FTC request additional time to go over Vemma settlement proposal
News of a potential settlement between Vemma and the FTC broke back in September.
BK Boreyko has two options at this point. Continue to fund the legal battle against the FTC and eventually lose in court anyway, or settle now, lose but save some money.
Both scenarios will see Boreyko cop monetary fines so he’s screwed either way in that regard. And Vemma as it was known is toast.
Details of Vemma’s proposed settlement have yet to emerge, with the FTC’s latest filing requesting more time to go over the proposal.
As per the FTC’s November 3rd filing;
The review process has taken longer than FTC Staff anticipated.
Staff has been informed that an additional 45 days will likely be sufficient to allow the Commission time to consider and vote upon the proposed final orders.
Proceedings against Vemma are currently stayed, pending a decision on the proposed settlement agreement by the FTC.
The FTC’s latest filing requests an extension on that stay until December 22nd, 2016. The extension was approved earlier today.
On or before December 22nd we’ll have news on whether the FTC has accepted or rejected Vemma’s proposed settlement.
Update December 16th 2016 – On December 15th the FTC announced a $238 million dollar settlement agreement with Vemma.