2023 was a dramatic year for criminal antitrust enforcement in the United States. The Antitrust Division of the U.S. Department of Justice (“DOJ”) garnered big wins: three convictions at trial,1 $267 million in criminal fines and penalties—including novel deferred prosecution agreements (“DPAs”) and its largest penalty to date for a domestic cartel—and a Seventh Circuit US Court of Appeals decision embracing its position that labor market collusion is per se illegal. Yet despite these accomplishments, the year was also riddled with dismissed indictments, acquittals, and an impactful and unexpected Fourth Circuit reversal.