WEBVTT - Amazon Sidesteps Antitrust Case; Trump Goes to SCOTUS

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<v Speaker 1>This is Bloombird Law with June Brussel from Bloomberg Radio.

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<v Speaker 1>Amazon and the five largest US publishing houses are free

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<v Speaker 1>for now of antitrust litigation overclaims they manipulated online book

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<v Speaker 1>and e book markets. But the case may not be

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<v Speaker 1>over just yet. My guest is antitrust law expert Harry First,

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<v Speaker 1>a professor at n y U Law School. Harry tell

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<v Speaker 1>us about these lawsuits. So so let's just, um, will

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<v Speaker 1>you just explain what this what this class action, what

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<v Speaker 1>they was about. Okay, this is a fun case, as

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<v Speaker 1>all anti trust cases are. They are so um. First

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<v Speaker 1>of all, it's a class action which, as you know,

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<v Speaker 1>is brought on behalf of a lot of people, and

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<v Speaker 1>this is brought on behalf of buyers of e books

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<v Speaker 1>against Amazon and five Age your book publishers. So that's

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<v Speaker 1>presumably a lot of the books a lot of money

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<v Speaker 1>writing on this. Damages in these cases are not just

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<v Speaker 1>what the consumers might have paid over what they should

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<v Speaker 1>have paid the overcharge, which is what they're alleging, but

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<v Speaker 1>it's that trebled, so damages are three times that. So

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<v Speaker 1>a lot of buyers the book publishers published almost of

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<v Speaker 1>the books published in the United States, and of course

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<v Speaker 1>we've heard of Amazon, an interesting little factoy. They sell

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<v Speaker 1>more books than any other single retail outlet in history,

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<v Speaker 1>in history, you know, I'm not sure how far back

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<v Speaker 1>that goes, but they have tremendous power in this industry.

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<v Speaker 1>Is it a monopoly, Well, that's a great question, and

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<v Speaker 1>it's a question the Federal Trade Commission has been investigating.

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<v Speaker 1>They've been assigned the task, I guess you could say,

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<v Speaker 1>of investigating Amazon for men balizing conduct. It's not a

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<v Speaker 1>violation of US law just to be a monopoly. They

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<v Speaker 1>have to do byad things to keep their monopoly or

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<v Speaker 1>to have gotten it. And so they are under investigation.

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<v Speaker 1>They've always been under a lot of fire. They're under

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<v Speaker 1>fire here, they're under fire in Europe, in Asia, I

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<v Speaker 1>mean everywhere. And you know, instinctively we know they've got

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<v Speaker 1>tremendous power over the book publishers. They do some publishing

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<v Speaker 1>of books, but they haven't really made a go of it,

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<v Speaker 1>and their powers mainly as the distributor, the retailer that

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<v Speaker 1>has great power in the change of distribution, so very powerful,

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<v Speaker 1>and you know, the book publishers aren't not powerful. Without them,

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<v Speaker 1>we don't have books. So these are parties on both

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<v Speaker 1>sides with a lot of market power. So the problem

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<v Speaker 1>in this case, the reason why the buyers are bringing

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<v Speaker 1>is they allege that the five publishers and Amazon have

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<v Speaker 1>conspired to fix the prices of e books roughly I

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<v Speaker 1>guess from twenty onward and raise the price above what

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<v Speaker 1>it would be in a competitive market without this agreement.

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<v Speaker 1>So how did they do it? And this is where,

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<v Speaker 1>of course it gets complicated, because you know, the planiffs

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<v Speaker 1>have to prove that they actually agreed. So each of

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<v Speaker 1>the publishers has an agreement with Amazon. They have these

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<v Speaker 1>agreements individually with Amazon for how their books are sold.

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<v Speaker 1>The arrangement is something that they call the agency model.

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<v Speaker 1>So you know, if you if you sell your house,

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<v Speaker 1>then you have a real estate agent. The real estate

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<v Speaker 1>agent doesn't own your house and then sell its m

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<v Speaker 1>for more money or less money, whatever they can get.

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<v Speaker 1>They just act on your behalf and you tell them

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<v Speaker 1>how much you want, what price do you want. That's

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<v Speaker 1>an agency model, and that's the model they took with

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<v Speaker 1>e books. Of course, e books aren't physical, they're US

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<v Speaker 1>zeroes and ones. They're just computer code. But the fiction

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<v Speaker 1>is well, Amazon's their agents. They don't really own the books,

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<v Speaker 1>not that there are books, they don't own the files.

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<v Speaker 1>I guess you could say they're just the agent. And

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<v Speaker 1>each publisher tells Amazon what to sell the book at

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<v Speaker 1>and then Amazon takes a cut. The cut is I

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<v Speaker 1>think thirty of the sale price. Is that high? It

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<v Speaker 1>sounds high. I think it's This has been the standards,

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<v Speaker 1>thanks frankly to Steve Jobs. But we'll get to that

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<v Speaker 1>in a minute, because that's behind all of this. So

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<v Speaker 1>each agreed to this agency model, and when they did, individually,

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<v Speaker 1>they issued press releases or letters to their authors, you know,

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<v Speaker 1>explaining what that they were doing this, but each individually.

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<v Speaker 1>And there's another wrinkle to this, which is often referred

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<v Speaker 1>to as a price parody, cause not paro d as amusing,

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<v Speaker 1>but equal so um in these agreements required each publisher

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<v Speaker 1>to tell Amazon if their books were available through a

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<v Speaker 1>different retailer at a lower price, So to inform them

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<v Speaker 1>if let's say that they were allowing Barnes and Noble

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<v Speaker 1>to sell the book at a lower retail price, and

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<v Speaker 1>then Amazon could react and could say we want the

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<v Speaker 1>same price, which is, you know, what they would do

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<v Speaker 1>and what they did and This included not just the

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<v Speaker 1>same price, but promotional deals, whatever sorts of things they

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<v Speaker 1>worked out. They gave other retailers a little better deal

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<v Speaker 1>they had to tell Amazon about and Amazon would tell

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<v Speaker 1>them where we want that deal. Now, if the publisher's ball,

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<v Speaker 1>then Amazon could retaliate for threatened to retaliate, and they

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<v Speaker 1>had lots of ways to do that, some of which

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<v Speaker 1>had become public. I mean, they sell a lot of

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<v Speaker 1>physical books, so they can retaliate against the physical book division,

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<v Speaker 1>and they threatened to st with that at one point,

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<v Speaker 1>you know, to force these publishers who in the end,

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<v Speaker 1>I mean, they need Amazon to distribute their books. So

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<v Speaker 1>the allegation is that the price parity clause, for the

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<v Speaker 1>price informational parity clause that combined with the agreement, you know,

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<v Speaker 1>the agency model, was an agreement that effectively fixed the

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<v Speaker 1>price and prevented discounting. And the plaintiffs back this up with.

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<v Speaker 1>You know that they all had these press releases sort

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<v Speaker 1>of telling everyone in the world, including their competitors, what

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<v Speaker 1>they did. And the week after these agency agreements were signed,

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<v Speaker 1>everyone increased their e book prices, some by quite a bit, Penguin,

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<v Speaker 1>for example, by so that they argue the PLANETFS argue

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<v Speaker 1>shows it was an agreement to fix prices. Now for

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<v Speaker 1>the background in a prior case involving Steve Jobs. Now

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<v Speaker 1>I said, there's background in this, and the background is

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<v Speaker 1>what makes it more interesting is that it's not the

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<v Speaker 1>first time we've seen a problem with price fixing of

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<v Speaker 1>e books. And the first time actually involved litigation with

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<v Speaker 1>the Justice Department and the States and the European Union actually,

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<v Speaker 1>and it involved Apple. And this dated back to two

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<v Speaker 1>thousand seven, believe it or not, when the Kindle came

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<v Speaker 1>out and Amazon releases the Kindle with a low e

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<v Speaker 1>book price of At that time, publishers distributed e books

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<v Speaker 1>like they distributed hardcover books wholesale, so they would sell

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<v Speaker 1>them to the retailer and then the retailer can sell

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<v Speaker 1>whatever price they wanted. So they were selling books e

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<v Speaker 1>books to Amazon for roughly nine dollars or something close

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<v Speaker 1>to and Amazon wasn't taking very much of a profit.

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<v Speaker 1>They were giving the consumer a great deal in part

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<v Speaker 1>to get the Kindle to be adopted, and the publishers

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<v Speaker 1>were just they hated this. So they actually started meeting together.

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<v Speaker 1>And that's a key difference so far between the case.

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<v Speaker 1>We're talking about the current class action and the old case.

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<v Speaker 1>So the publishers met quite a bit, including a well

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<v Speaker 1>known meeting at a very fancy restaurant where they had

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<v Speaker 1>a private room to themselves, restaurant called p Sholeen on

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<v Speaker 1>the Upper East Side, and you know, they met and

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<v Speaker 1>they decided to approach Steve Jobs, who was coming out

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<v Speaker 1>with his own you know, the Eye Books, the Eye

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<v Speaker 1>Book Store on the iPad. So they agreed, and Jobs

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<v Speaker 1>didn't want a still, he wanted to get a lot

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<v Speaker 1>more money, so they agreed with him on this agency

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<v Speaker 1>model that's they came up with and said, Okay, we'll

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<v Speaker 1>give you the thirty cut, you can have a higher price,

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<v Speaker 1>and we'll work out of the all. We can go

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<v Speaker 1>into the mechanics if you want to how we're basically

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<v Speaker 1>going to force Amazon and all of us to move

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<v Speaker 1>from the sole sale model to the agency model where

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<v Speaker 1>we can dictate the price and we're gonna push it

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<v Speaker 1>up past point. So they constructed this agreement, which eventually

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<v Speaker 1>resulted in their being sued. All the publishers settled that

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<v Speaker 1>case with consent agreements, except for Apple, which litigated to

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<v Speaker 1>the Court of Appeals and lost. So this case that

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<v Speaker 1>we're talking about comes about once the remedies that were

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<v Speaker 1>imposed in the earlier case expired. So under the earlier case,

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<v Speaker 1>the publishers were not permitted to stop retail discounting. Once

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<v Speaker 1>that expired, they entered into new agreements with Amazon that effectively,

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<v Speaker 1>they say, ended the discounting. So this is round two,

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<v Speaker 1>and this is the case that actually the district court

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<v Speaker 1>just throw out. Yeah, so it sounds like what they're

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<v Speaker 1>doing is an agreement and it's driving prices up. So

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<v Speaker 1>why did the court throw it out? You asked the

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<v Speaker 1>perfect question. This is the kicker, and this is one

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<v Speaker 1>of the really hard legal issues for anti trust's law.

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<v Speaker 1>So in the first case, remember I mentioned something about

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<v Speaker 1>meeting in a private restaurant, and there was a lot

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<v Speaker 1>of communication there were there were a lot of emails,

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<v Speaker 1>phone calls back and forth among the publishers. None of

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<v Speaker 1>that apparently exists in this case. So in the first case,

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<v Speaker 1>when competitors get together on the same level of production distribution,

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<v Speaker 1>their agreement is called a horizontal agreement, and the horizontal

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<v Speaker 1>agreement on prices is considered the absolute worst thing in

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<v Speaker 1>any trust illegal per se in and of itself. No defense.

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<v Speaker 1>People often go to jail for it. So if it's horizontal,

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<v Speaker 1>it's a big problem. But there's no clear proof in

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<v Speaker 1>this case that they agreed, and the plaintiffs try to argue,

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<v Speaker 1>you can infer they agreed by some of their behavior,

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<v Speaker 1>there must be an agreement. He announced. On the same day.

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<v Speaker 1>Three of the five CEOs were around for the prior case.

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<v Speaker 1>They know how this goes, you know. Now they're better

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<v Speaker 1>counsel and they're listening to their lawyers. Apparently they did

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<v Speaker 1>not the last time, and they're much more cautious. But

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<v Speaker 1>there aren't that many players, and they know what's happening,

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<v Speaker 1>and they all come up with the same deal. So

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<v Speaker 1>the argument goes, a jury could infer that they agreed,

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<v Speaker 1>but the court said, no, you haven't pleaded enough. We

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<v Speaker 1>won't allow a jury. It's what we have is consistent

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<v Speaker 1>with individual action, as it is with conspiracy. And there's

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<v Speaker 1>the Supreme Court decision that says that's not good enough

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<v Speaker 1>for you know, in any trust conspiracy. And so that's

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<v Speaker 1>why the basically why the district court rejected the complaint.

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<v Speaker 1>Oor at a very early stage. This is just really

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<v Speaker 1>the initial stage of this litigation. They filed their complaint.

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<v Speaker 1>That's all that's been done. They haven't you know, had

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<v Speaker 1>a chance to you know, go through the emails to

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<v Speaker 1>do discovery, um, all sorts of things. So it's very

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<v Speaker 1>early stage. But this is a problem. Competitors often announced

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<v Speaker 1>things and others say, hey, okay, we'll do that. To

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<v Speaker 1>think airlines for raising prices, and the other airlines do it.

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<v Speaker 1>So do you think the next step is to refile

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<v Speaker 1>the complaint? The court gave them permission. Sometimes courts don't

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<v Speaker 1>give permission to replead the case, but this district court

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<v Speaker 1>judge did. But unless they have some new allegations of

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<v Speaker 1>some kind of behavior, it's hard to know. It seems

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<v Speaker 1>to me that it's more on a legal point at

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<v Speaker 1>this point, unless they come up with other factual allegations,

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<v Speaker 1>you know, unless they do, they don't have the opportunity

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<v Speaker 1>to look further and do discovery of documents, particularly emails,

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<v Speaker 1>things like that that ended up thinking the parties in

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<v Speaker 1>the first case. So I'm not certain how they're going

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<v Speaker 1>to do this. They may just decide to appeal directly

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<v Speaker 1>to the Court of Appeals, but it's going to be

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<v Speaker 1>difficult because courts have become more and more cautious about

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<v Speaker 1>allowing plaintiffs to go forward and discoveries expensive. And you know,

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<v Speaker 1>Supreme Court's taken a somewhat negative view of just allowing

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<v Speaker 1>plaintiffs to, as they view it, I think, go on

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<v Speaker 1>some sort of fishing expedition through gigabytes of data. So

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<v Speaker 1>I guess we'll see. I'm I'm sure that they will

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<v Speaker 1>try to move the case ahead, but it does I

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<v Speaker 1>think rest on this key point about whether they have

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<v Speaker 1>enough evidence from which a jury or the judge could

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<v Speaker 1>infer that the party soul agreed. So we'll be watching

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<v Speaker 1>this to see whether the plaintiffs refile they're complaint or

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<v Speaker 1>perhaps taken appeal. Thanks so much as always, Harry. That's

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<v Speaker 1>Professor Harry First of n y U Law School. Former

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<v Speaker 1>President Donald Trump is asking the Supreme Court to intervene

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<v Speaker 1>in the seemingly never ending legal fight over government papers

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<v Speaker 1>seized at his Moral Logo home. He now wants the

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<v Speaker 1>justices to appoint a court ordered special master to review

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<v Speaker 1>one documents with classified markings. I'm joined by Bloomberg News

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<v Speaker 1>Supreme Court reporter Greg Store. Former President hump is back

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<v Speaker 1>at the Supreme Court asking the Court to intervene in

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<v Speaker 1>the fight over government documents seized at mar Lago. What

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<v Speaker 1>exactly is he asking them? Well, in some ways, June,

0:15:11.320 --> 0:15:15.200
<v Speaker 1>it's a very narrow request. All that he's asking is

0:15:15.240 --> 0:15:18.600
<v Speaker 1>that the court appointed special master who's going through all

0:15:18.640 --> 0:15:22.320
<v Speaker 1>these documents that were retrieved from our lago, that that

0:15:22.480 --> 0:15:27.080
<v Speaker 1>special master be allowed to review these or so documents

0:15:27.120 --> 0:15:30.960
<v Speaker 1>that have classified markings on them. Right now, the judge

0:15:31.000 --> 0:15:35.440
<v Speaker 1>is not not allowed to review those documents. Are Trump's

0:15:35.480 --> 0:15:39.280
<v Speaker 1>lawyers making a jurisdictional argument about whether the Eleventh Circuit

0:15:39.280 --> 0:15:44.200
<v Speaker 1>had jurisdiction? Yeah, that's exactly it. Essentially, they say that

0:15:44.320 --> 0:15:47.920
<v Speaker 1>the Eleventh Circuit the appointment of a special Master is

0:15:47.960 --> 0:15:51.080
<v Speaker 1>the kind of thing and the special master's duties is

0:15:51.120 --> 0:15:54.880
<v Speaker 1>the kind of thing that can't be immediately appealed. And

0:15:54.920 --> 0:15:57.360
<v Speaker 1>so they say that the Eleventh Circuit never should have

0:15:57.440 --> 0:16:01.680
<v Speaker 1>even entertained the request to restrict what sorts of things

0:16:01.680 --> 0:16:04.840
<v Speaker 1>the special Master could do in the lower court. Trump's

0:16:04.920 --> 0:16:09.320
<v Speaker 1>lawyers make these arguments about Trump's role or a president's

0:16:09.440 --> 0:16:13.080
<v Speaker 1>role in classifying documents and broad arguments. We've heard Trump

0:16:13.120 --> 0:16:15.520
<v Speaker 1>even say that, you know, he can just say it,

0:16:15.640 --> 0:16:19.280
<v Speaker 1>he can even think it, and declassify arguments. Are they

0:16:19.280 --> 0:16:24.040
<v Speaker 1>still making that argument here? They're not, And in fact,

0:16:24.080 --> 0:16:27.080
<v Speaker 1>they completely stay away from that subject. That's what they

0:16:27.120 --> 0:16:30.520
<v Speaker 1>didn't the lawyers did in the lower courts too. They

0:16:30.520 --> 0:16:34.520
<v Speaker 1>stay away from declaring that the president actually did something,

0:16:34.600 --> 0:16:39.120
<v Speaker 1>actually declassified these documents, even as they argue that he

0:16:39.200 --> 0:16:42.760
<v Speaker 1>would have had sweeping authority to do that. So, just

0:16:42.880 --> 0:16:46.120
<v Speaker 1>to set the stage, this is an appeal from an

0:16:46.120 --> 0:16:50.600
<v Speaker 1>eleven Circuit panel that had to Trump appointees on it.

0:16:50.600 --> 0:16:54.320
<v Speaker 1>It is, and it was an opinion that came out

0:16:54.440 --> 0:16:58.400
<v Speaker 1>very quickly and was very definitive about essentially letting this

0:16:58.520 --> 0:17:02.680
<v Speaker 1>investigation go forward. Uh. One other thing the Elevens did

0:17:03.600 --> 0:17:07.760
<v Speaker 1>was to say that the Justice Department and National Security

0:17:08.200 --> 0:17:12.000
<v Speaker 1>personnel could go ahead and start looking at these documents,

0:17:12.000 --> 0:17:15.280
<v Speaker 1>start using them. And that is not something that Trump

0:17:15.400 --> 0:17:19.000
<v Speaker 1>is asking the Supreme Court to intervene on. It's only

0:17:19.440 --> 0:17:22.760
<v Speaker 1>asking the court to do that rather narrow thing of

0:17:22.840 --> 0:17:25.360
<v Speaker 1>letting the Special Master look at them to see if

0:17:25.520 --> 0:17:28.960
<v Speaker 1>some sort of privilege claim with these classified documents. Not

0:17:28.960 --> 0:17:31.680
<v Speaker 1>clear what that what that might be, but there's some

0:17:31.720 --> 0:17:35.000
<v Speaker 1>sort of privilege claim there. This is an emergency appeal,

0:17:35.119 --> 0:17:38.679
<v Speaker 1>But where's the emergency Yeah, it's a good question. The

0:17:38.680 --> 0:17:41.840
<v Speaker 1>former president waited more than two weeks to go up

0:17:41.880 --> 0:17:46.280
<v Speaker 1>to the Supreme Court with this, and Justice Thomas, who's

0:17:46.320 --> 0:17:49.840
<v Speaker 1>the justice who handles emergency matters out of the eleven Circuit,

0:17:50.119 --> 0:17:53.040
<v Speaker 1>also didn't suggest there was any massive rush. He gave

0:17:53.119 --> 0:17:56.920
<v Speaker 1>the government a week to respond to it, so I

0:17:56.960 --> 0:17:59.439
<v Speaker 1>wouldn't expect anything coming out of the Supreme Court for

0:17:59.640 --> 0:18:03.200
<v Speaker 1>at least the week. Yeah. So does that signal that

0:18:03.760 --> 0:18:07.359
<v Speaker 1>Justice Thomas doesn't think this is much of an emergency either,

0:18:07.440 --> 0:18:10.160
<v Speaker 1>that he's giving the Justice Department so long to respond

0:18:10.160 --> 0:18:13.280
<v Speaker 1>in an emergency matter? Yeah, I think that much is.

0:18:13.400 --> 0:18:15.480
<v Speaker 1>I wouldn't want to go any further than that and

0:18:15.800 --> 0:18:19.240
<v Speaker 1>suggest it says anning about Justice Thomas's views on the matter.

0:18:19.320 --> 0:18:21.760
<v Speaker 1>But in terms of the timing of it, and that

0:18:21.800 --> 0:18:23.800
<v Speaker 1>makes sense, there's not you know, sometimes you see an

0:18:23.840 --> 0:18:26.959
<v Speaker 1>emergency request and and and a party says, you know,

0:18:27.119 --> 0:18:30.240
<v Speaker 1>we need something by you know, ex date or something

0:18:30.359 --> 0:18:33.080
<v Speaker 1>some particular bad things going to happen. There was nothing

0:18:33.119 --> 0:18:35.639
<v Speaker 1>like that in the Trump filing, and in fact, it

0:18:35.760 --> 0:18:40.720
<v Speaker 1>was rather unclear as to exactly what the particular urgency

0:18:40.920 --> 0:18:45.040
<v Speaker 1>was for for the former president. The eleven Circuit yesterday

0:18:45.280 --> 0:18:48.520
<v Speaker 1>approved an expedited appeal of the appointment of the Special

0:18:48.560 --> 0:18:51.359
<v Speaker 1>Master to review the documents. Will that play in it

0:18:51.400 --> 0:18:54.560
<v Speaker 1>all here? That now, that's on an expedited track, that

0:18:54.800 --> 0:18:58.600
<v Speaker 1>is certainly possible. You know, the Supreme Court when it

0:18:58.600 --> 0:19:02.240
<v Speaker 1>gets the government's response, the government may probably will mention

0:19:02.320 --> 0:19:05.240
<v Speaker 1>that and and sort of suggests, Hey, there's there's even

0:19:05.320 --> 0:19:07.520
<v Speaker 1>less reason for the Supreme Court to get involved here

0:19:07.520 --> 0:19:10.560
<v Speaker 1>because the Eleventh Circuit is moving quickly to get all

0:19:10.640 --> 0:19:14.840
<v Speaker 1>this stuff resolved. Hard to say exactly how all those

0:19:14.880 --> 0:19:18.240
<v Speaker 1>things will intersect, and no doubt will have various other

0:19:18.280 --> 0:19:21.119
<v Speaker 1>developments happening between now and the time the Supreme Court rules.

0:19:21.480 --> 0:19:25.200
<v Speaker 1>Trump's record at the Supreme Court is not that great,

0:19:25.280 --> 0:19:28.800
<v Speaker 1>despite his three appointees. Remind us of some of his

0:19:29.359 --> 0:19:32.840
<v Speaker 1>past endeavors. Yeah, well, he's of course had those big

0:19:32.880 --> 0:19:37.040
<v Speaker 1>fights about subpoenas for his financial records that the Supreme

0:19:37.040 --> 0:19:40.879
<v Speaker 1>Court ruled on and didn't give him nearly everything he

0:19:40.960 --> 0:19:45.280
<v Speaker 1>was seeking. And then, perhaps more relevant to the current controversy,

0:19:45.320 --> 0:19:50.119
<v Speaker 1>there was the issue of whether papers we're going to

0:19:50.200 --> 0:19:54.440
<v Speaker 1>be turned over to the committee investigating the January six

0:19:54.480 --> 0:19:58.880
<v Speaker 1>attack on the Capitol and the Supreme Court rejected Trump's

0:19:58.880 --> 0:20:01.440
<v Speaker 1>effort to try to block records from being turned over

0:20:01.520 --> 0:20:04.800
<v Speaker 1>from the Archives to the Committee, and only just as

0:20:04.840 --> 0:20:07.800
<v Speaker 1>Clarence Thomas dissented there. How long do you think this

0:20:07.840 --> 0:20:10.320
<v Speaker 1>is going to take? A matter of days? Weeks? The

0:20:10.359 --> 0:20:12.960
<v Speaker 1>Court will wait until they get that response. Normally, the

0:20:13.000 --> 0:20:15.880
<v Speaker 1>court then waits to give the applying party a chance

0:20:15.920 --> 0:20:17.840
<v Speaker 1>to follow a reply brief. That will probably take a

0:20:17.840 --> 0:20:19.919
<v Speaker 1>couple of days. Then it could be any time after that.

0:20:20.400 --> 0:20:22.800
<v Speaker 1>Thanks so much for being on the show. That's Bloomberg

0:20:22.840 --> 0:20:25.920
<v Speaker 1>News Supreme Court Reporter Greg Store and that's it for

0:20:25.960 --> 0:20:28.600
<v Speaker 1>this edition of the Bloomberg Law Show. Remember you can

0:20:28.600 --> 0:20:31.840
<v Speaker 1>always get the latest legal news on our Bloomberg Law podcast.

0:20:32.119 --> 0:20:35.160
<v Speaker 1>You can find them on Apple Podcasts, Spotify, and at

0:20:35.320 --> 0:20:40.359
<v Speaker 1>www dot Bloomberg dot com, slash podcast, Slash Law, and

0:20:40.400 --> 0:20:42.879
<v Speaker 1>remember to tune in to The Bloomberg Law Show every

0:20:42.920 --> 0:20:46.800
<v Speaker 1>week night at ten pm Wall Street Time. I'm June Grosso,

0:20:46.960 --> 0:20:48.560
<v Speaker 1>and you're listening to Bloomberg