Grassley: HSBC Should Face Criminal Charges
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
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
On April 23, 2014, the Second Circuit issued an opinion that could be straight from a modern international-spy novel. European Community v. RJR Nabisco, Inc. involves Colombian and Russian cartels, drug smuggling and money...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
On December 6, 2013, Frank Peake, former president of Sea Star Line LLC, was sentenced to five years in prison and ordered to pay a $25,000 fine for his role in fixing prices for rates and surcharges for freight...more
On December 4, the European Commission announced that it had fined eight international banks a total of more than 1.7 billion for their participation in illegal cartels in markets for financial derivatives covering the...more
Council of EU Publishes UK Issues Paper on MLD4 -
On November 24, the Council of the European Union published a note (dated November 8, 2013) from the Council Presidency to Council Delegations which includes a UK...more
The existence in several countries of “blocking statutes”, which prohibit the provision of economic information to foreign authorities or courts (or require prior authorization to be obtained before doing so), present a...more
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