Word: weinfeld
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Dates: during 1950-1959
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...Justice Department won a major battle in its antimerger campaign. In Manhattan's U.S. district court last week, Judge Edward Weinfeld banned the merger of Bethlehem Steel and Youngstown Sheet and Tube, one of the biggest deals in industrial history. It was the first court test of a Government suit under the Clayton Antitrust Act since it was amended in 1950 to make it tougher...
...Judge Weinfeld held that the proposed merger would eliminate substantial competition between Bethlehem and Youngstown, depriving steel consumers of alternate sources of supply. To the companies' arguments that they could not compete with U.S. Steel, Weinfeld replied that this was "not persuasive in the light of their prior activities, their financial resources, their growth and demonstrated capacity to meet the challenge of a constantly growing economy." Both companies, he noted, had bettered their position in the industry in the last five years: Bethlehem increased its capacity by 30.7%, Youngstown by 31.4%. Thus, both are financially able to expand further...
Permitting Bethlehem and Youngstown to merge as a challenge to U.S. Steel, Weinfeld ruled, "offers an incipient threat of setting into motion a chain reaction of further mergers by the other but less powerful companies in the steel industry." Other companies could then ask to merge as a challenge to the "Big Two," thus bringing even greater concentration to "an industry already highly concentrated" and "heading in the direction of triopoly...
When a federal jury in Manhattan awarded $175,001 to Reporter Quentin Reynolds in his libel suit against Westbrook Pegler, it intended to punish Columnist Pegler and his publishing sponsors within the court's jurisdiction. It had deliberated more than twelve hours over the charge of Judge Edward Weinfeld pointing out the difference between punitive damages and "compensatory" damages, i.e., those to make up for any loss in Reynolds' earning power. Said the court: "Where it is established that a defendant was inspired by actual malice . . . the jury may award . . . punitive damages ... or 'spite money...
...Judge Weinfeld, who will rule in a fortnight, lets the verdict stand, Pegler will probably take the case to a higher court...