Dear Readers,
The cardinal sin under antitrust rules is a conspiracy to fix prices. Competition legislation throughout the world therefore universally sets out, as its first prohibition, a rule forbidding any agreement to fix (or otherwise coordinate) price levels. This is evidenced by Section 1 of the U.S. Sherman Act, Article 101 TFEU, and the opening salvos of countless pieces of national legislation worldwide.
This archetypal prohibition typically applies to suppliers conspiring to extract h
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