The Sherman Act, also called the Sherman Antitrust Act, concerns government regulation of trusts. A trust is a business entity formed with the intention of monopolizing a certain area of trade, product or business. In the late 19th and early 20th centuries, trusts gained an extensive amount of power and led to the passage of the Sherman Act on July 2nd, 1890.
The Sherman Act was developed to limit the power of trusts, cartels and monopolies throughout the U.S. It was named after Senator John Sherman, an Ohio Republican and chairman of the Senate Finance Committee, and author of the act. The Sherman Act passed almost unanimously in the Senate on April 8 th, 1890 with a vote of 51-1 and then moved on to the House of Representatives on June 20th, 1890, where it received a unanimous 242-0 vote. President Benjamin Harrison signed the Sherman Act into law on July 2nd of that same year.
The purpose of the Sherman Act is not to put limits on competition or to make an honestly superior or successful company suffer. It and all antitrust laws were developed to protect competition and a fair, competitive environment upon which an economy thrives. It penalizes unlawful or unfair practices, such as price fixing, customer allocation, rigging bids, and similar acts. When a company gains an advantage in a market due to unlawful conduct (civil conspiracy, trade libel, misrepresentation, deceptive and unfair trade practices, etc.) this may be grounds for a violation of the Sherman Antitrust Act based upon creating or attempting to create a monopoly.
Learn more about your rights and legal options under the Sherman Act by contacting an experienced antitrust violation lawyer at Orner Law, LLC today. We represent clients in all types of business litigation matters throughout South Florida.
With offices in Boca Raton and Fort Lauderdale, Orner Law, LLC serves clients throughout South Florida.