Music industry giants, Live Nation and Ticketmaster have been stung by a $5 billion consumer class lawsuit. It comes after the US justice department lawsuit which is aimed at disband the powerful conglomerate.
This landmark lawsuit represents the first direct legal challenge for Live Nation and Ticketmaster after the DOJ’s striking move to try to split up the two entities. Millions of plaintiffs are seeking damages and they allege that Live Nation’s monopolistic setup has severely affected competition within the live events space.
The consumer class action and the DOJ are both accusing Live Nation of wielding its immense market power to stifle competitors. Also, coercing venues into exclusive deals with Ticketmaster. This behavior, as outlined in the legal filings, has in their eyes squeezed out rivals and deprived consumers of fair competition and choice.
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