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Cargo Shipping Companies’ Price Signaling Could Run Aground In EU Probe

By Jeffrey I. Shinder The steady stream of cartel investigations and lawsuits on both sides of the Atlantic in recent months highlights the need for vigilant antitrust enforcement to protect consumer welfare, despite the views of those, like the Wall Street Journal editorial page, who question the wisdom of antitrust law. These alleged cartels range from the apparently venal manipulations of the financial...

DOJ Allows American Airlines-US Airways Merger To Leave The Gate, But Will The Judge Clear It For Takeoff?

By Jeffrey I. Shinder and Ankur Kapoor

On November 20, 2013, U.S. District Judge Colleen Kollar-Kotelly set the stage for judicial review of the settlement that the U.S. Department of Justice (“DOJ”) has reached to resolve its challenge of the proposed merger of American Airlines and US Airways.

The court’s order sets the schedule for the Tunney Act procedure, which is the congressionally mandated judicial...

NCAA Athletes Score On Injunctive Class Certification As Court Blocks Damage Claims

Former and current student athletes have achieved a major goal in their class action challenging National Collegiate Athletic Association (“NCAA”) rules permitting the use of their likenesses without compensation, convincing the U.S. District Court for the Northern District of California to certify a class for their claims for injunctive relief. The NCAA also scored in In re: NCAA Student-Athlete Name &...

All In All, Illinois Brick Won’t Be Another Brick In The Wall Against Indirect Purchaser Suits In Canada

The Supreme Court of Canada has not to import the U.S. bar to antitrust damage suits by indirect purchasers, rejecting the rule adopted by the U.S. Supreme Court in the landmark case of Illinois Brick Co. v. Illinois, 431 U.S. 720 (1977). In three antitrust cases, the Canadian Supreme Court held that indirect purchasers could bring class actions seeking damages sustained as a result of overcharges passed on...

Eleventh Circuit Shoots Down Second Antitrust Bid By Atlanticus

The U.S. Court of Appeals for the Eleventh Circuit has affirmed the dismissal of a novel antitrust counterclaim brought by Atlanticus Holdings Corp. against a group of hedge funds, holding that the doctrine of res judicata bars Atlanticus’s attempt to relitigate the issue. The plaintiffs in Akanthos Capital Mangement et al. v. Atlanticus Holdings Corp. are 21 hedge funds, including Akanthos Capital Management...

San Jose Gets Beaned By Baseball Antitrust Exemption In Case Against Major League Baseball

The City of San Jose may have gotten beaned by a that its federal and state antitrust claims against Major League Baseball (“MLB”) should be dismissed under baseball’s nearly century-old antitrust exemption, but it still gets to dust itself off and proceed to first base on its contract interference claims. San Jose is alleging in ...

THE EUROPEAN COMMISSION PROPOSES TO REGULATE INTERCHANGE FEES

On 24 July 2013, the European Commission adopted a package of proposed legislative measures to improve the current payment services framework. Alongside a new Payment Services Directive (PSD), the package includes a proposal for a Regulation on interchange fees. Interchange fees are fees paid by a merchant’s bank (the acquiring bank) to the cardholder’s bank (the issuing bank) for card-based payment...

EUROPEAN COMMISSION INVESTIGATION CONCLUDES EU ANTITRUST INFRINGEMENT

A two-year European Commission investigation has preliminarily concluded that some of the world’s largest investment banks -in addition to two bodies that they control:  Markit and the International Swaps and Derivatives Associations (ISDA) -have infringed EU antitrust rules by colluding to prevent exchanges from entering the credit derivatives market between 2006 and 2009. As a result, rival firms were unable to...

LIBOR ICAP SETTLEMENT

At the end of September, London interdealer broker ICAP agreed to pay £55 million in settlement of allegations of wrongdoing to UK and US regulators.  The investigations alleged that ICAP traders had participated in Libor rate fixing.  ICAP is the fourth financial institution to enter into a financial settlement with regulators in the UK and the US.  Previous global Libor settlement figures agreed by Barclays, UBS...

Feds Streamline Confidentiality Waiver For International Antitrust Investigations

The U.S. Department of Justice Antitrust Division and the Federal Trade Commission (“FTC”) that they are issuing a designed to facilitate international antitrust investigations. The Antitrust Division and the FTC often ask individuals and companies involved in civil investigations to permit the agencies to share confidential information provided in the...