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Bid rigging is a fraudulent scheme in a procurement action which enables companies to submit non-competitive bids. It can be performed by corrupt officials, by firms in an orchestrated act of collusion, or by officials and firms acting together.
Bronx Democratic Rep. Ritchie Torres has called for an investigation into claims Gov. Hochul's office rigged a bid to oversee New York's allegedly fraud-ridden $9 billion home care Medicaid program.
It is more common to have price fixing trends during the bidding process, such as: If the bid or quoted price is much higher than expected, the reason may be collusive to set the price or just overpriced, but it is legal in itself. If all suppliers choose to increase prices at the same time, it is beyond the scope of input cost changes.
A federal district court in February 1961 fined 29 electrical manufacturing companies and 45 individuals a total of $1,924,500 for violating the antitrust laws by fixing prices and rigging bids on heavy electrical equipment, some of which was sold to the Government. [46] (See also: Allis-Chalmers § 1960s and 1970s.)
President Joe Biden followed through on Friday on his vow to veto a Republican-backed measure that would have repealed a U.S. labor board rule treating companies as the employers of many of their ...
The former director of the Chatham County Housing Authority was sentenced to 2 1/2 years in prison Wednesday for a bid-rigging scheme that awarded contracts to friends and relatives and paid out ...
These practices include mergers, cartels, collusions, price-fixing, price discrimination and predatory pricing. On the other hand, the second category is vertical restraint which implements restraints against competitors due to anti-competitive practice between firms at different levels of the supply chain e.g. supplier-distributor ...
A labor board denied UC's second attempt to obtain an injunction to halt a strike by academic workers. Still to come is the fight over the strike's legality.