The proposed legislation, General Assembly Raised Bill No. 7072, aims to enhance the enforcement mechanisms and equitable relief options available under the Connecticut Antitrust Act. Key changes include the repeal of Section 35-29 and Section 35-34, which are replaced with new provisions that make it unlawful for corporations to engage in practices that substantially lessen competition or create monopolies. Specifically, the bill introduces new language that prohibits corporations from acquiring stock or assets of another corporation if such actions could harm competition, while also allowing for the formation of subsidiary corporations under certain conditions. Additionally, the Superior Court is granted the authority to order divestiture of stock or assets that violate these provisions.

Furthermore, the bill expands the ability of the state or individuals to seek equitable relief, including restitution and disgorgement, against violations of the Antitrust Act. It allows for both temporary and permanent injunctive relief and ensures that plaintiffs can recover reasonable attorney's fees and costs if successful. A new section also empowers the Attorney General to accept assurances of voluntary compliance from alleged violators, which can include restitution amounts, and establishes that violations of such assurances can serve as prima facie evidence in legal actions. The effective date for these changes is set for October 1, 2025.

Statutes affected:
Raised Bill: 35-29, 35-34