President signs Rep. Johnson’s price-fixing bill into law
Congressman oversees passage of H.R. 2675 to promote detection, prosecution of illegal anti-competitive business practices
June 24, 2009
WASHINGTON -- President Barack Obama signed into law Congressman Hank Johnson’s (GA-04) bipartisan “Antitrust Criminal Penalty Enhancement and Reform Act of 2004 Extension Act” (ACPERA) or H.R. 2675 on June 19.
The Act extends the 2004 provisions through June 22, 2010. The White House announced the signing on June 22.
ACPERA promotes the detection and prosecution of corporate antitrust violations by extending protection to whistle-blowers who expose anti-competitive, illegal activity within companies. ACPERA also greatly increased the maximum fines and jail sentences for antitrust violators.
The Act strengthens the Division’s Corporate Leniency Program by allowing the Department of Justice to limit the civil liability of a party cooperating in the DOJ’s prosecution of an antitrust violation.
“I’m pleased the President moved quickly to combat corporate fraud and price fixing,” said Johnson. “I think it sends a clear message to potential violators that this kind of behavior will not be tolerated.”
Separately, the Act amends Sections 1 through 3 of the Sherman Act by increasing the maximum corporate penalty from $10 million to $100 million; the maximum individual fine from $350,000 to $1 million; the maximum jail term for individuals convicted of criminal antitrust violations from 3 to 10 years.
Prior to the Act, the DOJ was only able to limit the criminal charges against a cooperating party, not the civil liability.
“The positive impact of this law cannot be overstated,” said Johnson. “In the first half of this year, ACPERA has aided the Antitrust Division in securing jail sentences in 85 percent of its individual prosecutions, and more than $900 million in criminal fines.”
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