New York state Attorney General Eric Schneiderman and retail property giant Simon Property Group Inc. reached a settlement in an antitrust case that requires Simon to end practices that the attorney general alleged protected Simon’s popular Woodbury Common Premium Outlets from competition, the Wall Street Journal reported today. Simon Property, the largest shopping mall owner in the U.S., agreed to pay the state $945,000 and revise existing leases to end restrictions that deterred retailers from opening additional outlet stores, according to a press release from the attorney general. The company didn’t deny or admit to wrongdoing, the statement said. Schneiderman said the settlement was a victory for New York regional shoppers. “No business should be allowed to stifle an entire industry at the expense of consumers — but for years, that’s exactly what Simon Property Group did to New Yorkers,” his written statement said. But Indianapolis-based Simon issued a statement after the settlement was announced describing the two-year investigation by the attorney general’s office as “meritless.”
