In U.S. v. United States Gypsum Co., involving the sharing of price information by members of an industry with each other, the Supreme Court held that exchanges of information are per se illegal.

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In U.S. v. United States Gypsum Co., the Supreme Court did not hold that exchanges of information are per se illegal. The court stated that such behavior can be illegal if it results in anticompetitive effects, but it also recognized that in some circumstances, the sharing of information can have procompetitive benefits. The court applied a rule of reason analysis to determine whether the exchange of information was anticompetitive or not.

In US V United States Gypsum Co