VICE: New York Is Close to Passing the Most Important Antitrust Law in a Generation
A pioneering anti-trust bill that’s moving through the New York State legislature could give the government and private parties unprecedented power to sue large corporations, specifically Big Tech, as a means of reining in abusive, monopolistic practices—even when those companies don’t qualify as monopolies.
Known as the 21st Century Antitrust Act, the bill passed the New York State Senate on Monday and could be voted on in the New York State Assembly as soon as this week. The first-of-its-kind in the country, the legislation would pave the way for similar updates to antitrust laws at the federal level and in other states.
The legislation also includes significantly higher penalties for antitrust violations (up to $100 million in fines up from the current amount of $1 million for corporations).
“This bill is really epic,” prominent anti-trust attorney and Fordham University law professor Zephyr Teachout said at Monday’s press conference. “It establishes an ‘abuse of dominance’ standard which allows plaintiffs to show a firm is dominant and controlling at a much more realistic level than courts have allowed for the past 40 years.”