DOJ Opens Criminal Probe into Live Nation, AEG Pandemic Refund Collusion

The U.S. Department of Justice has launched a criminal antitrust investigation into whether concert‐industry giants Live Nation Entertainment and AEG Presents illegally coordinated their ticket-refund strategies when COVID-19 forced mass event cancellations in 2020, sources confirmed to multiple outlets Thursday. The probe, first reported by Bloomberg, is exploring whether the companies’ parallel approaches to issuing—or delaying—cash refunds amounted to collusion, a potential felony under the Sherman Act.

Live Nation and Ticketmaster are already involved in a sprawling antitrust lawsuit brought by the DOJ seeking to break it up over longtime allegations of anticompetitive behavior. That is a separate matter from this, and is expected to get to its trial phase in 2026.

According to people familiar with this new inquiry, DOJ lawyers began gathering evidence on the matter during the Biden administration and intensified those efforts after President Donald Trump took office in January. Prosecutors face a tight timeline: any criminal charges tied to conduct in early 2020 would need to be filed before a five-year statute of limitations runs out later this year.

Live Nation executive vice-president Dan Wall rejected the suggestion of a conspiracy. “It is not illegal for artist agents, promoters and ticketing companies to work together to solve the unprecedented challenges of a global pandemic,” Wall said in a statement. “While Live Nation contributed to this industry effort in good faith, we set our own unique policies and refund terms to support fans and artists. We did not collude with AEG or anyone else.” He vowed the company would “defend [itself] vigorously” if charges emerge.

Neither AEG nor the Justice Department would comment on the record. News of the probe sent Live Nation’s shares down roughly 3 percent in after-hours trading on Thursday.

Refund practices were a flash-point for consumers in spring 2020, when both promoters initially emphasized postponements over cancellations. Critics complained that Live Nation’s first policy required fans to wait until new dates were scheduled—and then gave only a 30-day window to request money back—while AEG adopted a similar posture. The industry eventually shifted to more flexible terms after fan backlash and pressure from lawmakers.

Political scrutiny of the live-events marketplace has only intensified. On March 31, President Trump signed Executive Order 14254, directing federal agencies to crack down on ticket scalping, junk fees and bot activity. One week later, the DOJ and Federal Trade Commission opened a 60-day public inquiry into “unfair and anticompetitive practices” in concert ticketing, inviting consumers, artists and venues to weigh in.

Whether prosecutors ultimately bring criminal charges over the pandemic refund episode could hinge on proving an explicit agreement between the two rivals—often a high bar in antitrust cases. With the five-year clock ticking, the DOJ is expected to decide in the coming months.