New York unveils antitrust bill that makes it easier to sue giants tech companies

US Largest Tech Companies 

New York unveils antitrust bill that makes it easier to sue giants tech companies.

The state of New York is introducing a bill that would make it easier to sue a big tech company for alleged abuses and misuse of their monopoly powers which they have acquired through their business influence.

The New York antitrust laws currently currently require two players to collaborate in a conspiracy to conduct anticompetitive behaviors such as price setting. In other cases giant company may underprice products to the extent where they are even incurring a loss just to drive other small or growing companies out of business. 

The New York's antitrust laws will try to stop and prosecute any company that will try to reduce competition in any market or business to maintain or increase their relative market position and profits without necessarily providing goods and services at a lower cost or higher quality. 

New York is US's financial centre and one of it most important tech hubs, So if the bill is successfully passed, the law could serve as a model for future legistlation in all parts of the country. The Federal Committee is also carrying out an anti-trust investigation into tech giants due to concerns that their unmatched power is supressing and reducing competition.

Bill S8700A is now being discussed by Senator Mike Gianaris, who is part of the New York's Consumer Protection Committee.

According to Senator Gianaris; 

"Their power has grown to dangerous levels and we need to start reining them in. 

"Our laws on antitrust in New york are a century old and they were built for a completely different economy, Much of the problem today in the 21st century is unilateral action by some of these behemoth tech companies, and this bill would allow for the first time New York to engage in antitrust enforcement for unilateral action.

"Whether it is the existing law not being strong enough or the existing law not being enforced, they clearly feel invulnerable.That is a microcosm of the entire problem.they have become too powerful economically which leads to them becoming too powerful politically and they feel like they can get away with things nobody else can".

New York's Attorney General Letitia James supported the bill and also said;

"For more than 100 years our antitrust laws have served as critical protection for consumers and small businesses from unchecked corporate power to choke off competition and limit consumers choice.While our state antitrust laws remain essential to these protections, we support legislation to strengthen them further to meet the challenge of today's economy".

If Senator Mike Gianaris bill is successful then large tech companies can be sued for anticompetitive behaviors and others acts which they indulge in to maintain their position in the economy.