Antitrust Enforcement and Compliance Programs
Grassley: HSBC Should Face Criminal Charges
The ruling caps fines on companies with historic cartel exposure that are acquired by large companies and increases predictability of future antitrust exposure stemming from pre-acquisition conduct.
On 4 September...more
On 4 September 2014, the Court of Justice of the European Union (CJEU) confirmed that the maximum fine of 10 per cent of turnover imposed on the infringing subsidiary of a non-infringing parent company should be calculated on...more
The Department of Justice had a record year in criminal antitrust enforcement. Global enforcement and coordination continues to increase. As a result, global companies face significant antitrust risk from cartel...more
Over the past ten years, criminal antitrust fines have increased dramatically: they totaled only $107 million in fiscal year (“FY”) 2003, but increased to a high of $1.14 billion in FY-2012 and remained relatively steady at...more
Antitrust laws, like the Sherman Act, protect American markets from anticompetitive practices. But, under the Foreign Trade Antitrust Improvements Act (FTAIA), American antitrust laws only reach foreign conduct in specific...more
Last Thursday, Judge Kevin McNulty in the District of New Jersey issued a 69-page opinion explaining his sua sponte dismissal of the putative class action complaint in Animal Science Products, Inc. v. China Minmetals Corp.,...more
In This Issue:
- Back to the Future? Back to the Past!
- Interview: African Merger Control: Interview with the COMESA Competition Commission
- Comparing apples and...more
Global antitrust regulators are on pace to levy record-breaking cartel penalties in 2014. If global regulators keep pace, cartel penalties will surpass 2013’s record total. Through June, U.S. antitrust regulators issued...more
Steady as clockwork, auto parts investigations around the globe are continuing. These investigations have exposed wide-ranging price fixing conspiracies. Prosecutors rely on well-organized global enforcement cooperation,...more
Antitrust authorities on the offensive
– the insatiable appetite of mature regimes for ever-increasing fines continues unabated, with the U.S., EU, Brazil, South Korea, Japan and Australia on pace to surpass their 2013...more
In this issue:
- The U.S. DOJ Secures Two Extraditions of Foreign Nationals on Antitrust Charges: Who Is Next?
- U.S. Circuit Courts Limit Reach of Sherman Act Against Asian Cartel
- Mark Rosman, Partner...more
In a landmark ruling, the EU’s top court, the European Court of Justice (ECJ) in Kone and Others C-557/12 of 5 June 2014, has held that, where a cartel causes competing companies to increase their prices, the members of the...more
In a judgment that may expand civil damage liability for cartel participants significantly (Case C-557/12, Kone AG and Others, judgment of June 5, 2014), the European Court of Justice (the ECJ) has ruled that a cartel’s...more
On May 20, the European Commission announced that it has sent a statement of objections to Credit Agricole, HSBC and JP Morgan for their suspected participation in the euro interest rate derivatives (EIRDs) cartel. The...more
EU Commission Sends Statement of Objections to Three Banks in Cartel Investigation -
On May 20, the European Commission announced that it has sent a statement of objections to Credit Agricole, HSBC and JP Morgan for...more
The great majority of private antitrust disputes are resolved through settlements. One of the key challenges for policymakers, practitioners, consumers and businesses is how to efficiently resolve cross-border price-fixing...more
On April 4, 2014, the Department of Justice’s Antitrust Division announced its first successful extradition of a foreign national to the United States on antitrust charges. Romano Pisciotti, a citizen of Italy, has been under...more
The European Commission has held Goldman Sachs jointly and severally liable for a cartel infringement committed by Prysmian, an Italian cable maker formerly owned by Goldman Sachs’ private equity arm. The decision is a stark...more
New competition provisions may make it easier to prosecute cartel offences, but add additional exclusions and defences.
On 1 April, the competition provisions of the UK’s Enterprise and Regulatory Reform Act (ERRA) came...more
In a groundbreaking decision, the Central District of California became the first court to hold that antitrust violators who received amnesty from criminal prosecution were not entitled to the damages-limiting benefits of the...more
On March 17, 2014, a class action lawsuit was filed against the National Collegiate Athletics Association (NCAA), alleging that capping compensation to college athletes violates Sherman Act Section 1....more
As Europe continues to open its door to private damages actions, questions arise as to where to bring claims against international cartelists. In this article, we provide a simplified overview of the highly complex set of...more
This year promises to be another in which corporate purchasing departments work hard to keep costs down while vendors try to increase their margins. In this marketplace tug of war, vendors will occasionally engage in a little...more
1 The Legislative Framework of the Cartel Prohibition -
1.1 What is the legal basis and general nature of the cartel prohibition, e.g. is it civil and/or criminal?
The Dutch Competition Act (‘DCA’) is based on...more
Court’s application of statute of limitations will likely guide future conspiracy prosecutions.
On December 9, 2013, the Second Circuit Court of Appeals issued a 2-1 opinion reversing the conviction of three...more
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