Irvine telescope maker Meade Instruments has filed for bankruptcy protection just days after its Chinese owner lost an antitrust case alleging a conspiracy to squeeze a competitor out of business.
Meade, bought by Ningbo Sunny Electronic in 2013, filed Wednesday, December 4, in US Bankruptcy Court’s Central District, claiming debts of US$10 million to US$50 million. A Meade affiliated company, Sunny Optics, filed for bankruptcy protection, too.
The filing includes an unspecified and disputed debt to Orion Telescopes & Binoculars, a Watsonville-based telescope marketer well-known in the sky-watching industry.
According to Law360, a California federal jury on November 26 awarded Orion US$16.8 million after it found that Ningbo Sunny, through Meade, was fixing telescope prices for American consumers with a manufacturing monopoly created after it bought Meade. Orion’s attorney, Noah Hagey, told Law360 damages could be tripled.
“Orion has bravely led the charge against supplier collusion, and its example should serve as a path forward for other brands beset by this sort of unlawful conduct,” Hagey was quoted.
Full Content: Law 360
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Pfizer Settles Remaining Effexor XR Antitrust Claims for $25.5 Million
Apr 29, 2024 by
CPI
South Korean Regulator Approves LG Uplus and Kakao Mobility EV Charging Venture
Apr 29, 2024 by
CPI
Federal Judge Dismisses Doctors’ Antitrust Suit Against Ohio Health System
Apr 29, 2024 by
CPI
Paramount CEO Bob Bakish Steps Down as Merger Inches Closer
Apr 29, 2024 by
CPI
EU Brands Apple’s iPadOS as Gatekeeper in Tech Crackdown
Apr 29, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI