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BanxCorp
Antitrust Complaint Accuses Bankrate of Forming Price-Fixing Cartel
February 21st, 2009
A recently amended and expanded 134-page federal antitrust complaint by BanxCorp, accused Bankrate Inc. (NASDAQ:RATE) of organizing a price-fixing cartel in a conspiracy with 90 of America's leading websites. The complaint alleges for example, that Bankrate has used the terms "Banking Marketplace" and "Internet Information Providers" to define its market and broader industry group in its communications with shareholders and S.E.C. filings for years, but in court Bankrate claimed that these terms are meaningless and nonsensical. Allegedly, Bankrate lists its partners among its competitors in its 10-K filings. It is also presumed that it entered into a...
Source: Law & Health Weekly (2009-02-21)
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