Department of Justice
Paul Weiss Discusses Proposed Merger Guidelines and Private Equity
The Antitrust Division of the U.S. Department of Justice (DOJ) and Federal Trade Commission (FTC) recently released a draft overhaul of their merger guidelines. The merger guidelines are intended to describe how the agencies evaluate mergers and reach decisions on …
The Importance of Independent Internal Investigations
Internal investigations have become a necessity in today’s increasingly complex legal environment. They are now considered standard practice for businesses responding to serious allegations of financial misconduct and, when properly conducted, play a critical role in determining the credibility of …
Davis Polk Discusses Robust Antitrust Agenda of DOJ and FTC
At a recent Enforcers Summit, leaders of various U.S. and international antitrust enforcement agencies set forth their enforcement priorities. The new heads of the U.S. antitrust agencies emphasized that the agencies are primed to litigate more cases, challenge more mergers, …
Wachtell Lipton Discusses the Growing Enforcement Focus on Cryptoassets
Underscoring that misconduct surrounding cryptoassets has become a top U.S. enforcement priority, the Department of Justice announced on February 17 the appointment of Eun Young Choi as head of a dedicated National Cryptocurrency Enforcement Team. The NCET’s mandate is to …
(Un)Intended Consequences of Regulatory Enforcement in M&A
A growing literature highlights the important effect of economic and political policies on mergers and acquisitions (M&A). M&A often involves major issues of corporate investment and resource allocation, and so inefficient interference in the M&A market can have significant and …
Sullivan & Cromwell Discusses FTC, DOJ Review of Merger Guidelines
On January 18, 2022, Lena Kahn, Chair of the Federal Trade Commission (“FTC”) and Jonathan Kanter, Assistant Attorney General for the Antitrust Division of the U.S. Department of Justice (“DOJ”), held a joint press conference announcing the launch of a …
Paul Weiss Discusses DOJ Antitrust Division Head’s Approach to Merger Remedies
In a January 24 speech, Jonathan Kanter, the assistant attorney general in charge of the Antitrust Division of the DOJ, set forth his views on how the DOJ should approach merger remedies and signaled that the DOJ may be more …
Deputy U.S. Attorney General Speaks on Corporate Crime
Thank you, Ray, for that introduction, and thank you all for having me today. I’m sorry that I am not able to be there in person but appreciate the ability to join you virtually.
I have three priorities for my …
Top Justice Department Official on Stepping Up Corporate Enforcement
I think these events [the Global Investigations Review conference: New York] are an important opportunity for discussion of trends and really this area is one where your work, your advice to clients, changes the way that people behave. And it …
Skadden Discusses Government Expectations for Companies’ Data-Driven Compliance Programs
As artificial intelligence and other data tools have proliferated, regulators and prosecutors expect companies to utilize sophisticated data analytics as part of their compliance programs. They also expect directors to take an active role, understanding and overseeing these data-driven compliance …
Chair Lina Khan Discusses Vision and Priorities for the Federal Trade Commission
Thank you [commissioners and staff] for the grace and patience you’ve displayed the last few months as my team and I have gotten up to speed on the agency’s work and processes. Navigating a leadership transition during a pandemic has …
Cadwalader Discusses FTC’s About Face on Debt for Hart-Scott-Rodino Purposes
In a recent blog post, the Acting Director of the Federal Trade Commission Bureau of Competition announced the reversal of the Federal Trade Commission’s (“FTC”) decades-long position regarding the treatment of debt repayment when determining whether a premerger notification …
Whistleblowing Should Be Part of President Biden’s Fight Against Corruption
On June 3, 2021 President Joseph Biden issued a “Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest,” (hereinafter “Anti-Corruption Memorandum” or “Memorandum”). In issuing the Memorandum, President Biden placed fighting corruption …
Arnold & Porter Discusses Criminal Antitrust Risks in Mergers & Acquisitions
On July 9, President Biden issued an Executive Order that announced a policy of increased antitrust enforcement across many industries. The DOJ Antitrust Division and the Federal Trade Commission quickly followed with an announcement that they would jointly launch a
Paul Weiss Discusses DOJ and FTC Plan to Review Merger Guidelines
On July 9, President Biden signed a wide-ranging Executive Order on “Promoting Competition in the American Economy” which, among other things, encourages “the Attorney General and the Chair of the FTC . . . to review the horizontal and vertical …
Why “Ramping Up” Merger Enforcement Isn’t So Easy
Antitrust enforcement is garnering headlines everywhere—from Lina Khan taking the helm at the Federal Trade Commission (FTC) to the recent dismissal of the FTC’s and state attorneys’ general complaints against Facebook. While these headlines reflect a healthy debate about the …
Clifford Chance Discusses the Cost of Commodities and Derivatives Market Enforcement Cases
The trend of escalating penalties for derivatives and commodities market abuse violations continued in 2020. Civil monetary penalties exceeding $100 million have become commonplace for serious corporate violations. Moreover, the DOJ routinely conducts criminal investigations in parallel with the CFTC, …
Stealth Acquisitions and Product Market Competition
In a recent study, we examine whether firms structure their mergers and acquisitions (M&A) to avoid scrutiny from antitrust regulators as well as whether such deals reduce product market competition.
While M&A deals are often triggered to create value, they …
Wilson Sonsini Discusses Bill to Reshape U.S. Antitrust Enforcement
On February 4, Senator Amy Klobuchar introduced the Competition and Antitrust Law Enforcement Reform Act (CALERA), which provides for wide-ranging changes to the U.S. antitrust laws.[1] CALERA follows the release of a report last year by the staff of …