Competition law is a body of business law that regulates market competition between companies. It is also known as antitrust law or anti-monopoly law. There are three main aspects of competition laws:
Competition laws are regulated and enforced through a wide range of federal statutes, state laws, and private company policies.
One of the main goals of competition laws is to ensure that one company does not dominate the entire field or industry of operation (i.e. to prevent monopolies from forming). Thus, many competition laws revolve around disputes that have to do with companies driving their competition out of business or related issues. Common competition law legal disputes include:
Many of these types of violations are outlined in detail in federal acts, such as the Sherman Anti-Trust Act and the Clayton Act. Such violations can result in serious penalties for the offending party.
Business competition laws and acts provide a wide range of legal remedies for competition violations. These will depend on the type of violation involved. Some common remedies include:
Competition lawsuits can involve multiple plaintiffs. For instance, some lawsuits might affect a large group of consumers, while others may involve multiple businesses. These types of lawsuits might require a class action lawsuit filing.
Competition law is a broad area of law and contains many complex laws and statutes. You may need to hire a business lawyer near you if you need assistance with any type of competition law issue. Your attorney can provide you with legal assistance and representation if you have any legal conflicts or disputes. Your lawyer can help perform legal research so that you understand what your rights and options are under current anti-trust and competition law. Also, if you need to file a lawsuit, your lawyer can assist you during the court processes.
Last Modified: 06-15-2015 11:53 AM PDTLaw Library Disclaimer
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