 

I am the original poster. I saw Schein took a $38.5 MILLION charge to cover the fine, I think Benco's fine will be in the Multi Millions and may force the sale of the company. Chuck Cohen is one dumb MOFO.

 

Sell to who? Just a question, who has the cash to buy us. Until the fine is levied, it's all speculation. Schein can wirew down a number, but had anyone seen what the actual fine amount is? Could they be actualizing the losesl from market perception having been involved in thir crap vs what the actual fine was? More questions then answers of course, but I wonder, who and how much really and does it really matter to those in the field? How much is it really going to affect the field minut as you said a potential sale, but again to whom.

 

My guess is a private equity company. With profit margins falling like a rock, Benco could be bought for cheap.

 

$13.2 Million Fine- get ready to make even less money!

 

Have a link to the press release on the fine?

 

The fine you mention is not for the FTC suit it is for the other class action suit agains Schein, Patterson and Benco and part or the 80million total. Dentist will receive a check in the mail from that settlement. The FTC suit clearly states if is seeking adjunctive relief on a financial settlement. It’s all online if you read it carefully.

 

Adjunctive relief only, not a financial settlement on the FTC case which only started this week.

 

Closing arguments tomorrow for a Benco Dental in FTC case

 

if guilty of violating Sherman Act could be 1-100 million dollar fine and 3-10 years in jail for someone.

 

To see Chuck serve a week in Jail would be sweet! I hope the fine is stiff! Chuck was the ringleader.

 

when will FTC verdict be released?

 

The proposed remedy for all companies (S, P &B ) has already been released. Keep it mind it is still “proposed”. There are no fines involved in this. That was made crystal clear from the get go. Basically it amounts to - don’t do it again and the FTC will be big brother watching you all for the next 15 years micromanaging everything you do. Also all employees have to take annual anti-trust training for the next 15 years. Fun. It’s all a nothing burger except buying groups will likely grow.

 

Buying groups were growing anyways, this ruling does nothing to stop that or increase the likelihood of it. They're a part of the industry now more than ever and will become to the chagrin of many exec's and owners a way of life going forward that won't be easily or affordably ignored.

 

Google The Sherman Act if you think there will not be a monitory fine you are mistaken.

 

Google The Sherman Act to see what the fine will be. That is what all 3 companies will be fined for violating. Millions of dollars.

 

I’m not on anyone’s side here, none of this is good for anyone in dental and it doesn’t help when people post things that they have absolutely no knowledge of because they are uneducated and react to something unrelated on google and don’t read. It was made clear in court that adjunctive relief was being sought you dumb asses. Read the court docs not a google search of what is possible. Yes fines are possible in an any anti-trust case if that is what is being sought. It is on court record that this was not the goal of the trial and a judge isn’t suddenly going to impose fines on his own. It’s like saying the prosecution is seeking 30 years in prison and the judge gives the death penalty when it was never on the table. That doesn’t happen. But you wouldn’t know that from your google wizardry. If you were not educated enough to read that which is in court record then you did not read the proposed remedy either. It is what is actually in court public record. No fines on the table and consistent with only adjunctive relief sought from the start of trial. Stop pulling the fire alarm cause steam came out of your teapot and read something actually related to whats going on dumb ass. The prosecution (maybe you need to google which side the prosecutions is) is not seeking fines in this case. Read that Mr Google you dope.