Biglari Holdings Inc. to Pay Civil Penalty for Repeat Violation of Antitrust Pre-Transaction Notification Requirements | OPA

The Justice Department’s Antitrust Division, at the request of the Federal Trade Commission (FTC), filed a civil antitrust lawsuit today in the U.S. District Court for the District of Columbia against Biglari Holdings Inc. (Biglari Holdings), a restaurant chain owner and investment fund operator.

The lawsuit alleges that Biglari Holdings violated the pre-transaction notification and waiting period requirements of the Hart-Scott-Rodino Act of 1976 (HSR Act) for two acquisitions of Cracker Barrel Old Country Store Inc. voting securities made on March 16, 2020. At the same time, the department filed a proposed settlement, subject to approval by the court, under which Biglari Holdings has agreed to pay a $1,374,190 civil penalty to resolve the lawsuit.

The HSR Act imposes notification and waiting period requirements for transactions meeting certain size thresholds so that they can undergo pre-transaction antitrust review. Federal courts can assess civil penalties for pre-transaction notification violations under the HSR Act in lawsuits brought by the department. The maximum civil penalty for an HSR Act violation, which is adjusted annually, is currently $43,792 per day.

Further details about this matter are described in the FTC’s press release issued today, and in the attached complaint and competitive impact statement.

Consistent with the requirements of the Tunney Act, the proposed settlement, along with the competitive impact statement, will be published in the Federal Register. Any person may submit written comments concerning the proposed settlement during a 60-day comment period via email to bccompliance@ftc.gov or by post to Maribeth Petrizzi, Special Attorney, United States, c/o Federal Trade Commission, 600 Pennsylvania Avenue, NW, CC-8416, Washington, D.C. 20580. At the conclusion of the 60-day comment period, the U.S. District Court for the District of Columbia may approve the proposed settlement upon finding that it is in the public interest.

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