Most of us are always on the lookout for the lowest price possible for goods and services. Which is why it only makes sense that businesses are trying to charge as much as they can. But what happens when several businesses agree to artificially set prices or supply? Or what if a business doesn’t have any competition?
The First State has laws in place to protect open markets and hopefully protect both consumers and competing business from unfair trade practices. This is a brief summary of antitrust laws in Delaware.
In the context of business regulation, monopolies are not the ideal. So a "trust" is a very large corporation that lacks any real competition. Therefore, antitrust laws, are intended to foster a more competitive landscape, which tends to provide better choices and fair prices for consumers. These laws usually come into play after a large corporate merger is announced, prior to final approval. Delaware antitrust laws have a three-year statute of limitations for filing claims and allow private lawsuits for violations.
Antitrust Law in Delaware
The following table highlights the main provisions of Delaware's antitrust laws.
|Antitrust Code Section||Anti-Trust Act: Tit. 6 §§2101, et seq.|
|Is a Private Lawsuit Possible?||Yes; attorney general also enforces|
|Time Limit to Bring Claim||3 yrs.|
|Can a Successful Plaintiff Recover Attorneys' Fees?||Yes|
Antitrust laws try to protect commerce and from free trade unfair restraints, such as monopolies and price fixing. There are two federal laws -- the Sherman Act and the Clayton Act – that work in tandem with state law and apply to antitrust cases. Most of these antitrust statutes are enforced in one of two ways:
Related Resources for Antitrust Laws
State antitrust laws can be complex, especially where they overlap with federal laws. If you want to get a better idea the rules and regulations regarding your business, or if you would like legal advice regarding an antitrust case, you can contact an experienced antitrust attorney in Delaware. You can also visit FindLaw’s consumer protection and small business law sections to learn more about general business regulations.
Contact a qualified attorney.