Antitrust Laws Law and Legal Definition

Antitrust laws refer to the body of law that regulates anti-competitive behavior and unfair business practices. Companies are forbidden from developing monopoly in setting price or restricting competition in the market by antitrust laws. According to the law, competition is vital for the betterment of markets and beneficial for the consumers. The McCarran Ferguson Act provides limited exemption to the insurance industry. However, insurance is subject to state antitrust laws.