GCR USA - 19 June 2018
We didn’t get our American Express ruling out of the Supreme Court as we had hoped yesterday, but the nation’s highest court has agreed to take on yet another antitrust case. We have coverage of that, closing arguments in the Federal Trade Commission’s quest to block Wilhelmsen Maritime Services’ acquisition of Drew Marine and a dissent calling on the US Court of Appeals for the Federal Circuit not to shy away from antitrust.
GCR USA - 18 June 2018
Yesterday was the fifth anniversary of the Supreme Court’s ruling in Federal Trade Commission v Actavis, holding that reverse-payment settlements by pharmaceutical patent-holders can – but do not necessarily – violate US antitrust law. Check out the Cases section of this morning’s Tipline for the latest in the litigation, which is still going on in federal district court. We also have news from deputy assistant attorney general Don Kempf; the FTC’s challenge to Tronox/Cristal; and an unusual jury conclusion that antitrust defendants conspired but should not be liable for damages.
GCR USA - 15 June 2018
We thought things might die down a bit with the conclusion of the AT&T/Time Warner trial, but boy were we wrong. Today we have coverage of a somewhat surprising decision by the Department of Justice’s antitrust division not to seek a stay of that ruling pending a potential appeal, as well as reaction to Judge Richard Leon’s decision from the Antitrust Division’s top litigator. Also look out for coverage of the Federal Trade Commission’s lawsuit to block Tronox’s acquisition of Cristal’s titanium dioxide business, and stories about the Supreme Court’s Vitamin C decision and Rich Parker’s move. Happy Friday!
GCR USA - 14 June 2018
As the dust settles around the Department of Justice’s defeat at the hands of Judge Richard Leon, it was business as usual for the Federal Trade Commission at the Washington, DC, federal courthouse yesterday. The agency continues to pursue a preliminary injunction to stop the proposed Wilhelmsen Maritime Services/Drew Marine merger. FTC deputy assistant directors Kevin Hahm and Mark Seidman watched on from the audience as their colleagues pushed back against the analysis of Wilhelmsen’s economic expert, Mark Israel.
GCR USA - 13 June 2018
The Department of Justice’s antitrust division suffered a resounding defeat in Washington, DC, federal court yesterday when Judge Richard Leon denied its request for a preliminary injunction blocking AT&T’s $85.4 billion vertical acquisition of Time Warner. As one observer put it, the judge’s opinion showed not only that the government could lose, but that it could lose big. We have further reaction, as well as coverage from the Federal Trade Commission’s lawsuit to stop Wilhelmsen Maritime Services’ acquisition of Drew Marine and of assistant attorney general Makan Delrahim’s speech from earlier in the day.
GCR USA - 12 June 2018
We’ll be camped out all day at the E Barrett Prettyman courthouse in Washington, DC, awaiting the 4pm hearing where Judge Richard Leon will announce his decision on AT&T/Time Warner. Judge Leon apparently does not want anyone to leave the courtroom after proceedings begin – no doubt to prevent the inevitable disruption of people rushing into the hallway to alert the outside world of the result.
GCR USA - 11 June 2018
A bomb threat on Friday interrupted the Federal Trade Commission’s administrative trial against the Tronox/Cristal merger, a lawyer in the matter told us. The commission’s Washington headquarters were evacuated during a lunch recess in the afternoon. Dogs entered the building and police and the Department of Homeland Security secured the perimeter of the building, while counsel for the FTC waited in a park across the street. Police announced the building was clear more than an hour after it was first evacuated, and the hearing before Judge D Michael Chappell resumed as normal.
GCR USA - 08 June 2018
Perhaps we should have foreseen, after breakfasting on avocado toast, that GCR Live New York would conclude with what some might call “hipster antitrust” from the Federal Trade Commission’s competition head. In other agency news, the assistant attorney general for antitrust has broken with ordinary convention by talking about a pending merger; while his principal deputy has discussed the difficulty in analysing the loss of innovation competition and the potential to chill investment in the extraction of data.
GCR USA - 07 June 2018
We are in New York today for our sixth annual GCR Live conference hosted in the Big Apple. We’ll make sure to duck out of the conference for a couple of hours to catch Makan Delrahim speak at an event hosted by CNBC’s Jim Cramer.
GCR USA - 06 June 2018
We’ll have more on this in our regular briefing, but the Federal Trade Commission late yesterday conditionally cleared Northrop Grumman’s $7.8 billion acquisition of Orbital ATK. For now, check out our coverage of a joint workshop hosted by the antitrust agencies on competition in the real estate brokerage industry and enjoy an analysis piece authored by two lawyers at Orrick Herrington & Sutcliffe.
Cormac O'Daly and Frédéric Louis
Joseph Ostoyich, Erik Koons and William Lavery
Baker Botts LLP
Satyen Dhana, Christine Graham and Jacqueline Vallat
CMS Cameron McKenna Nabarro Olswang LLP (London)