3M Is Denied Review of Monopoly Verdict
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3M Co., maker of Scotch tape, lost a Supreme Court appeal of a $68-million award to smaller rival LePage’s Inc. for monopolizing tape sales.
The justices in Washington refused to hear 3M’s argument that antitrust law allows companies to cut prices in a way that harms a smaller rival, as long as the larger company’s prices remain above cost. St. Paul, Minn.-based 3M’s appeal was supported by companies including Verizon Communications Inc., Intel Corp. and Boeing Co.
A federal appeals court said 3M used rebates and discounts to “squeeze out” Taylor, Mich.-based LePage’s from the market for transparent tape. 3M had more than 90% of the U.S. market until the early 1990s and conceded it had a monopoly, the court said.
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