The Federal Trade Commission and seven states sued Live Nation (LYV) and Ticketmaster “for tacitly coordinating with brokers and allowing them to harvest millions of dollars worth of tickets in the primary market.” The agency alleges Live Nation and Ticketmaster “then sell the illegally harvested tickets at a substantial markup in the secondary market, causing consumers to pay significantly more than the face value of the ticket.” The FTC is seeking civil penalties against Ticketmaster and any additional monetary relief that that the court finds appropriate. Shares of Live Nation are down 1% to $86.12 in late morning trading.
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