NAMM today released the following statement regarding a settlement with the FTC. The statement is as follows:
NAMM has voluntarily entered into a consent agreement with the Federal Trade Commission regarding our organization’s alleged conduct relating to certain meetings in 2005-2007 during which the FTC alleges industry participants discussed minimum advertised pricing policies, and related topics. Notably, the FTC does not allege that NAMM or any third party entered into a collusive or otherwise anti-competitive agreement or that the alleged conduct resulted in higher prices or other consumer injury.
This agreement does not require any fundamental changes to NAMM’s core activities nor does the agreement constitute an admission of any wrongdoing. However, under the terms of the agreement, NAMM will enhance various internal policies and procedures relating to the ways we communicate and work with our staff and our members. Rather than pursuing costly and time-consuming litigation on this matter, we are choosing to put it behind us so that NAMM can concentrate on our primary mission of strengthening the global music products industry and increasing active participation in music making.
Also see This Post from the FTC