New York double-decker tour bus companies reach antitrust settlement, must pay $7.5 million

MarketsAssociated Press

Two double-decker tour bus companies accused of monopolizing the New York City market have reached an antitrust settlement with state and federal authorities.

State Attorney General Eric Schneiderman (SHNEYE'-dur-muhn) and the U.S. Department of Justice announced Monday that Coach USA, CitySights and their joint venture, Twin America, must pay $7.5 million and give up 50 bus stops controlled by City Sights.

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The stops are at high-profile locations including Times Square and the Empire State Building.

Schneiderman says if the settlement is approved by a court it also would resolve claims alleged in a complaint filed in Manhattan federal court.

Coach USA spokesman Sean Hughes says the companies "are pleased" about "continuing progress" toward a settlement.