Live Nation and Ticketmaster face a $5 billion consumer class action lawsuit following the Department of Justice's recent move to break up the entertainment giants. The lawsuit, filed in Manhattan federal court, represents millions of ticket buyers and alleges monopolistic practices in the live events industry.

The class action lawsuit mirrors the DOJ's accusations that Live Nation has systematically forced out competitors and pressured venues against working with rival ticketing services. US District Judge Arun Subramanian, a Biden appointee with antitrust litigation experience, will oversee the case.

While the DOJ previously addressed Live Nation's merger with Ticketmaster in 2010, the current case focuses on more extensive anti-competitive behavior. Live Nation dismisses the allegations as "baseless," claiming the live events market is more competitive than ever.

Legal experts note that Live Nation's defense might reference the DOJ's initial approval of the Ticketmaster merger. However, the company's alleged failure to follow agreed-upon guidelines could justify the current legal action. Questions remain about whether a corporate breakup is legally feasible as a remedy.

The attorneys representing the class action plaintiffs, from Israel David and Robbins Geller Rudman & Dowd, have not yet commented on the case. This lawsuit could potentially trigger additional legal challenges against the entertainment conglomerate.

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