The New York State Senate passed a series of bills to address inflation, price gouging, and unfair competition in the marketplace. The legislation specifies “that any actions to create a monopoly or monopsony are illegal and void and allow damages to be recovered in a class action antitrust lawsuit. It would also increase penalties for fraud in connection to an abnormal disruption in the market and ensure that high-volume third-party sellers provide information to guard against counterfeit, fraudulent, or stolen goods being sold to unsuspecting consumers online.” Read the Senate Majority Press Release.
Senate Majority Leader Andrea Stewart-Cousins said, “New York has always prided itself on building a robust economy where everyone can participate and prosper. To achieve this, we must maintain careful regulations and strict oversights that prevent bad actors from spoiling our free market. This legislation addresses new barriers in the digital age, strengthens necessary penalties, and fine-tunes our legal accountability measures so that no harm goes unpunished. This package will allow us to protect the best interests of New York consumers and better uphold the integrity of our marketplace. I thank the Chair of the Committee on Consumer Protection, Senator Kevin Thomas, and the bill sponsors for their attention to this matter.”
Chair of the Committee on Consumer Protection, Senator Kevin Thomas, said, “Unfair, deceptive, and fraudulent business practices have no place here in New York State. This package of legislation will protect consumers by ensuring that financial laws are enforced consistently, keeping our markets fair, transparent, and competitive. I thank Majority Leader Andrea Stewart-Cousins and the Senate Majority for standing up for the rights of New York’s 19.5 million consumers.”