WASHINGTON (dpa-AFX) - A jury in the U.S. District Court for the Southern District of New York found Live Nation/Ticketmaster liable for harming consumers and the live music industry through anticompetitive conduct. The jury determined that Live Nation overcharged tickets sold to consumers between May 2020 and 2024.
In a separate press release, Live Nation Entertainment emphasized that the jury's verdict is not the final word. Pending motions will determine whether the liability and damages rulings stand. The company will soon renew its motion for judgment as a matter of law, which the Court deferred until after the jury's verdict. That motion challenges all liability theories, and the Court has previously noted that it raises serious issues.
There is also a pending motion to strike the damages testimony on which the jury's award was based. The Court deferred ruling on that motion as well, while noting significant concerns with the damages expert's analysis. Live Nation stated that it can and will appeal any unfavorable rulings on these motions.
The jury's award of $1.72 per ticket applies only to a limited number of tickets-those sold at 257 venues, representing about 20% of total tickets-and only to purchases by fans (excluding brokers) in certain states over the past five years. Based on that scope, Live Nation believes the aggregate single damages figure would be below $150 million, which would then be trebled. In connection with the DOJ settlement, the company has already accrued $280 million toward state damages and civil penalty claims.
Injunctive relief will be determined by the Court after the states submit a remedy proposal, expected in the coming weeks. Meanwhile, Tunney Act proceedings regarding the DOJ settlement will continue. Live Nation expressed confidence that the ultimate outcome of the states' case will not be materially different from what is envisioned in the DOJ settlement.
Live Nation Entertainment (LYV) closed at $155.82, down 6.29% on April 15. Overnight trading showed a rebound to $159.41, up 2.30%
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