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The company was sued in 1902 under the Sherman Antitrust Act of 1890 by the Justice Department under President Theodore Roosevelt, one of the first antitrust cases filed against corporate interests instead of labor. The government won its case, and the company was dissolved, so that the three railroads again operated independently.
Standard Oil (Refinery No. 1 in Cleveland, Ohio, pictured) was a major company broken up under United States antitrust laws.. The history of United States antitrust law is generally taken to begin with the Sherman Antitrust Act 1890, although some form of policy to regulate competition in the market economy has existed throughout the common law's history.
The Sherman Antitrust Act of 1890 [1] (26 Stat. 209, 15 U.S.C. §§ 1–7) is a United States antitrust law which prescribes the rule of free competition among those engaged in commerce and consequently prohibits unfair monopolies. It was passed by Congress and is named for Senator John Sherman, its principal author.
Roosevelt was hailed as the "trust-buster" for his aggressive use of the 1890 Sherman Antitrust Act, compared to his predecessors. [118] He viewed big business as essential to the American economy, prosecuting only "bad trusts" that restrained trade and charged unfair prices. [ 119 ]
Seeking to bolster antitrust regulations, Roosevelt and his allies introduced a bill to enhance the Sherman Act in 1908, but it was defeated in Congress. [55] In the aftermath of a series of scandals involving major insurance companies, Roosevelt sought to establish a National Bureau of Insurance to provide federal regulation, but this proposal ...
The Northern Pacific; the Great Northern; and the Chicago, Burlington and Quincy companies would later merge in 1969. The case was an example of Roosevelt's trust-busting procedures, prosecuting under the Sherman Antitrust Act (1890), and it marked a major victory for the antitrust movement,
The US Justice Department along with 16 states on Thursday filed an 88-page antitrust lawsuit against Apple for violating antitrust laws. Apple allegedly violated the Sherman Antitrust Act by ...
American antitrust law formally began in 1890 with the U.S. Congress's passage of the Sherman Act, although a few U.S. states had passed local antitrust laws during the preceding year. [13] Using broad and general terms, the Sherman Act outlawed "monopoliz[ation]" and "every contract, combination ... or conspiracy in restraint of trade". [14]