On 25 August 2016, the US Federal Trade Commission (FTC) sued OMICS Group Inc., iMedPub LLC, Conference Series LLC, and Srinubabu Gedela, all affiliated with open access mega-publisher OMICS International, for deception in their solicitation of journal articles and advertising of conferences. The ongoing lawsuit seeks to stop OMICS's deceptive practices and disgorge US $50.5 million in ill-gotten gains. OMICS has in turn claimed over $2.1 billion for harm caused by the lawsuit to its business and employees. This article describes the main arguments, counter-arguments, and court decisions in the 5920 pages of pleadings, exhibits, and orders that have been filed through 14 October 2018. The article then evaluates the case to formulate key take-aways for publishers, editors, academics, and universities. Depending on its ultimate outcome, the case against OMICS may be a turning point in the practices of questionable open access online publishers, making this interim case assessment pertinent to all concerned about the future of academic publishing.