The U.S. Supreme Court today overruled Dr. Miles Medical Co. v. John D. Park & Sons, Inc., 220 U.S. 373 (1911), holding that the rule of reason (and not the per se rule) shall henceforth apply to antitrust claims alleging minimum resale price maintenance — as where a manufacturer forces retailers to agree to charge at or above a certain price. If people can imagine a colorable reason why keeping retail prices high promotes competition, they may now get a pass. Justice Kennedy wrote the 5-4 majority opinion; Justice Breyer authored the dissent. Leegin Creative Leather Products, Inc. v. PSKS, Inc., No. 06-480 (June 28, 2007). WSJ story here.
And, yes, Blawgletter — sadly — told you so.