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NEW BALANCE SIGNS AGREEMENT TO SETTLE SHOE PRICING DISPUTE
Published June 12, 1996
New Balance Athletic Shoes Inc. said yesterday it has signed a consent agreement with the FTC to stop entering deals with retailers that might be seen as price fixing, according to the BOSTON GLOBE. New Balance said the agreement did not represent any admission of wrongdoing on the shoe company's part. New Balance was "swept up" in an FTC investigation of the shoe industry that began five years ago and resulted in Reebok Int'l and Stride Rite also signing consent decrees, according to New Balance Attorney Paul Gauron. In the Reebok case, Reebok paid $9.5M last year to settle federal and state antitrust allegations that the company had threatened to cut off retailers that sold shoes priced below company-mandated levels. Gauron said a monetary settlement was not part of New Balance's deal with the FTC, and he was unaware of any antitrust investigations against New Balance (Chris Reidy, BOSTON GLOBE, 6/12). FUND-RAISING: German shoe group Puma has said it raised $45.2M in fresh capital by selling 1.39 million shares of stock in a public offering (FINANCIAL TIMES, 6/12).