S.995 - A bill to provide for contribution of damages attributable to an agreement by two or more persons to fix, maintain, or stabilize prices under section 4, 4a, or 4c of the Clayton Act.97th Congress (1981-1982)
|Sponsor:||Sen. Thurmond, Strom [R-SC] (Introduced 04/10/1981)|
|Committees:||Senate - Judiciary|
|Committee Reports:||S.Rept 97-359 Part 1|
|Latest Action:||12/02/1982 Returned to the Calendar. Calendar No. 511. (All Actions)|
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Summary: S.995 — 97th Congress (1981-1982)All Bill Information (Except Text)
(Reported to Senate from the Committee on the Judiciary with amendment, S. Rept. 97-359)
Reported to Senate amended (04/26/1982)
Amends the Clayton Act to permit any person liable for damages for price-fixing to claim contribution from co-conspirators for the share of such damages attributable to their sales or purchases of goods and services.
Declares that a release or covenant not to sue or enforce a judgment received in settlement by one conspirator shall not discharge any co-conspirators from liability, unless expressly provided. Directs the court to reduce the claim against the co-conspirators subject to liability by the greatest of: (1) the amount stipulated by such release or covenant; (2) the amount paid in settlement; or (3) treble the actual damages attributable to the settling person's sales or purchases of goods or services. Declares that a settlement shall release the recipient from liability from contribution, unless it is not consumated.
Applies such claim reduction principle to price-fixing actions pending upon enactment of this Act if the court determines that it would be inequitable not to do so. Prohibits the modification of a settlement that has been signed before enactment of this Act because of the application of such principle.