Word: antitrusters
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Dates: during 1960-1969
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...STOCKHOLDERS will decide whether to fire the 14 executives who violated antitrust laws in the rigging of electrical equipment prices. The corporation agreed to a request of International Electrical Workers' Union President James B. Carey, that a vote be taken at the April 26 annual meeting...
...have tried to get together three times previously-in 1893, 1901 and 1930-but were blocked each time by antitrust laws or ICC rulings. Thanks to ICC's recent change of heart toward encouragement of railroad mergers, the new proposal seems to have a good chance...
...been damaged.' We intend to resist. It will be a neat problem to prove damages." Of course, he went on. "if we've unwittingly damaged any customer anywhere, we wish to make an adjustment." He cited a rash of suits that followed G.E.'s 1949 antitrust conviction for monopolizing electric bulbs. The suits, which totaled $104 million, were settled for $1,395,000. Just in case things go against G.E. Treasurer John D. Lockton told the meeting, the giant electric company at the end of 1960 had cash assets totaling more than $400 million...
More Trouble. The companies' troubles will not end with the paying of fines, the completion of jail sentences, or the issuance of public relations disclaimers. The antitrust law gives defrauded customers the right to sue for as much as treble damages-and many customers are spoiling to get at the conspirators. More than a dozen cities, including New York and Chicago, are considering suits, and the National Institute of Municipal Law Officers may seek treble damages for many of the 171 cities who bought price-fixed and bid-rigged equipment. The Justice Department announced that it will bring suit...
Handcuffs & Guards. G.E. has already demoted, shifted or cut the pay of 48 employees involved in the antitrust violations, including 16 who were indicted. Several of the G.E. men indicted who drew fat salaries ranging from $60,000 to $125,000 have had their salaries cut as much as $50,000. But G.E. made no move at all to discipline its most important figure in the trial: Vice President Ginn, head of G.E.'s important turbine-generator department at a salary of $125,000 a year. G.E.'s lame reason: Ginn's illegal activities in the transformer...