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

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)

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)

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)

Norman Neyrinck, Nicolas Petit, 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)

Of Special Interest

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)

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)