On March 27, the U.S. Supreme Court heard oral arguments in one of the most important cases for consumers in years.

Leegin Creative Leather Product Inc. v. PSKS Inc. is an antitrust case dealing with vertical minimum price-fixing. The case requires the justices to examine the longstanding per se rule against vertical minimum price-fixing, dating back to 1911. The rule, established almost five decades ago, forbids companies from requiring a minimum retail price for their goods. The “suggested” retail price should be just that, a suggestion.

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