Word: antitrusters
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Dates: during 1960-1969
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...Pevler, the Norfolk & Western's president, attached some prickly provisos to their willingness to take in the indigents, notably that some layer of Government permanently pick up the tab for commuter losses on three of them. Beyond that, the merger must surmount threatened minority-stockholder suits and possible antitrust objections from the Department of Justice, then win approval not only of the five little lines (most of which consider the offered price too low) but also of the Interstate Commerce Commission, whose deliberation may well take three years. The Pennsy and New York Central, though so far insisting that...
...cost of price fixing comes high. Under antitrust law, customers who can prove that they have been overcharged as a result of price fixing may collect damages worth three times the amount of the overcharge. So far, G.E. has paid out $225 million in claims, Allis-Chalmers $45 million. Westinghouse has set aside $110 million to cover its suits. Included in these totals: last year's record $28.9 million court judgment against G.E., Westinghouse, Allis-Chalmers and three other manufacturers (TIME, June 12, 1964), which the companies later settled out of court for $18 million...
...cases have been pursued more vigorously by the Justice Department than its six current antitrust suits against bank mergers, which have been growing steadily in popularity in recent years. Last week Justice dealt with two of the cases in dissimilar ways, but in both sought to chop off a major portion of recently merged banks...
...Justice Department's best-laid plans, however, may yet go astray. The Senate has already passed and the House is considering a bill that would exempt from antitrust action the banks involved in the six current cases. The bill would also make it vastly more difficult for Justice to bring antitrust suits against other U.S. banks, which many Congressmen feel are already amply regulated by federal agencies...
...rigged some prices of the commonest grade of steel, carbon steel sheets, which go into autos, washing machines, kitchen cabinets, refrigerators, office furniture and many other consumer goods. Judge Edward Weinfeld of Manhattan's U.S. district court fined them $50,000 each, the maximum allowed under the Sherman Antitrust...