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!
With only three major rating agencies, is there a role for competition policy? Lawrence J. White (Stern at NYU)
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)
Are investors too quick to dismiss the utility of corporate credit ratings? Albert D. Metz (Moody's Investor Service)
The credit ratings oligopoly has the stigmata of antitrust concerns. Nicolas Petit & Norman Neyrinck (University of Liege School of Law (ULg)
Having been so successful with wholly-owned subsidiaries, the Commission has recently decided to try its luck with joint ventures. Laura Atlee (Steptoe & Johnson)
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)
The CPI Antitrust Chronicle is published online, semi-monthly. It contains cutting-edge commentary on current global antitrust and competition policy issues.
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