Price-Fixing Case Settled for 67 Million
October 01, 2002
The top five record labels and the top three music chains have agreed to pay 67.4 million in cash to settle the price-fixing case that was started two years ago. They also agreed to distrubute 75 million dollars of CD's to public and non-profit groups. My favorite quote from USAToday, "Former FTC chairman Robert Pitofsky said at the time that consumers had been overcharged by $ 480 million since 1997 and that CD prices would soon drop by as much as $ 5 a CD as a result." Hopefully prices will start dropping soon so I can afford to buy CD's again.