APR-12(1)

Spring 2012, Volume 4 Number 1

In this issue:

A number of entities are not very happy these days with the big three credit rating agencies. And that displeasure is stretched pretty much across the board, world-wide. Those who are displeased with recent ratings movements have been mulling over using competition policy and antitrust laws as a potential counter-attack; after all, there are only three significant agencies, so isn't that a concentration of market power? This issue takes a look both at whether the displeasure is indeed warranted and, if so, whether antitrust is an appropriate arena for the battle.

And continuing our policy of looking at recent case rulings, we have two articles that address recent EU and U.S. decisions in the fields of parential liability and class certification. Enjoy!

Antitrust and the Rating Agencies
  1. Lawrence White, Apr 17, 2012

    The Credit Rating Agencies: How Did We Get Here? Where Should We Go?

    With only three major rating agencies, is there a role for competition policy? Lawrence J. White (Stern at NYU)

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  2. Mark Patterson, Apr 17, 2012

    Manipulation of Product Ratings: Credit-Rating Agencies, Google, and Antitrust

    A competition approach to the product-rating problem, at least if the rating is provided by a single firm, should focus on market power. Mark. R. Patterson (Fordham Law School)

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  3. Albert Metz, Apr 17, 2012

    The Performance of Corporate Credit Ratings

    Are investors too quick to dismiss the utility of corporate credit ratings? Albert D. Metz (Moody's Investor Service)

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  4. Nicolas Petit, Norman Neyrinck, Apr 17, 2012

    Credit Rating Agencies and Competition Law

    The credit ratings oligopoly has the stigmata of antitrust concerns. Nicolas Petit & Norman Neyrinck (University of Liege School of Law (ULg)

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    Of Special Interest
    1. Laura Atlee, Apr 17, 2012

      Joint Venture…Subsidiary…What’s the Difference for Cartel Liability and Fines?

      Having been so successful with wholly-owned subsidiaries, the Commission has recently decided to try its luck with joint ventures. Laura Atlee (Steptoe & Johnson)

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    2. David Reichenberg, Apr 17, 2012

      Class Certification in Innovation Rich Spaces - Do 23(b)(3) Classes Need to Get More Innovative?

      What must a plaintiff show to establish commonality of impact across the entire class, regardless of when an alleged class member became part of the class? David Reichenberg (Wilson Sonsini)

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    About the Antitrust Chronicle

    The CPI Antitrust Chronicle is published online, semi-monthly. It contains cutting-edge commentary on current global antitrust and competition policy issues.

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    Managing Editor: Lauren Chiang

    Senior Editor: Lindsay W. McSweeney

    Social Media: Anna Tzanaki

    Subscription Manager: Susan Roberts

    Office Manager: Kristen Adrian

    Editorial Advisory Board:

    Rosa Abrantes-Metz, Global Econ. Group, Stern School of Bus. at NYU

    Kent Bernard, Fordham School of Law

    Rachel Brandenburger, Washington D.C.

    Adrian Emch, Hogan Lovells

    Kyriakos Fountoukakos, Herbert Smith

    Jay Himes, Labaton Sucharow

    James Killick, White & Case

    Stephen Kinsella, Sidley Austin

    Ioannis Lianos, University College London

    Elisa Mariscal, Federal Competition Commission, Mexico

    Robert O'Donoghue, Brick Court Chambers

    Aaron Panner, Kellogg, Huber, Hansen

    Nicolas Petit, University of Lìege

    Daniel Sokol, University of Florida Levin School of Law

    Joshua Wright, George Mason Law School