Some individuals in Ohio and across the country enter into agreements that violate antitrust laws. While these laws are put in place to protect consumers and regulate how companies and organizations conduct their business, business owners have found ways to skirt around them. Cases of companies playing dirty to make higher profit margins are on the rise, and unfair business practices are common as established companies exhibit predatory behavior, monopolizing their markets.
Why put antitrust laws in place?
Antitrust laws are applied in various business activities such as price-fixing, market allocation, bid rigging and monopolies. The absence of these laws would mean that consumers don’t enjoy different product options or service options. Additionally, there would be no healthy competition in the market if companies could charge consumers unregulated prices for goods and services.
Instances of antitrust violation
There is a thin line between what’s legal and what is considered a violation of antitrust law. Running a business is no mean fit, and sometimes, business owners are forced to enter into unscrupulous agreements that may be in violation of antitrust laws.
For instance, a devious agreement between competing businesses to merge and, in the process, reduce competition in the market is a violation of the antitrust laws. Companies looking to merge or partner should consult a business litigation attorney for guidance on such matters to be on the safe side.
Another instance of antitrust violation is when a dominant seller or a market bigwig seeks to monopolize the market. Such a company may try to increase its market power using exploitative methods, limiting market exposure to competitors.
For a business to thrive, any decisions made need to be within the law and for the good of both the company and its clients. Business law attorneys may help company owners understand and abide by the relevant laws.