An anonymous reader quotes a report from The Guardian: New York state is introducing a bill that would make it easier to sue big tech companies for alleged abuses of their monopoly powers. Bill S8700A, [The Twenty-First Century Anti-Trust Act] now being discussed by New York’s senate consumer protection committee, would update New York’s antiquated antitrust laws for the 21st century, said the bill’s sponsor, Senator Mike Gianaris. “Their power has grown to dangerous levels and we need to start reining them in,” he said.
New York’s antitrust laws currently require two players to collaborate in a conspiracy to conduct anticompetitive behavior such as price setting. In other cases companies may underprice products to the point where they are even incurring a loss just to drive others out of the market — anticompetitive behavior that New York’s laws would currently struggle to prosecute. “Our laws on antitrust in New York are a century old and they were built for a completely different economy,” said Gianaris. “Much of the problem today in the 21st century is unilateral action by some of these behemoth tech companies and this bill would allow, for the first time, New York to engage in antitrust enforcement for unilateral action.” The bill will probably be discussed when New York’s senate returns to work in August but is unlikely to pass before next year. It has the support of New York’s attorney general, Letitia James. “The bill would make criminal offenses by individuals punishable by up to 15 years in prison,” adds Engadget, “That’s up from four years under the existing law. It’s also more time than the current federal maximum sentence of 10 years.”
“Corporations could be fined up to $100 million, up from the current maximum New York state penalty of $1 million. The proposed changes would also allow class action lawsuits, which could lead to an increase in private antitrust litigation.”
of this story at Slashdot.
Source:: Slashdot