Antitrust and Trade Regulation Commons^™

Brewbaker And The Undermining Of Criminal Antitrust Enforcement, Itiel J. Wainer

University of Miami Law Review

In United States v. Brewbaker, a Fourth Circuit panel overturned a criminal conviction under § 1 of the Sherman Act, holding that a bid-rigging conspiracy between direct competitors constituted a hybrid “dual distribution” arrangement subject to the rule of reason rather than per se illegality. The court’s rationale rested on the existence of a separate vertical relationship between the parties, even though that relationship served only as consideration for the horizontal agreement to rig bids.

This Comment argues that Brewbaker rests on three doctrinal errors: misclassifying established bid-rigging tactics as a “new” restraint simply because the payoff took a …

Peculiarities Of Europeanisation Of State Aid Control In Ukraine During Martial Law, Bohdan Veselovskyi, Kseniia Smyrnova

Yearbook of Antitrust and Regulatory Studies

Ukraine's European integration necessitates the alignment of its state aid control framework with EU competition law. The full-scale invasion by Russia in 2022 significantly disrupted this alignment, prompting Ukraine to temporarily suspend standard state aid oversight procedures under martial law. In response, Ukraine has undertaken comprehensive legislative reforms, including the adoption of sector-specific state aid criteria, enhanced administrative accountability measures, and systematic inventorying of existing aid schemes. This article analyses these developments, demonstrating Ukraine's ongoing commitment to restore regulatory certainty, transparency, and competitive neutrality, despite wartime constraints. Judicial practices incorporating EU-derived standards, particularly the Altmark criteria, highlight Ukraine's substantial progress …

Addressing The Impact Of Foreign State-Owned Companies: Implications For Fair And Effective Merger Control, Annika Stöhr, Oliver Budzinski

Yearbook of Antitrust and Regulatory Studies

State-owned firms from third countries play an increasingly significant role in international mergers and acquisitions, raising concerns about distortions of competition. These distortions arise from state-backed financial advantages, preferential treatment, and industrial policy objectives, potentially undermining market competition. This paper categorises different forms of competitive distortions, focusing on acquisitions financed by foreign state resources. Through an analysis of German and EU merger control cases (2012-2023), we assess the extent of this phenomenon and the treatment of such transactions by the respective competition authorities. While direct state involvement remains rare, it is prevalent in strategic industries such as energy and transport. …

Rule Or Reason? The Role Of Balancing In Antitrust Law, Michael A. Carrier, Mark A. Lemley

Notre Dame Law Review Reflection

In this Essay, we argue that the proper test for antitrust’s rule of reason is a four-step, burden-shifting framework that ends with a balancing of the likely harms and benefits of particular conduct. One reason balancing has become rare even in circuits that permit it is that it seems hard. Antitrust is shot through with economic theory and evidence, and courts aren’t experts in economics. So they tend to look for shortcuts that allow them to resolve the case without having to apply that economic evidence to assess the likely net effect of a defendant’s conduct. But those shortcuts themselves …

Convergence Of Competition Law And Constitutional Rights: A Comparative Study Of The Whatsapp (India) And Facebook (Germany) Cases, Anush Ganesh, Krusha Bhatt

Yearbook of Antitrust and Regulatory Studies

As society advances toward a digital economy with increasing dependence on internet-based services, data has attained prominence as an essential currency supporting market power. This paper examines the emerging jurisprudence on excessive data collection by dominant digital platforms, comparing approaches developed in India and the European Union. The Indian approach, exemplified by the WhatsApp Privacy (2025) decision, integrates competition law with constitutional protections, particularly the right to privacy under Article 21 of the Indian Constitution. Meanwhile, the European approach, crystallized in the Facebook Germany case, integrates competition law with data protection principles enshrined in the General Data Protection Regulation (GDPR). …

Competitive Harms Of Unfair Commercial Practices In The E-Commerce Platforms Market: The Way Forward For Asean, Mei Fei Lee, Tze Chin Ong

Yearbook of Antitrust and Regulatory Studies

The intricacies of unfair commercial practices within the e-commerce platforms market highlight a critical and urgent necessity for an evolution in both consumer protection and competition laws. As new consumer vulnerabilities emerge or existing ones are exacerbated in e-commerce, effective rules are needed to better protect consumers, govern businesses and regulate a healthy competitive dynamic in the market. This article examines the interplay between consumer protection law and competition law in addressing unfair commercial practices of e-commerce platforms. The large-scale deployment of unfair commercial practices by e-commerce platforms may result in anti-competitive effects, thereby undermining fair and effective market competition. …

Assessing Market Efficiency In Corporate And Securities Litigation, Charles Korsmo, Minor Myers

Indiana Law Journal

In recent decades, courts have increasingly looked to trading prices as evidence—often conclusive evidence—in high-stakes corporate law disputes over a company’s fair value. This development has been especially dramatic, and consequential, in Delaware. Where a stock trades in an efficient market, the logic goes, the prevailing trading price can be used to resolve any disputed issue of valuation. But this expedient comes with an unavoidable question: When is a market “sufficiently efficient” for a court to rely on it as a measure of value?

 Federal courts have long experience evaluating the relative efficiency of trading markets in the context of …

Private Equity’S Viable Path To College Athletics Investment: Potential Entity Mechanisms And Antitrust Considerations, Michael Llg

Vanderbilt Journal of Entertainment & Technology Law

The recent House settlement with the National Collegiate Athletic Association was another blow to traditional collegiate governance in an age of uncertainty in college athletics. In the wake of the House settlement and other recent decisions, multiple private equity funds have shown interest in investing on a school-by-school basis or buying out dozens of teams to form a new commercialized league in select sports. Many questions remain with the viability of private investment in college athletics. Unlike traditional private equity investment, schools are 501(c)(3) nonprofit organizations typically operating within an athletic conference. This creates an additional hurdle to for-profit investing …

Antitrust’S Consumer Tradeoffs, Samuel N. Weinstein

Articles

In modern antitrust law, courts are required to ask only one question: did the challenged action harm consumers? This Article asks a different question: which consumers? Over the last few decades, the Supreme Court has increasingly required antitrust plaintiffs to prove not only that they were harmed, but also that their harm outweighed any other consumers’ gains. The doctrine forces courts to pit groups of consumers against each other. In Amex, it was merchants against credit card holders. In Brooke Group, it was consumers buying a product during predation against consumers buying it during recoupment. In cases involving aftermarkets for …

Methodology Of Market Definition: Case Of Digital Multi-Sided Platforms, Anzhelika Gerasymenko, Vasyl Hanovskyi

Yearbook of Antitrust and Regulatory Studies

The rapid expansion of the digital economy has significantly contributed to the increasing market power of digital multi-sided platforms, making its precise measurement increasingly challenging. The main reason is the lack of efficiency of SCP-tools in digital markets that push competition authorities to look for alternative ways of competition regulation in such markets (like the DMA approach), while its results are still poor. This paper provides the methodological grounding of a vertical breakdown of a complex product traded by digital multi-sided platforms to bring back the conventional tools of market definition and to adjust them to the specifics of digital …

Addressing The Abuse Of Monopsony Power In Labor Markets: Examining Potential Public And Civil Law Remedies And Sanctions, Zofia M. Mazur

Yearbook of Antitrust and Regulatory Studies

Although thousands of reported cases involve allegations of firms illegally forming cartels in product markets, relatively few deal with similar allegations in labor markets. Moreover, as observed in legal doctrine, labor markets tend to be more concentrated than product markets and, consequently, more susceptible to anticompetitive conducts by undertakings. The article, therefore, analyzes the so-called monopsony power in the labor market, which refers to any case where employers hold labor market power that allows them to unilaterally determine wages or to worsen working conditions by reducing employment.

It is argued that competition law should be used to effectively curb abuse …

The Invisible Chains: Framing Abuse Of Dominant Position In Labor Markets, Giulia Mangiafico

Yearbook of Antitrust and Regulatory Studies

This paper examines how the concept of abuse of dominant position can be applied to the labour markets, where demand-side concentration and supply-side fragmentation generate monopsonistic dynamics that suppress wages, limit mobility, and reduce job security. It argues that traditional antitrust tools can be adapted to labour-specific contexts by redefining market boundaries through commuting zones, occupational substitutability, and recognition of artificial fragmentation. The study also addresses how exploitative practices such as non-compete agreements illustrate the concrete impact of employer power, and it highlights the need for a more coherent regulatory approach. Ultimately, it suggests that competition law, when enforced alongside …

Collective Dominance Under Scrutiny: Closing The Enforcement Gap Or Complicating Eu Competition Policy?, Miroslava Marinova

Yearbook of Antitrust and Regulatory Studies

This paper examines the European Commission’s Draft Guidelines on Article 102 TFEU, focusing on their treatment of collective dominance in oligopolistic markets. While the Guidelines adopt a structured framework derived from merger control, they fail to address a key challenge specific to Article 102: the need for clear evidentiary standards in retrospective enforcement. The paper argues that parallel conduct by independent firms can, in certain cases, serve as evidence of collective dominance where such behaviour is not rational absent joint market power. However, the Draft Guidelines offer little guidance on how to integrate such conduct into the dominance analysis. This …

Controlling Private Economic Power: Lessons Learned From The Us Experience In The First Decades Of The 20th Century, Thierry Kirat, Frédéric Marty

Yearbook of Antitrust and Regulatory Studies

Concerns related to Big Techs have led to a proliferation of legislative initiatives to complete competition rules with regulatory devices that would lead gatekeepers to be subject to obligations to preserve an equality of opportunities on the market. Within this context, this contribution revisits American decision-making practice from the end of the 19th century and the beginning of the 20th century to show how regulatory-type interventions and the enforcement of competition rules have been activated to control the strategies of firms acting as gatekeepers. What we can learn from this experience is that a big firm having private regulatory power …

Antitrust Fireside Chat, Heyman Center On Corporate Governance, Samuel Weinstein, Omeed Assefi, Kevin Hart

2025–2026 Flyers

No abstract provided.

Antitrust Fireside Chat, Heyman Center On Corporate Governance, Samuel N. Weinstein, Omeed Assefi, Kevin Hart

2025 Event Invitations

Please join our fireside chat featuring Deputy Assistant Attorney General Omeed Assefi, Professor Samuel Weinstein, and Kevin Hart, Partner at Jones Day. The discussion will focus on the latest developments in antitrust enforcement policy at the U.S. Department of Justice. A networking reception with refreshments will follow the main program.

Barbarians At The Gate Or Angels At The Crossroads? Examining The Impact Of The Uk Green Taxonomy On Private Equity Firms, Melek Redzheb, Fatjon Kaja

Brooklyn Journal of Corporate, Financial & Commercial Law

This Article explores whether the UK Green Taxonomy will foster sustainable corporate governance in private equity-backed portfolio companies. We explore how the Taxonomy will address the greenwashing problem that plagues financial markets, including the private equity industry. Our analysis suggests that general partners will have a twofold response to the new reforms. In the short term, they will seek to address the social concerns of limited partners by negatively screening unsustainable companies and cherry-picking more sustainable ones (the so-called “exit” strategy). In the long term, however, they will adopt a dynamic strategy to transform unsustainable targets into sustainable enterprises on …

Show Me The Money: Approaches To Anti-Money Laundering Compliance For Digital Assets, Mollie Rouan

Brooklyn Journal of Corporate, Financial & Commercial Law

The European Union’s Markets in Crypto-Assets Regulation (“MiCA”) created a harmonized framework to regulate digital asset issuance and services that were not already covered by existing regulations. Notably, MiCA requires virtual asset providers to adhere to the Financial Action Task Force Recommendation 16 (“FATF”), also known as the Travel Rule. Though the Travel Rule has existed for almost 20 years, its application to crypto asset transfers is entirely new. The purpose of the Travel Rule is to detect and prevent money laundering and terrorist financing, but its application to cryptocurrency wallet transactions is criticized for being overly burdensome and invasive …

Court Appointed Monitorships: Effective Remedy Or Modern Misstep?, Jean Joun

Brooklyn Journal of Corporate, Financial & Commercial Law

When a corporate entity or organization violates the law, there are several remedies the courts may enforce against the bad actor. Most common are damages—both compensatory and punitive—and injunctive relief. The class of injunctive relief that most are familiar with is the kind that restrains the bad actor from a conduct or behavior. However, courts in certain instances may decide, either on their own volition or after being asked to consider such a remedy by a prosecuting entity, to appoint a compliance monitor with the function of ensuring that the bad actor continues traversing a legally sound path. Although court-ordered …

Build, Buy, Or Both?: On The Antitrust Laws' Supposed Preference For "Internal Growth" Over Acquisitions, Geoffrey A. Manne, Justin (Gus) Hurwitz

Nevada Law Journal

This Article challenges recent claims by antitrust enforcers that the U.S. antitrust laws embody a preference for “internal” or “organic” growth over external expansion through acquisition. It begins by examining the modern use of this claim in speeches, enforcement actions, and the 2023 Merger Guidelines issued by the Federal Trade Commission and Department of Justice. It then considers the legislative history of the 1950 Celler-Kefauver and 1976 Hart-Scott-Rodino Acts, which are frequently cited as showing congressional support for internal growth. Careful reading of these Acts, however, shows that Congress’s central goal was to close a loophole regarding asset acquisitions, and …