Antitrust Chronicle – Damages & Fines

Antitrust Chronicle – Damages & Fines

Dear Readers, This month’s CPI Chronicle focuses on antitrust damages and fines, with particular consideration to cartel damages. Internationally, there is a patchwork of private and public enforcement of antitrust laws with varying damages and fines. Does this enforcement reflect clear concepts of justice and compensation and concepts that are consistent with a fundamental notion […]

The Ambivalent Effect of Antitrust Damages on Deterrence

The Ambivalent Effect of Antitrust Damages on Deterrence

By Miriam C. Buiten –  When a cartel is revealed, cartel participants face substantial civil damages claims next to public fines. In Europe, the recent increase in private damages actions brought on the concern that the leniency program could become less attractive, since they shield firms only from public fines. At the same time, civil […]

The Difference-in-Differences Approach in the Estimation of Cartel Damage

The Difference-in-Differences Approach in the Estimation of Cartel Damage

By Frank P. Maier-Rigaud & Slobodan Sudaric –  A crucial step in the quantification of damage in the context of damages claims is the estimation of the counterfactual price level: the price level that would have been observed in the absence of the cartel. This article discusses the Difference-in-Differences (“DiD”) estimation procedure for the estimation […]

Private Antitrust Enforcement in Italy

Private Antitrust Enforcement in Italy

By Mario Siragusa & Alessandro Comino –  In 2017, Italy implemented Directive No. 2014/104/EU by adopting Legislative Decree No. 3/2017, which introduced a number of procedural and substantive provisions to facilitate damages claims by victims of antitrust infringements. Even though the Italian legal framework already provided judicial protection for victims seeking damages arising from antitrust […]

Comment on Cartel Enforcement in the Trump Administration

Comment on Cartel Enforcement in the Trump Administration

By John M. Connor –  This comment examines trends in anti-cartel enforcement by the Antitrust Division of the U.S. Department of Justice (the Division) and coordinated actions by other U.S. Government agencies, with particular attention paid to developments in 2017 and 2018. It examines three measures of cartel-enforcement. Whether the Trump administration can develop a […]

Antitrust Damages, Fines, and Deterrence: Collusion in the Nurse Labor Market

Antitrust Damages, Fines, and Deterrence: Collusion in the Nurse Labor Market

By Roger D. Blair & Anita Walsh –  Those who violate the Sherman Act are subject to fines and to treble damage actions under §4 of the Clayton Act. The economic rationale for those sanctions is deterrence rather than retribution. In the context of collusion in the nurse labor market, this paper recognizes that the […]

It Ain’t Over ’Til It’s Over: Can Making Acpera Restitution Conditional Help Fill a Gap in the Law?

It Ain’t Over ’Til It’s Over: Can Making Acpera Restitution Conditional Help Fill a Gap in the Law?

By Meegan Hollywood & Dave Rochelson –  The Department of Justice Antitrust Division (the “Division”) has secured dozens of guilty pleas and convictions, and billions of dollars in criminal fines over the past decade, but imposed less than $100 million in restitution to victims. Division policy explains that “[f]requently restitution is not sought in criminal […]

Penn State Hershey: A Cautionary Tale for Antitrust Litigators

Penn State Hershey: A Cautionary Tale for Antitrust Litigators

By Margaux Poueymirou –  This article addresses a recent decision by the Court of Appeals for the Third Circuit, Fed. Trade Comm’n v. Penn State Hershey Med. Ctr., 914 F.3d 193 (3d Cir. 2019), upholding the denial of attorneys’ fees to the Commonwealth of Pennsylvania in an action filed by Pennsylvania and the Federal Trade […]