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Behind the Silicon Valley Bank Collapse

Bloomberg Law

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The Second Circuit

The second circuit disagreed with Judge Caproni. The major observation was that you shouldn't be able to avoid antitrust liability by acting through some kind of a third party intermediary like a trade association. That's really the option of the second circuit ruling is that you don't need to allege or establish in the complaint an agreement to agree. If the rule itself is the violation, that's enough to establish a concerted action.

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