Word: antitrusters
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Dates: during 1960-1969
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Last week, bringing criminal charges against the company, the Justice Department contended that hard work and imaginative research did not constitute the whole story of 3M's success. For the past three decades, the nine-count indictment said, 3M has systematically violated the Sherman Antitrust Act by attempting to monopolize markets in sealing and masking tapes, magnetic tape and aluminum lithograph plates. Among the charges: > That in exchange for licenses to produce 3M-patented products, 3M demanded of competitors the right to fix prices and production and dictate markets. > That to supplement the patent-licensing tactic, 3M banded together...
...grand jury, thus far, has cast 3M as the heavy in the Justice Department's latest antitrust drama. It has named ten other companies and the Illinois Institute of Technology's Armour Research Foundation as co-conspirators but has not asked for their appearance in court as defendants. Refusing to comment on the charges in detail, 3M President Herbert P. Buetow last week would only say that it is "firm company policy to operate in conformity with the antitrust laws." But he did note pointedly that Justice Department trustbusters spent 15 years looking into 3M's affairs...
Under the Clayton Act of 1914, anybody who can prove that his business has been injured by another company's antitrust violations is entitled to damages amounting to three times the loss suffered. Along with the humiliation of being convicted of criminal price fixing ten months ago, the 29 companies involved in the great electrical-equipment conspiracy looked forward apprehensively to a flood of treble-damage claims. Last week their worst apprehensions came true as more than 60 public and private utility companies combined to file nearly 40 suits complaining that they had been overcharged on electrical equipment...
Always Prepared. Many of the electrical companies began to anticipate the damage suits during the original antitrust trial by pleading "no contest" to the price-fixing charge-a move that kept details of the alleged conspiracy off the court record. Now, without benefit of those details, the suing utilities face the task of proving that over the years the prices of electrical equipment would have been lower had there been no conspiracy. Says one antitrust lawyer: "You have to compare what you paid with what you would have paid under conditions that didn't exist." To do this, some...
Last August the Justice Department's Antitrust Division brought suit against three major drug makers-American Cyanamid. Bristol-Myers and Chas. Pfizer & Co.-on charges that they had conspired to fix prices of three "broad spectrum" antibiotics. The trustbusters' charges were similar to those that the Federal Trade Commission had been pressing since 1958 against six drug companies-including the three under fire from Justice. Last week the drug industry got a shot in the arm when FTC Hearing Examiner Robert Piper ordered dismissal of the FTC charges...