Elixir Essay

4588 WordsOct 20, 201419 Pages
US & EU Competition Law What every counsel needs to know 27 September 2011 Bruce Prager New York, NY 212.906.1272 bruce.prager@lw.com Howard Rosenblatt Brussels, Belgium +32.2.788.6219 howard.rosenblatt@lw.com Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in the United Kingdom, France, Italy and Singapore and an affiliated partnership conducting the practice in Hong Kong and Japan. Latham & Watkins practices in Saudi Arabia in association with the Law Office of Mohammed Al-Sheikh. © Copyright 2011 Latham & Watkins. All Rights Reserved. Introduction – It’s All About Market Power  In both the US and EU, the competition laws guard against improperly gaining or enhancing market power— the ability to raise price above competitive levels — — — Cartels: Price fixing is illegal because it involves otherwise competing firms joining together to raise price and exercise market power Single-firm conduct: Monopolization and abuse of dominance cases involve conduct that “forecloses” competitors, thus maintaining or expanding the firm’s market power Mergers: Mergers are prohibited only when they will allow the combined firm to exercise market power The unrestrained interaction of competitive forces will yield the best allocation of our economic resources, the lowest prices, the highest quality and the greatest material progress… Northern Pacific Railway Co. v. United States, 356 U.S. 1, 4 (1958) 2 Introduction Who Enforces the Antitrust Laws? There are many antitrust enforcers: Agencies — US ○ The Federal Trade Commission ○ The Department of Justice Antitrust Division — State Attorneys General — Private lawsuits (including class actions) — European Union and its Member States —

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