This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BanxCorp Slaps Media Giants With Antitrust Suit


NEW YORK ( TheStreet) -- BanxCorp, owner of bank rate website BanxQuote.com, has filed a federal antitrust complaint against nine firms for allegedly engaging in "unlawful per se horizontal market division, customer allocation and price fixing agreements" with rivals in the market for bank rate websites throughout the U.S.

The firms that BanxCorp has filed a compliant against include News Corp's (NWSA - Get Report) Dow Jones & Company and Fox News Network, The New York Times (NYT - Get Report), GE (GE - Get Report) NBC Universal's CNBC, Microsoft (MSFT - Get Report) and NBC Universal's MSNBC, Time Warner's (TWX - Get Report) CNN, AOL (AOL - Get Report), Tree.com's (TREE - Get Report) LendingTree and Move (MOVE - Get Report).

BanxCorp accuses these companies of forming a cartel with their competitor Bankrate.com, together with about a hundred competing bank rate website operators, including some of the largest media conglomerates in the U.S.

The complaint estimates that the damages caused by the alleged price-fixing cartel may exceed $500 million, "to be trebled under the antitrust statute."

"The harm to the competitive marketplace and consumers is alleged to be of equal or greater magnitude," BanxCorp said in a press release.

-- Reported by Andrea Tse in New York

Follow TheStreet.com on Twitter and become a fan on Facebook.

Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG
MOVE $20.95 0.00%
AOL $50.23 -0.06%
GE $27.70 -0.05%
NYT $14.03 -0.99%
NWSA $15.53 -0.64%

Markets

DOW 18,229.62 -56.12 -0.31%
S&P 500 2,126.92 -3.90 -0.18%
NASDAQ 5,088.7560 -2.0380 -0.04%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs