WILCOX DEVELOPMENT COMPANY V. FIRST INTERSTATE BANK OF OREGON
605 F. Supp. 592 (1985)
NATURE OF THE CASE: Wilcox (P) alleged that Bank (D) violated the Sherman Antitrust Act
to raise, fix, and maintain the prime interest rate at an artificial and anticompetitive
level. D filed a motion for a judgment notwithstanding the verdict, or in the alternative,
for a new trial after a verdict in favor of P.
FACTS: Ps alleged that Ds had agreed with other banks to raise, fix and maintain the
'prime' interest rate at an artificial and anticompetitive level. Ps alleged a violation of
the Sherman Antitrust Act, 15 U.S.C. 1, by agreeing to set their prime interest rates at
an artificial, anticompetitive level. Ps also claimed that Ds had told them that they were
receiving the minimum lending rate available to the most credit worthy customer, when Ds
were charging some customers a lower lending rate. What was missing from the case was proof
of an explicit agreement wherein Ds conspired to raise the rates. At trial expert evidence
established that the prime rate was a national rate determined by national economic
conditions. It was also established that if a bank were to diverge from the national rate it
would suffer severe economic hardship. Ds also established that they independently
determined its prime rate and did not share that process with other banks. The jury gave the
verdict to Ps. D moved for judgment notwithstanding the verdict or a new trial.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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