DEVASTATING news is unfolding across the United States.
The Federal Trade Commission (FTC) has slapped the biggest American chemical company with $150 million in fines and criminal charges.
US chemical giant Dow is also facing criminal charges, but it has not been charged with any violation of the law.
Dow is the largest US chemical company by market value and is the subject of several ongoing lawsuits.
Its business model is to build up and maintain a market share, which it does with its chemical derivatives.
In addition to the criminal and civil penalties, Dow has agreed to take steps to improve its compliance with the Sherman Antitrust Act.
The company will also pay a $15 million fine, and it will be required to conduct an annual public listing of its chemicals.
Dow’s chemical business model relies heavily on the use of proprietary chemical additives, and its market share is determined by how many people and businesses use its products.
It has become a huge target for antitrust regulators.
It has been accused of a range of unfair business practices, including the use, distribution and sale of adulterated, over-the-counter medicines.
A number of similar suits have been filed against Dow’s parent company, Dow Chemical Co, alleging unfair competition and illegal marketing.
Dow faces the possibility of losing billions of dollars if it fails to comply with the law, and a settlement could bring back billions in penalties.
The company has been forced to pay $15 billion to settle charges that it abused its market dominance in the chemical industry.
According to a December 2014 Reuters report, Dow’s profits increased by more than $100 billion in the first half of this year.
On Monday, the company announced that it would be laying off nearly 2,000 workers in the US, but also announced it would raise wages by $1 an hour and cut benefits for the affected workers.