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Page 29 of 38

EUROPEAN COMMISSION INVESTIGATION CONCLUDES EU ANTITRUST INFRINGEMENT

Posted  10/17/13
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...

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LIBOR ICAP SETTLEMENT

Posted  10/17/13
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...

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Feds Streamline Confidentiality Waiver For International Antitrust Investigations

Posted  10/16/13
The U.S. Department of Justice Antitrust Division and the Federal Trade Commission (“FTC”) have announced that they are issuing a new joint model waiver of confidentiality 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...

Tagged in: Antitrust Enforcement, International Competition Issues,

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UK Planning To Strengthen Competition Cops

Posted  09/26/13
The government of the United Kingdom is seeking comments on proposals designed to strengthen and streamline the UK’s competition regime. The proposed reforms of British antitrust enforcement are contained in draft legislation that the UK has released for public comment. The proposed measures are among the revisions being contemplated as part of an overhaul of both civil and criminal antitrust enforcement in...

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U.K. Competition Appeals Court Finds Reform Plan Less Than Appealing

Posted  08/30/13
The United Kingdom’s Competition Appeal Tribunal is expressing serious doubts that the British government’s plan to streamline competition appeals will actually reform the process for the better. The Tribunal expressed its doubts and criticisms in a detailed response to the government’s plan for “Streamlining Regulatory and Competition Appeals,” which was published by the Department of Business Innovation...

Tagged in: Antitrust Policy, International Competition Issues,

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UK Leniency Guidelines Eliminate Demands For Waiver Of Attorney-Client Privilege

Posted  07/19/13
The Office of Fair Trading (“OFT”) in the United Kingdom has released updated guidelines for leniency in cartel cases that will eliminate demands for waivers of the attorney-client privilege as a condition of leniency. The leniency guidelines will fine-tune the UK’s framework for leniency applications, which the OFT views as essential to the UK’s enforcement efforts against cartels.  Under the leniency...

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Europeans Rule Reliance On National Courts And Lawyers Not A Bar To EU Antitrust Liability

Posted  07/12/13
The European Court of Justice (“ECJ”) has held that neither a decision from a national antitrust court nor reliance on the advice of counsel protected a company from European Union (“EU”) antitrust liability. The ECJ made its ruling in Bundeswettbewerbsbehörde v. Schenker & Co. and Others, a case dealing with an Austrian freight company that joined 30 other freight companies to form a special interest...

Tagged in: Antitrust Enforcement, Antitrust Litigation, International Competition Issues,

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UK Eyeing American Class Actions As Model For Strengthening Antitrust Enforcement

Posted  03/7/13
The United Kingdom is considering moving closer to the American class action system and several other reforms that would strengthen antitrust enforcement. Under a plan announced by the U.K.'s Department for Business Innovation and Skills (the “BIS”), the U.K. would adopt an opt-out collective action system – similar to the American class action system – in an effort to make it easier for consumers and small...

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European Antitrust Enforcers Tell UPS Merger Is Undeliverable

Posted  02/26/13
European Union competition regulators have formally blocked a proposed merger between United Parcel Service Inc. (UPS) and its Dutch competitor TNT Express NV based on potential adverse effects on competition in 15 EU countries. The express delivery companies had already announced they were abandoning the 5.2 billion euro ($6.99 billion) deal after being informed by the European Commission that it was working on a...

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Advocate General Urges European Court To Get Strict With Parents Of Misbehaving Subsidiaries

Posted  12/18/12
The European Court of Justice is being urged to get stricter with parents of misbehaving subsidiaries in an appeal that highlights the controversial issue of to what extent parent companies should be held liable for illegal cartel activities committed by their wholly-owned subsidiaries. Juliane Kokott, the German Advocate General at the Court of Justice of the European Union, has submitted a brief to the European...

Tagged in: Antitrust Enforcement, International Competition Issues,

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