Comcast has reportedly settled an antitrust lawsuit that has dragged on for more than a decade.
According to reports, the cable giant agreed to pay $16.7 billion to settle a lawsuit filed by consumers in Philadelphia. The case, first filed in 2003, accused cable conglomerates like Comcast of dividing and allocating the market amongst each other, limiting competition and allowing the competitors to secure higher prices from customers.
Comcast was accused of pursuing monopoly power through the alleged collusion.
The Supreme Court eventually intervened in the case, ruling in favor of Comcast in 2013. But plaintiffs vowed to continue to fight Comcast by seeking re-certification of a narrower class.
The plaintiffs had originally sought $875 million in damages. With Comcast’s $16.7 million offer, the company continues to deny the allegations; the settlement also reportedly includes services to consumers worth $33.3 million.
Full content: Ars Technica
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 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