#103: Michael Goodman - 700 FTC Warning Letters Explained by Expert Lawyer

https://blog.priceplow.com/podcast/michael-goodman-ftc-warning-letters-103 In April of 2023, the Federal Trade Commission (FTC) unexpectedly sent warning letters to about 700 drug companies and dietary supplement brands regarding substantiation of their product claims. Their letters stated that there was no active investigation, and that “The fact that a company is on this list is NOT an indication that it has done anything wrong”, but it obviously raised a great deal of concern in both industries. To find out what was going on, and to get a general lesson in the concerns of the Federal Trade Commission, we brought on FTC subject matter expert Michael Goodman of Hudson Cook, LLP to explain the story. We retained Michael for a check-up on our website in 2018, and kept in touch because of his excellent work. In this podcast, we get a great lesson on what the FTC cares about in terms of misleading product claims, and the legal process a company will find themselves in when the agency comes knocking on their door. As for those FTC warning letters, the long story short is that they’re an unforeseen side effect of a 2021 Supreme Court decision, and were sent as a preemptive measure in case the FTC were ever to want to seek financial penalties. In four words: “The clock has started”. Check it out on YouTube (video below), Spotify, or any RSS-enabled podcast app: https://www.youtube.com/watch?v=l8r6nz52m2c Detailed Show Notes with FTC Legal Expert Michael Goodman of Hudson Cook, LLP (0:00) – Introductions: Michael Goodman and Hudson Cook, LLP (5:30) – How to look for misleading claims (9:15) – The FTC’s guidance for health products (13:15) – Disclosure of a paid relationship (16:15) – Enforcement of regulations (21:00) – The process of enforcement (27:00) – How often does the FTC take action on violations? (31:45) – What’s the hot topic right now with privacy? (39:45) – The Supreme Court Decision that precipitated the warning letters (46:22) – Buzzwords (50:30) – “Made in the USA” is a very actionable claim (54:00) – How to get in touch with Michael Important Links: Hudson Cook’s Website: https://www.hudsoncook.com Hudson Cook’s LinkedIn: https://www.linkedin.com/company/hudson-cook-llp/ Michael Goodman’s LinkedIn: https://www.linkedin.com/in/michael-goodman-5044505/