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FTC Votes to Ban Noncompete Agreements

On April 23, 2024, the Federal Trade Commission (the “FTC”) voted 3-2 to issue its final rule (“Final Rule”) banning employers from imposing noncompete clauses on their workers, approving the final rule in a special Open...more

The Wait is Over: DOJ and FTC Issue Final Merger Guidelines

On December 18, 2023, the Federal Trade Commission and Department of Justice (the “Agencies”) jointly issued Final Merger Guidelines, following a public comment period on the Proposed Merger Guidelines first issued in July....more

DOJ Announces Mergers & Acquisitions Safe Harbor Policy

The Department of Justice (DOJ) announced last week the advent of a new safe harbor for companies that discover wrongdoing by the acquired business in the course of an M&A transaction. Buyers hoping to take advantage of this...more

Mergers & Acquisitions Update: A Closer Look at the Impact of the FTC and DOJ’s Proposed HSR Act Filing Reform on Private Equity...

On June 27, 2023, the FTC and DOJ (together the “Agencies”) announced a notice of proposed rulemaking (“NPRM”) proposing extensive revisions to both the rules that implement the Hart-Scott-Rodino Antitrust Improvements Act...more

FTC Sues Private Equity Firm and Anesthesiology Practice for Antitrust Violations

On September 21, 2023, the Federal Trade Commission (FTC) sued Welsh, Carson, Anderson & Stowe (WCAS) and U.S. Anesthesia Partners, Inc. (USAP), in the Southern District of Texas, alleging the two companies “[e]xecuted a...more

A Big Deal: FTC and DOJ Issue Long-Awaited New Draft Merger Guidelines

On July 19, 2023, the Federal Trade Commission and Department of Justice jointly published long-anticipated proposed merger guidelines (the “Proposed Merger Guidelines”), which had been expected since President Biden issued...more

Notice of Proposed Rulemaking: FTC Proposes to Redesign and Dramatically Expand the Scope of the HSR Act Filing Process

The FTC announced today a notice of proposed rulemaking (“NPRM”) proposing extensive revisions to both the rules that implement the Hart-Scott-Rodino Antitrust Improvements Act (the “Act” or “HSR Act”), and the Premerger...more

Supreme Court Holds That Respondents in Agency Enforcement Actions May Raise Constitutional Challenges Outside of Administrative...

On April 14, 2023, in a decision involving appeals regarding two separate agency enforcement actions, the Supreme Court unanimously held that respondents in such actions may raise certain constitutional challenges outside of...more

No More Games: Activision Settles with DOJ Over Esports Compensation

On April 3, 2023, the Department of Justice (the “DOJ”) filed a civil complaint against Activision Blizzard Inc. (“Activision”) alleging that the “competitive balance tax” constituted an unreasonable restraint of trade under...more

DOJ Loses Third Consecutive Antitrust Labor Trial

The Department of Justice (DOJ) lost its third jury trial in its mission to secure criminal convictions against companies and executives accused of labor-side antitrust violations on March 22, 2023, when a jury in Maine...more

Higher Jurisdictional and Filing Fees Thresholds for HSR Act Premerger Notifications and Interlocking Directorates Announced

1. Higher Jurisdictional Thresholds For HSR Filings On January 23, 2023, the Federal Trade Commission announced revised, higher thresholds for premerger filings under the Hart-Scott-Rodino Antitrust Improvements Act of 1976....more

A Blast from the Past: FTC Bringing Back Enforcement of Robinson-Patman Act

According to people with knowledge of the matter, the Federal Trade Commission is conducting a preliminary investigation of Coca-Cola and PepsiCo to determine whether their pricing practices in the soft drink market segment...more

FTC Seeks to Ban Noncompete Agreements in Employment Contracts

On January 5, 2023, the Federal Trade Commission (“FTC”) announced a broad proposed rule that would ban employers from imposing noncompete clauses on their workers. The FTC press release announcing the proposed rule states...more

New Law Substantially Increases HSR Filing Fees for Large Transactions

On Dec. 29, 2022, President Biden signed into law H.R. 2617, the “Consolidated Appropriations Act, 2023.” Included within H.R. 2617 is The Merger Filing Fee...more

FTC Policy Statement on the Scope of Unfair Methods of Competition – A Broad But Vague Warning

On November 10, 2022, the Federal Trade Commission issued its “Policy Statement Regarding the Scope of Unfair Methods of Competition Under Section 5 of the Federal Trade Commission Act.” The Statement replaces prior guidance...more

DOJ Sues to Block Merger Between Booz Allen Hamilton and EverWatch Based on Antitrust Concerns Relating to Single-Contract Market

The Department of Justice recently filed a complaint to prevent Booz Allen Hamilton’s $440 million acquisition of “agile and innovative” competitor EverWatch, Inc. Among the notable aspects of the complaint is its definition...more

States Target Infant Formula Price Gouging

There has been a nationwide shortage of infant formula following a recall and temporary closure of a major infant formula manufacturing facility in February 2022. This facility supplied as much as 40% of the nation’s infant...more

Treasury Department Recommends Antitrust Reform in Alcohol Markets

On February 9, the Treasury Department issued a report analyzing competition in the US alcohol industry (defined as beer, wine, and spirits), which outlined several proposed reforms aimed at improving competition in the...more

Back to the “Good Old Days”: FTC Announces Return to Prior Merger Approval Regime

FTC announces that its merger enforcement orders will once again require prior approval before the subject firm can make a future acquisition affecting any relevant market for which a violation was alleged. On October 25,...more

HSR Considerations For Chinese Investors In U.S. Companies 投资美国企业的中国投资者在HSR申报中需要注意的问题

When Chinese investors are considering US targets, it is important to keep in mind the requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”). For deals meeting certain thresholds, the HSR Act...more

California Jury Awards Millions to Cannabis Company in Antitrust Case

A California jury last week handed down what has been reported to be the first antitrust jury verdict involving the cannabis industry.  As the cannabis industry continues to grow and evolve, cannabis-related antitrust...more

HSR Practice Alert – FTC is Making Changes to Respond to the “Massive Surge” in HSR Filings

Yesterday, the FTC announced certain changes in response to the continuing “massive surge” in HSR filings. See Reforming the Pre-Filing Process for Companies Considering Consolidation and a Change in the Treatment of Debt |...more

FTC, Under Pressure from “Tidal Wave” of HSR Filings, To Begin Issuing Close-At-Your-Own-Risk Letters

Many have been wondering when FTC and DOJ will resume granting early termination of the HSR waiting period in deals that present no anticompetitive concerns. Early termination does not appear to be coming back anytime soon. ...more

HSR Filing Fees For Large Acquisitions May Be Increased

On May 13th, the Senate Judiciary Committee approved and sent on to the full Senate the “Merger Filing Fee Modernization Act of 2021.” The Bill, sponsored by Senators Amy Klobuchar and Chuck Grassley, and approved with...more

Taboola the Latest Target of DOJ’s Aggressive Antitrust Scrutiny of Hiring Practices

The Department of Justice, Antitrust Division (“DOJ”) continues to investigate hiring practices in a number of industries for potential antitrust violations as part of its effort to scrutinize, and in some instances,...more

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