Tyler Cowen weighs in:
"I would suggest caution in interpreting this event. For one thing, we don’t know how effective this monopsonistic cartel turned out to be. [...] It is hard to find examples of persistently successful monopsonistic labor-buying cartels."
To me, it seems the way to think about this situation breaks down to two questions:
- Was the law broken, irrespective of the economics of the situation?
- Factoring in economics, should this be illegal?
Update 5/23/2014 - looks like they settled.