1. An association of individuals or entities who share resources and funds to promote their joint undertaking; esp., an association of persons engaged in buying or selling commodities. • If such an association is formed to eliminate competition throughout a single industry, it is a restraint of trade that violates federal antitrust laws. [Cases: Monopolies 12(1.16). C.J.S. Monopolies §§ 54–55, 73–74, 77, 143, 153.]
2. A gambling scheme in which numerous persons contribute stakes for betting on a particular event (such as a sporting event). [Cases: Gaming 73.]
