Along with Sen. Yasmin Trudeau (D-Tacoma) and Rep. Darya Farivar (D-Lake City), Washington Attorney General Bob Ferguson is proposing legislation to increase the maximum penalty for antitrust violations like price-fixing and collusion.
According to a media release, the maximum penalty for anti-competitive behavior like collusion, monopolization, or price-fixing is $900,000 for corporations, even if the illegal activity results in a profit many times that amount.
Washington State’s penalties lag behind many other states and Ferguson says it does not provide a meaningful deterrence.
Other states, such as Texas, have penalties that can reach up to $30 million. In California, the penalty can be up to twice the illegal profit gains.
The proposed legislation would increase the maximum penalty up to three times the illegal gains or losses avoided.
“Strong penalties deter price-fixing and monopolies without requiring costly litigation,” Ferguson said. “They also help businesses by creating a level playing field. This makes Washington more affordable, helps businesses compete on a level playing field, and improves our economy by promoting healthy competition.”
Paid penalties would go into the state general fund, increasing revenue for the state.
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