brunswick pueblo argued november decided january respondents bowling centers three distinct markets brought antitrust action petitioner one two largest bowling equipment manufacturers largest operator bowling centers claiming petitioner acquisitions competing bowling centers defaulted payments bowling equipment purchased petitioner might substantially lessen competition tend create monopoly violation clayton act respondents sought treble damages pursuant act well injunctive relief trial sought prove petitioner size capacity lessen competition markets entered driving smaller competitors business establish damages respondents attempted show petitioner allowed defaulting centers close respondents profits increased jury returned verdict damages favor respondents district trebled accordance appeals endorsing legal theories upon respondents claim based reversed case remanded proceedings errors trial instructions jury concluded properly instructed jury found giant like petitioner entering market pygmies might lessen horizontal retail competition also concluded sufficient evidence permit jury find petitioner actions acquired centers gone business held jury make findings respondents entitled damages threefold income earned petitioner petition certiorari challenged theory appeals approved awarding damages held plaintiffs antitrust action recover treble damages account violations must prove suffered injury causally linked illegal presence market must prove injury type antitrust laws intended prevent flows makes defendants acts unlawful injury must reflect anticompetitive effect either violation anticompetitive acts made possible violation pp section essentially remedial provision recover damages respondents must prove petitioner violated pp congress condemned mergers may produce anticompetitive effects yet appeals holding merger found violate dislocations merger caused actionable regardless whether dislocations anything reason merger condemned acquisitions unlawful brought deep pocket parent market pygmies respondents injury unrelated size either acquiring company competitors suffered identical loss without recourse acquired centers secured refinancing bought shallow pocket parent pp petitioner entitled fed rule civ proc judgment damages claim notwithstanding verdict since respondents case based solely novel theory rejected herein damages ascribable profits received acquired centers closed since respondents shown reason require new trial pp respondents remain free remand seek equitable relief marshall delivered opinion unanimous bernard segal argued cause petitioner briefs ira tiger joseph tate miles seeley thomas mcneill malcolm hoffmann argued cause respondents brief edward woolley john endicott john swenson filed brief purex amicus curiae justice marshall delivered opinion case raises important questions concerning antimerger private damages action provisions clayton antitrust act petitioner one two largest manufacturers bowling equipment respondents three bowling centers owned treadway companies inc since petitioner acquired operated large number bowling centers including six markets respondents operate respondents instituted action contending acquisitions violated various provisions antitrust laws late bowling industry expanded rapidly petitioner sales lanes automatic pinsetters ancillary equipment rose accordingly since equipment requires major capital expenditure lane pinsetter app petitioner sales secured credit early bowling industry went sharp decline petitioner sales quickly dropped preboom levels moreover petitioner experienced great difficulty collecting money owed end petitioner accounts days delinquent repossessions rose dramatically attempts sell lease repossessed equipment met limited success petitioner borrowed close finance credit sales appeals concluded serious financial difficulty nbo industries treadway brunswick meet difficulty petitioner began acquiring operating defaulting bowling centers equipment resold positive cash flow expected operating centers seven years preceding trial case petitioner acquired centers either disposed closed ibid acquisitions made petitioner far largest operator bowling centers five times many centers next largest competitor ibid petitioner net worth eight times greater gross revenue seven times greater total next largest bowling chains app nevertheless petitioner controlled bowling centers issue acquisitions petitioner three markets respondents located pueblo poughkeepsie paramus petitioner acquired one defaulting center pueblo one poughkeepsie two paramus area petitioner acquired third defaulting center paramus market petitioner acquired fourth petitioner closed poughkeepsie center three years unsuccessful operation paramus center acquired also proved unsuccessful march petitioner gave notice cease operating center lease expired four centers operational time trial respondents initiated action june alleging inter alia acquisitions might substantially lessen competition tend create monopoly violation clayton act respondents sought damages pursuant act three times reasonably expectable profits made respondents operation bowling centers app respondents also sought divestiture order injunction future acquisitions different relief might appropriate act app trial held spring following initial mistrial due hung jury establish violation respondents sought prove size petitioner capacity lessen competition markets entered driving smaller competitors business establish damages respondents attempted show petitioner allowed defaulting centers close respondents profits increased respondents request jury instructed accord respondents theory nature violation basis damages jury returned verdict favor respondents amount represented minimum estimate respondents additional income realized acquired centers closed required law district trebled damages also awarded respondents costs attorneys fees totaling sitting equity ordered petitioner divest centers involved treadway brunswick supp nj petitioner appealed appeals endorsing legal theories upon respondents claim based reversed judgment remanded case proceedings nbo industries treadway brunswick supra found properly instructed jury concluded petitioner giant whose entry market pygmies might lessen horizontal retail competition giant greater ease entry market accomplish investing new equipment resort low cost sales sustain competition longer period obtain favorable credit terms sides petitioned writs certiorari brunswick petition challenged theory appeals approved awarding damages plaintiffs petition challenged appeals conclusions respect jury instructions appropriateness divestiture order granted brunswick petition ii issue decision narrow one petitioner presently contest appeals conclusion properly instructed jury found acquisitions unlawful petitioner challenge appeals determination evidence support finding petitioner acquired centers gone business respondents income increased petitioner questions whether antitrust damages available sole injury alleged competitors continued business thereby denying respondents anticipated increase market shares answer question necessary examine provisions clayton act section act proscribes mergers whose effect may substantially lessen competition tend create monopoly emphasis added observed many times prophylactic measure intended primarily arrest apprehended consequences intercorporate relationships relationships work evil du pont de nemours see also brown shoe philadelphia nat bank chemical von grocery ftc procter gamble gulf oil copp paving section contrast essence remedial provision provides treble damages ny person shall injured business property reason anything forbidden antitrust laws course treble damages also play important role penalizing wrongdoers deterring wrongdoing also frequently observed perma life mufflers international parts fortner enterprises steel zenith radio hazeltine research hawaii standard oil nevertheless true provision makes awards available injured parties measures awards multiple injury actually proved designed primarily remedy intermeshing statutory prohibition acts potential cause certain harms damages action intended remedy harms without difficulty plainly recover damages respondents must prove petitioner violated since proof establishes injury may result respondents contend additional element need demonstrate worse position petitioner committed acts appeals agreed holding compensable loss causally linked mere presence violator market holding divorces antitrust recovery purposes antitrust laws without clear statutory command agree every merger two existing entities one whether lawful unlawful potential producing economic readjustments adversely affect persons congress condemned mergers account condemned may produce anticompetitive effects yet appeals holding merger found violate dislocations caused merger actionable regardless whether dislocations anything reason merger condemned holding make recovery entirely fortuitous authorize damages losses concern antitrust laws consequences well illustrated facts case acquisitions unlawful brought deep pocket parent market pygmies yet respondents injury loss income accrued acquired centers gone bankrupt bears relationship size either acquiring company competitors respondents suffered identical loss compensable injury acquired centers instead obtained refinancing purchased shallow pocket parents appeals acknowledged thus respondents injury type statute intended forestall wyandotte antitrust laws merely indifferent injury claimed base respondents complain acquiring failing centers petitioner preserved competition thereby depriving respondents benefits increased concentration damages respondents obtained designed provide profits realized competition reduced antitrust laws however enacted protection competition competitors brown shoe inimical purposes laws award damages type injury claimed course congress free desires mandate damages awards dislocations caused unlawful mergers despite peculiar consequences consequences insist upon clear expression congressional purpose hawaii standard oil attributing intent congress find expression either language legislative history contrary far clear loss windfall profits accrued acquired centers failed even constitutes injury within meaning quite clear respondents injured reason anything forbidden antitrust laws respondents loss occurred reason unlawful acquisitions occur reason made acquisitions unlawful therefore hold plaintiffs recover treble damages account violations must prove injury causally linked illegal presence market plaintiffs must prove antitrust injury say injury type antitrust laws intended prevent flows makes defendants acts unlawful injury reflect anticompetitive effect either violation anticompetitive acts made possible violation short type loss claimed violations likely cause zenith radio hazeltine research iii come question appropriate disposition case least petitioner entitled new trial instructional errors noted appeals issue see supra also district instruction basis damages inconsistent holding outlined review record however persuades us new trial damages claim unwarranted respondents based case solely novel damages theory rejected produced conclusory testimony suggesting operating acquired centers petitioner abused deep pocket engaging anticompetitive conduct made attempt prove lost income result predation rather entire proof damages based claim profits earned acquired centers closed since respondents prove cognizable damages offered justification allowing respondents two trials years litigation yet third opportunity follows petitioner entitled accord motion made pursuant rule judgment damages claim notwithstanding verdict neely eby constr generes respondents complaint also prayed equitable relief appeals held respondents established violation might entitled injunction practices deep pocket market entrant harms competition petitioner contested holding respondents remain free remand seek decree judgment appeals vacated case remanded proceedings consistent opinion ordered footnotes repossessions pinsetters increased ibid petitioner resold pinsetters repossessed typically resold less resold complaint contained two additional counts count one alleged petitioner violated sherman act fixing resale prices bowling supplies sold petitioner respondents count abandoned prior trial count two alleged virtue acquisitions acts petitioner guilty monopolization attempt monopolize violation sherman act jury found petitioner count respondents appeal complaint also named plaintiffs national predecessor treadway companies seven bowling center subsidiaries treadway plaintiffs unsuccessful counts however appeal judgments entered judgment ultimately entered less three times jury damages award respondent pueblo consented remittitur district proposed alternative retrial damages treadway brunswick supp nj remittitur deemed necessary jury apparently awarded damages respondent accord minimum claim dating back alleged violation began rather back alleged violation began district thought jury might confused instruction use methods calculating damages two sections ibid petitioner appeal respondents respect amount attorneys fee award initially dismissed appeals want jurisdiction district neither disposed respondents equitable claim certified judgment entered legal claims pursuant fed rule civ proc treadway brunswick order reported app per curiam opinion reprinted district certified previously entered judgment parties reappealed appeals pending district granted equitable relief appeal judgment consolidated pending appeals respect instruction issue liability concluded since petitioner acquisitions increase concentration district erred focusing size market shares acquired petitioner rather indicators qualitative substantiality relative financial strength brunswick treadway competitors retail market advantage enjoyed petitioner status financier manufacturer nbo industries treadway brunswick respect instruction damages appeals concluded district failed direct jury decide whether petitioner actions responsible keeping acquired centers business considering much additional income respondents earned acquired centers closed appeals also held instructing jury statutory requirement acquired company engaged commerce district anticipated decision american bldg maint industries read commerce requirement restrictively leading decision third circuit transamerica board governors cert denied indeed indicated might sufficient evidence record satisfy commerce test concluded however given change law unjust find evidence insufficient thereby deny plaintiffs opportunity meet new test retrial petitions also questioned appeals decision require relitigation commerce issue see supra brunswick maintained entitled directed verdict issue plaintiffs argued satisfied new test therefore new trial required grant certiorari excluded question brunswick sought present concerning sufficiency evidence acquired companies engaged commerce see nn supra action taken respect respondents petition petitioner raises issue directly first question presented indirectly second asks failing company principle require dismissal action based alleged violations section clayton act plaintiffs entire damage theory based premise acquired businesses failed disappeared market defendant kept alive making challenged acquisitions pet cert antitrust actions first authorized sherman act stat discussions section floor senate indicate conceived primarily remedy people individuals especially consumers cong rec remarks george see sens teller reagan coke treble damages provided part punitive purposes george also make remedy meaningful counterbalancing difficulty maintaining private suit combination described act sherman congress enacted clayton act extend ed remedy section sherman act persons injured virtue antitrust violation initial house debates concerning provisions related private damages actions reveal actions conceived primarily open ing door justice every man whenever may injured violate antitrust laws giv ing injured party ample damages wrong suffered cong rec remarks webb see volstead carlin house debates following conference committee report however indicate sponsors bill also saw suits important means enforcing law webb floyd senate virtually discussion enforcement value private actions even though bill attacked lacking meaningful sanctions reed norris see areeda antitrust violations without damage recoveries harv rev symposium private enforcement antimerger laws record conversely petitioner acquired thriving centers acquisitions least violative instant acquisitions respondents lost income otherwise received instances plaintiffs unsuccessfully sought damages injuries unrelated reason merger prohibited see reibert atlantic richfield cert denied peterson borden kirihara bendix supp haw goldsmith francisco supp wdnc see generally gaf circle floor cert dismissed comment section clayton act private plaintiff remedies ind comm rev comment treble damage actions violations section clayton act chi rev necessarily mean appeals feared plaintiffs must prove actual lessening competition order recover effect certain anticompetitive behavior predatory pricing example may stimulate price competition competitors may able prove antitrust injury actually driven market competition thereby lessened course case relief strongest competition diminished see calnetics volkswagen america metric hosiery spartans industries sdny klingsberg bull eyes carom shots complications conflicts standing sue causation section clayton act antitrust bull respondents testimony concerned price reductions three centers app unjustified capital expenses three centers extravagant testimony rather unimpressive viewed petitioner contemporaneous business records reveal lower prices took centers defendant exhibits respondents exhibits demonstrate petitioner made profit two centers app generated positive cash flow three others closed two centers unsuccessful one respondents witnesses testify knew one bowling league pueblo shifted respondent petitioner petitioner installed faster automatic pinsetters assuming arguendo installations cost justified constituted form predation respondents still made attempt quantify loss