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) Dow Jones & Company and Fox News Network, The New York Times (NYT), GE (GE) NBC Universal's CNBC, Microsoft (MSFT) and NBC Universal's MSNBC, Time Warner's (TWX) CNN, AOL (AOL), Tree.com's (TREE) LendingTree and Move (MOVE).
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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV