Agreement fully resolves previously disclosed
inquiry related to laws administered by the Drug Enforcement
Administration
eBay denies allegations of
wrongdoing
SAN
JOSE, Calif., Jan. 31,
2024 /PRNewswire/ -- eBay Inc. (Nasdaq: EBAY), a
global commerce leader that connects millions of buyers and sellers
around the world, today announced that it has reached an agreement
with the U.S. Department of Justice ("DOJ") to fully resolve the
DOJ's inquiry regarding products sold on the eBay marketplace
alleged to violate certain laws administered by the
Drug Enforcement Administration ("DEA"). Under the terms of
the agreement, eBay will pay $59
million and implement enhanced processes regarding its
monitoring and reporting of listings that violate eBay's terms of
service. eBay expressly denies the DOJ's allegations and the
settlement does not include any admission of
wrongdoing.
eBay issued the following statement:
"Maintaining a safe and trusted marketplace for our global
community of sellers and buyers is a fundamental principle of our
business. eBay is proud of its well-recognized, proactive and
voluntary efforts to remove the products that were the subject of
the government's inquiry from our marketplace. While eBay acted
lawfully and denies the DOJ's allegations, we determined that this
agreement is in the best interest of the company and its
shareholders as it avoids the costs, uncertainty and distraction
associated with protracted litigation.
"eBay's actions to remove products that could be used for
counterfeit pills – including dies, molds and pill presses – prior
to any request from the DOJ or other authorities, and years before
the government turned its attention to these products, prevented
tens of thousands of potentially problematic listings from
appearing on our marketplace. Government officials have repeatedly
commended eBay for our partnership with law enforcement and efforts
to support investigations into illegal pill press
usage."
As previously disclosed, eBay has accrued for probable losses in
connection with this DOJ inquiry. eBay will fund the payment
contemplated in the settlement through cash on
hand.
About eBay
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects
people and builds communities to create economic opportunity for
all. Our technology empowers millions of buyers and sellers in more
than 190 markets around the world, providing everyone the
opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the
world's largest and most vibrant marketplaces for discovering great
value and unique selection. In 2022, eBay enabled nearly
$74 billion of gross merchandise
volume. For more information about the company and its global
portfolio of online brands, visit www.ebayinc.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ebay-reaches-settlement-with-us-department-of-justice-302049530.html
SOURCE eBay Inc.