“Logo Text The Federal Trade Commission Filed A Lawsuit Against a Maryland-Based Ticket Resalet Company on Monday, Alleging that the Company Broke Federal Law to Obtain Swift’s Eras Tour and Other Major Concerts and Scalp Them for Millions of Dollars in Profit. In the Lawsuit, Filed in Federal”, – WRITE: www.hollywoodReporter.com
The Federal Trade Commission Filed A Lawsuit Against A Maryland-Based Ticket Resale Company On Monday, Alleging That Company Broke Federal Law to Obtain Tauses of Thoues Tour and Other Major Concerts and Scalp them for Millions of Dollars in Profit.
In the Lawsuit, Field in Federal Court On Monday and Reviews The Hollywood ReporterThe FTC Alleged that Key Investment Group Violated The Better Online Ticket Sales Act – Better Known As The Bots Act – To Worng Ticketmaster’s Ticket Purchase Limits And Obtain Between November of 2022 and December of 2023. The Company Spen About $ 57 Million for The Tickets and Resold Them for About $ 64 Million.
The FTC Alleged that to Secure SO Many Tickets, The Company used “Thousands of Fictitious Ticketmaster Accounts To Bypass or OtherWise Avoid Security Measures ”on Ticketmaster.
Per the Lawsuit, Between March and August of 2023, Key Investment Group Had Boughhht About 2.280 Tickets for Swift’s 38 Eras Tour Show Dates, Exceeding The Shows’-Ticet for about $ 744,970.29 and reseling them for $ 1,961,980.65. At just one of Swift’s Allegiant Stadium Shows in Las Vegas, The Company Used 49 Different Accouns to Secure 273 Tickets, Reseling Them for $ 119.227.21 in Net Profit.
Meanwhile for a 2023 Bruce Springsteen Show at Metlife Stadium, Key Investment Group Used 277 Different Accounts to Secure Over 1,500 Tickets, Marking Them Up.
The FTC’s Lawsuit ComESS MONHS AFTER President Donald Trump Signed An Executive Order Back in March Calling for Increasted of the Bots Act. Until Now, The Bots Act Had Only Been Enforced One Time Since It Was Passed Into Law Back Into 2016.
“President Trump Made IT Clear in His March Executive Order That Unscrupule Middlemen Who Harm Fans and Jack Up Prices Through Anticompetitive Methods Will Hear Froms Statement. “Today’s Action Puts Brokers on Notice That Trump-Vance FTC Will Police Operations That Unlawfully Circumvent Ticket Sellars’ Purchase Limits, EnSURING THAT CONSUMERS HAVE AN OPORTunity
A representative for Key Investment Group Didn’t ImmediaTely Respond to Request for Comment. The Company Had Filed a Lawsuit of It Own Against the FTC Back in July Over this Case’s Investigation, Arguing That Kig Has Fully Complied with the Bots Act.
“The BETTER ONLINE TICKET SALES (BOTS) ACT IS INTENDED TO ADDRESS BAD ACTORS USING BOTS, OR SPECIALIZED Computer Scripts, To Find Ways to Circumvent The Ticet Buying Sec. of Event Tickets Before Consumers Have A CHANCE TO BUY. “DESPITE Kig’s Best Effrts and Transparency, The FTC HAS DEPLYED A FLAWED INTERPREATION OF THE BOTS ACT TO TARGET Kig’s Lawful and Industry-Standard Business Pracies. by the Primary Ticket Issuer Apply on a Company Level and not Individual. Violation of the Law. ”
The FTC Suit is Just the Latest in a Busy Year for Government Intervention in the Live Music Business. Last Month, the doj Indicted Oak View Group Ceo Tim Leiweke on Bid-Riging Allegations Over the Development of the Moody Center in Austin Texas. (Leiweke Stepped Down from the Company But Denied the DOJ’s Allegations.) Back in May, As Part of Trump’s Executative Order, The Doj and FTC Launchened a Public Inquiry.