In re High Fructose Corn Syrup Antitrust Litigation

Five producers (defendants) controlling 90 percent of a concentrated, standardized high-fructose corn syrup market raised prices in lockstep in 1988; a class of buyers (plaintiffs) sued for price-fixing under the Sherman Act, presenting evidence the producers bought excess-capacity product from each other rather than using their own capacity, kept stable market shares despite growing output, and made statements referencing an industry "understanding" not to undercut prices and new entrants needing to "play by the rules." The district court found insufficient evidence of an explicit agreement and granted summary judgment to the defendants.