US: NYC Tour bus companies pay $7.5 million in antitrust settlement

Two New York City tour bus companies have agreed to pay $7.5 million and forfeit about 50 stops, including highly prized locations in Manhattan, to settle an anti-trust lawsuit brought by state and federalprosecutors, officials said on Monday.

Coach USA Inc, City Sights LLC and their joint venture, Twin America LLC, which was created by the two former rivals in 2009, were accused of monopolizing the market, the U.S. Justice Department and New York State Attorney General Eric Schneiderman said in a statement.

The two companies accounted for virtually all of the hop-on, hop-off bus business in the city prior to 2009 and were able to boost ticket prices some 10 percent and block smaller operators from being competitive, the statement said.

“The largest operators of New York City’s iconic double-decker tour buses were able to raise prices and deprive city visitors of the benefits of a free and fair market,” Schneiderman said in the statement.

Full Content: The New York Times

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.