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Antitrust
Skadden Discusses FTC-DOJ Request for Information on Serial Acquisitions and PE Roll-Ups
On May 23, 2024, the Federal Trade Commission (FTC) and Antitrust Division of the Department of Justice (DOJ) jointly announced a request for members of the public to provide information that the agencies can use “to identify serial acquisitions and …
Paul Weiss Discusses Merger Guidelines Featured in FTC Handbag Case
- The FTC recently sued to block Tapestry’s proposed acquisition of Capri, alleging that the effect of the combination of the companies’ handbag brands may be to substantially lessen competition.
- The complaint relies heavily on the December 2023 FTC-DOJ Merger Guidelines
Wachtell Lipton Discusses FTC’s Sweeping Ban on Employment Non-Competes
In a public meeting Tuesday, a divided Federal Trade Commission voted along party lines to issue a final rule prohibiting non-compete clauses for nearly all U.S. workers. The FTC previously published the proposed ban in January 2023, drawing thousands of …
Why Common Ownership Can Increase Competition
In recent years, there has been a significant increase in common ownership, where large institutional investors hold substantial shares in several companies within the same sector. Theoretically, common ownership may result in higher product prices, as common owners might favor …
Can Antitrust Promote Sustainability and Reduce Inequality?
How can antitrust best serve social goals? For the many who argue that market power yields greater wealth inequality, vigorous antitrust enforcement is necessary to close the gap. Yet equality is not a consideration for current antitrust policy, which …
Cleary Gottlieb Discusses How Merger Safe Harbor for Sherman Act Violations Punishes Innocent Acquirers
In March 2024, the U.S. Department of Justice (“DOJ”) revised its Justice Manual to include a new safe harbor for acquiring companies that self-report criminal conduct by an acquired company identified in due diligence (the “Safe Harbor”). When the Safe …
Morrison & Foerster Discusses White House Task Force on Unfair and Illegal Pricing
As part of its whole-of-government effort to enforce the antitrust laws, the Biden administration recently launched a new interagency Strike Force on Unfair and Illegal Pricing (Strike Force), which will be co-chaired by the Federal Trade Commission (FTC) and the …
Morrison & Foerster Discusses California Plan to Criminally Prosecute Antitrust Violations
In the latest development signaling California’s increasing efforts to police antitrust violations, on March 6, 2024, Senior Assistant Attorney General Paula Blizzard announced that the California Office of the Attorney General (“California AG”) Antitrust Section is reviving its criminal antitrust …
Why Corporate Governance Needs to Account for Data-Driven Mergers
Why might an insurance company acquire a robot manufacturer or a retailer acquire a home security provider? The answer might have once been diversification, but now it is more likely to be a desire for data. A new type of …
Davis Polk Discusses FTC and DOJ Focus on Private Equity Investment in Healthcare
On March 5, 2024, the FTC, the DOJ and the U.S. Department of Health and Human Services announced that they are seeking public comment on private equity investment in the healthcare sector. The announcement coincided with the FTC’s workshop, Private …
Why Information Exchanges Among Rivals Should Be Presumed Illegal
When rival businesses share confidential, competitively sensitive information, the result is usually a restraint on competition. Indeed, it is often unnecessary for the rivals to “agree” specifically on how they will compete because the information they share ensures that no …
Latham & Watkins Discusses FTC AI Agenda and Novel Impersonation Rulemaking
On February 15, 2024, the Federal Trade Commission (FTC) issued a Supplemental Notice of Proposed Rulemaking (SNPRM) seeking comment on a proposed rule that, if implemented, would prohibit the impersonation of any individual and prohibit companies from supplying technology that …
How Big Tech Coopts Disruption – and What to Do About It
Our economy is dominated by five aging tech giants – Alphabet, Amazon, Apple, Meta, and Microsoft. Each of these firms was founded more than 20 years ago: Apple and Microsoft in the 1970s, Google and Amazon in the 1990s, and …
Wachtell Lipton Discusses U.S. M&A Antitrust Enforcement for 2023 and the Year Ahead
In 2023, leadership of the Federal Trade Commission and the Antitrust Division of the Department of Justice maintained an aggressive approach to merger enforcement, investigating and challenging transactions on the basis of a broad range of theories of harm articulated …
Skadden Discusses Merger Enforcement and New Deal Strategies
Key Points
- New merger guidelines reflect the aggressive approach that has defined merger enforcement in the Biden administration, including novel theories of harm.
- Proposed changes to HSR notification will make merger filings more burdensome while providing agencies with more information
Sullivan & Cromwell Discusses Final DOJ and FTC Merger Guidelines
How to Break Up Amazon
The Federal Trade Commission has accused Amazon of illegally maintaining its monopoly, extracting supra-competitive fees on merchants that use Amazon’s platform. If and when the fact-finder determines that Amazon violated the antitrust laws, we propose structural remedies to address the …
Skadden Discusses Different Enforcement Approaches of EU, UK, and U.S. on Antitrust and Sustainability
On October 12, 2023, the UK’s Competition and Markets Authority (CMA) issued its final Green Agreements Guidance (Guidance). The Guidance is designed to help businesses seeking to collaborate on environmental sustainability initiatives by providing greater clarity on when UK competition …
Morrison & Foerster Discusses Antitrust Actions for Third Quarter 2023
The third quarter of 2023 was eventful for both domestic and international cartel enforcers.
In the United States, the Department of Justice (DOJ) continues to revamp policies to sharpen its enforcement efforts. On October 4, 2023, the Deputy Attorney General …