CHAPTER 1 Extraterritoriality: The U.S. Perspective Use of the casebook for educational purposes with attribution is available on a royalty-free basis under a Creative Commons Attribution-Share Alike 3.0 United States License, available at http://creativecommons.org/licenses/by- sa/3.0/us/. For all other uses please contact Professor Spencer Weber Waller at
[email protected] . Section 1 of the Sherman Act provides that “Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is hereby declared to be illegal.” A violation of Section 1 is a felony, requiring punishment, upon conviction, by fines not to exceed $100,000,000 for a corporation, “or, if any other person, $1,000,000, or by imprisonment not exceeding ten years, or by both said punishments, in the discretion of the court.” Section 2 of the Sherman Act is directed at monopolies. As with Section 1, “Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by fine not exceeding $ 10,000,000 if a corporation, or, if any other person, $ 350,000, or by imprisonment not exceeding three years, or by both said punishments, in the discretion of the court.” This chapter looks at the application and jurisdictional reach of the Sherman Act to foreign actors, as well as conduct that has taken place outside of the United States.