Live Nation Entertainment Inc., the largest U.S. concert promoter and ticket seller, illegally monopolized the live events industry and overcharged fans, a New York federal jury concluded Wednesday.

Following a six-week trial, the jury found in favor of a coalition of 33 states and Washington D.C. who sued the company, handing a massive victory on all their antitrust claims after the U.S. Justice Department bowed out of the case with a settlement after the first week.

The jury of seven women and two men found that Live Nation illegally monopolized the market for ticketing services, concert ticketing and the use of amphitheaters that are a popular venue for outdoor concerts. Live Nation also illegally tied the use of company-owned venues to its concert promotion services, the jury said.

Live Nation’s monopoly led concertgoers to overpay by $1.72 per ticket, the jury found. U.S. District Judge Arun Subramanian, who oversaw the trial, will consider that finding in calculating how much Live Nation must pay for its illegal conduct and how to remedy the monopoly. The states want as much as $700 million and may seek additional penalties for violations of state antitrust laws. Some also have said they want Live Nation to sell Ticketmaster, its ticketing arm.

“This is a historic and resounding victory for artists, fans, and the venues that support them,” said California Attorney General Rob Bonta said in a statement. “In the face of dwindling antitrust enforcement by the Trump Administration, this verdict shows just how far states can go to protect our residents from big corporations that are using their power to illegally raise prices and rip-off Americans.”

Live Nation is likely to appeal the verdict and any remedy order issued by the judge to the U.S. Court of Appeals for the Second Circuit.

“We’re obviously disappointed,” Dan Wall, a lawyer for Live Nation, said after the verdict. “The game is not over by any means.”

Shares of rival ticket brokers jumped on the news, with StubHub Holding Inc. climbing as much as 5% and Vivid Seats Inc. rising as much as 9.1%.

“This was a massive win for the state AGs and an historic miss for the DOJ,” said Roger Alford, an antitrust professor at Notre Dame Law School who until last summer was the Trump administration’s No. 2 antitrust official. “The DOJ had the talent, the material, and the audience. It just lacked leadership with the courage to step on stage.”

The case is U.S. v. Live Nation Entertainment, 24-cv-03973, U.S. District Court, Southern District of New York (Manhattan).

(With assistance from Christopher Palmeri and Josh Sisco.)

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