What damages can I receive if a monopoly harmed my business?

What damages can I receive if a monopoly harmed my business?

On Behalf of | Jan 3, 2023 | Business And Commercial Law |

Regardless of the type of product or service a Florida business is selling, the primary objective is to maximize their profit. In their attempts to achieve success, it is not uncommon for some to blur the lines of legal and illegal and try to corner a market. This can lead to a monopoly.

A monopoly is when an entity has exclusive control or possession of a service or item. Obviously, those who have a monopoly will benefit from it in the marketplace. However, those who were trying to compete with the business that has formulated the monopoly will want compensation if it has been found out and stopped by the state.

What damages might a business harmed by a monopoly receive?

The term “monopoly” is often viewed from the perspective of a utility or an innovation. However, it can arise in other areas too. Frequently, smaller businesses are swallowed up because they cannot compete. If a monopoly has harmed a Florida business, it is imperative to understand the law for recovering damages from the entity that monopolized the product or service.

Once it has been established that a business in competition with a monopoly was damaged, they can file a legal claim in circuit court. As part of the case, they can receive triple the damages they suffered, repayment for the costs of filing the legal claim and reasonable legal fees. For example, if there was a store that sold a specific type of computer software and cornered the market when it was illegal to do so, a competitor could file a claim that it was a monopoly.

Having legal help can help with recovering sufficient damages due to a monopoly

A monopoly can come about through a conspiracy or via illegal attempts to be the sole viable provider of goods and services in the Sunshine State. People who think their business was victimized by this type of behavior should know how to respond. The costs—personal and professional—can be exorbitant.

For guidance and representation for this area of business law, it is imperative have experienced help. Calling legal professionals who have handled myriad cases in all aspects of business from every perspective can be crucial to reaching a positive result.