| Pool Corporation Announces Proposed Non-Monetary Settlement Agreement |
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| Written by Legal Eagle Review | |
| Thursday, 24 November 2011 | |
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Pool Corporation announced it has reached a proposed non-monetary settlement agreement resolving the Federal Trade Commission's (FTC) non-public investigation into whether POOLCORP has engaged in conduct in violation of Section 5 of the Federal Trade Commission Act. Pursuant to FTC protocol, the proposed decision and order will be placed on public record for a 30-day comment period, after which the FTC will evaluate any public comment before finalizing the order.
"We are pleased to have reached a resolution with the FTC. The settlement enables us to put an end to the expense and distraction of the FTC investigation and provides a framework that will allow POOLCORP to continue to compete and to provide its customers, vendors, and stakeholders with exceptional value. POOLCORP has not admitted any liability in connection with this settlement and believes the allegations are without merit. Nonetheless, it is in the best interests of all our stakeholders to resolve this matter so we can dedicate our full attention to our business," said Manuel J. Perez de la Mesa, Chief Executive Officer and President. The FTC vote approving the complaint and proposed consent order was 3-1, with Commissioner J. Thomas Rosch voting no and issuing a separate dissenting statement. A copy of the proposed consent order and accompanying materials, including the dissenting statement, may be obtained at http://ftc.gov./os/caselist/1010115/index.shtm. POOLCORP is the largest wholesale distributor of swimming pool and related backyard products. Currently, POOLCORP operates 296 sales centers in North America and Europe, through which it distributes more than 160,000 national brand and private label products to roughly 80,000 wholesale customers. For more information, please visit www.poolcorp.com. |
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