Pacific Stationery & Printing Co., an Oregon Corporation v. Northwest Wholesale Stationers, Inc., an Oregon Cooperative Corporation

FERGUSON, Circuit Judge:

Northwest Wholesale Stationers, Inc. (“Northwest”) is a non-profit cooperative association composed of retail office supply outlets in the Pacific Northwest. It operates as a purchasing cooperative, obtaining office supplies at substantial volume discounts, and operating warehousing facilities greater than individual outlets can maintain for themselves. Additionally, as a cooperative organized under the laws of Oregon, Northwest distributes its profits annually to its members in the form of refunds or rebates. Such practices by a cooperative association are exempt from…