Live Nation & Ticketmaster Sued for Illegal Ticket Practices

FTC Lawsuit Against Ticketmaster

• 🏛️ The Federal Trade Commission (FTC) and seven states have filed a civil lawsuit against Ticketmaster and its parent company, Live Nation.
• 🎟️ The suit alleges Ticketmaster knowingly encouraged ticket brokers to use multiple accounts to circumvent systems, allowing them to buy more tickets than limits and resell them at a markup.
• 💰 Ticketmaster allegedly profited by taking an extra cut of these resale fees, earning close to $1 billion in the last five years.
• 📉 Shares of Live Nation closed 2% lower following the lawsuit announcement.

Allegations of Deceptive Practices

• 🤥 The lawsuit claims Ticketmaster has been dishonest about pricing, posting initial prices and then increasing fees later in the purchase process.
• ⚠️ They are also accused of misrepresenting the actual availability of tickets on the primary market, as brokers buy up large quantities.
• 🔗 The company is accused of allowing brokers to bypass ticket limits, which violates the Better Online Ticket Sales Act.

Broader Issues of Corporate Greed

• 📈 The discussion extends to