Jul 5, 2017

Top antitrust regulators leave FTC

Alex Brandon / AP

Tad Lipsky, the acting director of the Federal Trade Commission's Bureau of Competition, has retired five months after being named to his position, the agency said Wednesday. Alan Devlin, the deputy director within the same bureau, also left to work at a private law firm.

Why it matters: The Bureau of Competition oversees mergers and acquisitions and is the FTC's antitrust muscle. The turnover won't help clear the FTC's full plate. However, Lipsky told Axios he had planned to retire from private practice in May but was asked to help with the agency's transition. "An honor to have served but glad to head out now as planned," he said.

Who's next: Markus Meier is the new acting director. Meier led the health care division within the Bureau of Competition and has spearheaded efforts against "pay-for-delay" settlements, in which brand-name drug companies pay generic drug companies to keep their lower-cost medicines off the market.

Go deeper

Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,359 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

Go deeperArrowUpdated 7 hours ago - Health

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.