In 1973, Congress amended the FTC Act by the addition of b that is В§13(, offering the Federal Trade Commission (вЂњFTCвЂќ) equitable abilities to remediate any breach of any legislation under its purview. Utilizing that power, the FTC has desired equitable relief that is monetary including restitution and disgorgement. The reduced courts routinely authorized relief that is such Congress apparently acknowledged the FTCвЂ™s power when it reauthorized the FTC Act. The Supreme Court unanimously held in a highly-anticipated case, AMG Capital Management, LLC v. FTC, that the FTC cannot seek or obtain equitable monetary relief pursuant to В§13(b) despite those headwinds, today.
AMG Capital Management had been a payday that is short-term business, one of the main managed by Scott Tucker.
throughout the heart associated with Great Recession, Tucker utilized misleading print that is fine implement 5 million pay day loans, accruing significantly more than $1.3 billion. Read More