Cracking Down on COVID-19 Price Gouging: Avoid Liability with Strong Corporate Compliance
Among the countless challenges caused by COVID-19, the
pandemic has wreaked havoc on supply and demand patterns nationwide. Shortages
of medical, sanitary, and food supplies have led to numerous reports of
commercial hoarding and “price gouging,” which only exacerbates the shortages.
In response, state attorneys general around the country and
the U.S. Department of Justice (DOJ) have ramped up enforcement efforts against
both individuals and businesses engaging in these unlawful practices. As
COVID-19 continues to disrupt market conditions, companies should proactively
adjust their policies and procedures to ensure compliance with all applicable
law when making purchasing, supply, and pricing decisions.