Our Curious Amalgam

While on site at the 2025 Spring Meeting of the ABA Antitrust Law Section, the Our Curious Amalgam team recorded interviews with senior competition agency enforcers from all over the world, including Germany and Portugal. In the first segment of this episode, James Hunsberger interviews Andreas Mundt, the President of Germany's Federal Cartel Office (Bundeskartellamt) and Chair of the Steering Group of the International Competition Network (ICN). Next, Jeny Maier's speaks with Nuno Cunha Rodrigues, the President of the Portuguese Competition Authority (AdC). Listen to this episode to hear what's been happening in their respective agencies and what makes them happy outside of competition law. With special guests: Andreas Mundt, President, Bundeskartellamt and Nuno Cunha Rodrigues, President, Autoridade da Concorrência Related Links: Federal Cartel Office of Germany (Bundeskartellamt) International Competition Network Portuguese Competition Authority (AdC) Hosted by: Alicia Downey, Downey Law LLC, James Hunsberger, Axinn, Veltrop & Harkrider LLP, and Jeny Maier, Axinn, Veltrop & Harkrider LLP

While on site at the 2025 Spring Meeting of the ABA Antitrust Law Section, the Our Curious Amalgam team recorded interviews with senior competition agency enforcers from all over the world, including Italy and Greece. In the first segment of this episode, Jaclyn Phillips interviews Saverio Valentino, Board Member of the Italian Competition Authority. Following that is the conversation between Panos Dimitrellos and Hara Nikolopoulou, Vice President of the Hellenic Competition Commission. Listen to this episode to hear what's been happening in their respective agencies, and what makes them happy outside of competition law. With special guests: Saverio Valentino, Board Member, Italian Competition Authority and Hara Nikolopoulou, Vice President, Hellenic Competition Commission Related Links: Italian Competition Authority Hellenic Competition Commission Hosted by: Alicia Downey, Downey Law LLC, Jaclyn Phillips, White & Case LLP, and Panos Dimitrellos, Secretariat Economists LLC

While on site at the Antitrust Law Section's 2025 Spring Meeting in Washington, D.C., Section Chair-Elect Renata Hesse interviewed Mario Monti, former prime minister of Italy (2011-2013), and European commissioner for competition (1999-2004). What does he think about the current state of international competition enforcement? What direction does he think the U.S. and Europe should take to improve their working relationship? Listen to this episode for a wide-ranging discussion about the past, present, and future of international cooperation in a geopolitically volatile era. With special guest: Mario Monti, Former Prime Minister of Italy (2011-2013) Related Links: The Trilateral Commission homepage Hosted by: Alicia Downey, Downey Law LLC

Sustainability claims are everywhere in the fashion industry — but how can consumers tell what's real and what's greenwashing? Baker McKenzie attorneys David Baay and Katia Boneva-Desmicht join Jeny Maier and Puja Patel to discuss civil litigation in this space, as well as government enforcement efforts on both sides of the Atlantic, from the FTC's Green Guides review to the European Commission's Green Claims Directive. Listen to this episode to learn how fashion brands are navigating increasing legal scrutiny around environmental marketing. With special guests: David Baay, Partner, Baker McKenzie and Katia Boneva-Desmicht, Partner, Baker McKenzie Hosted by: Jeny Maier, Axinn, Veltrop & Harkrider LLP and Puja Patel, Cleary Gottlieb Steen & Hamilton LLP

The 2025 Spring Meeting of the ABA Antitrust Law Section offered the Our Curious Amalgam team a chance to speak with competition law enforcers from around the world. In this episode, host Matthew Hall asks Olivier Guersent, Director-General of the Directorate-General for Competition of the European Commission (DG COMP), about what's been happening in the European Union since we interviewed him at the 2024 Spring Meeting. Listen and learn about DG COMP's current and recent work and what competition law policy and enforcement trends the Director-General sees on the horizon. With special guest: Olivier Guersent, Director-General, Directorate-General for Competition, European Commission Related Links: European Commission DG COMP website 2024 Spring Meeting interview with Olivier Guersent 2023 Spring Meeting interview with Olivier Guersent 2022 Spring Meeting interview with Olivier Guersent Hosted by: Matthew Hall, McGuireWoods London LLP

We are seeing some swirling changes to the marketplace and international trade that affect prices of goods and services in our daily lives. How can economics help us cope and understand underlying concepts such as cost pass-through? Anne Catherine Faye, Vice President at Analysis Group, speaks to James Hunsberger and Anora Wang about inflation, tariffs, and junk fees, as well as her experience as the first economist to serve as Counsel to the Chair of the ABA Antitrust Section. Listen to this episode to see key antitrust issues on the horizon through an economic lens. With special guest: Anne Catherine Faye, Vice President, Analysis Group, Inc. Related Links: Robert A Ritz, Does competition increase pass-through? The RAND Journal of Economics, 55: 140-165 (2024) Jason Douglas et al., How Much Do Tariffs Raise Prices? The Wall Street Journal (Mar. 2, 2025) Hosted by: Anora Wang, Arnold & Porter Kaye Scholer LLP and James Hunsberger, Axinn, Veltrop & Harkrider LLP

The UK government elected in 2024 has a "growth" agenda and is pushing regulators including the UK Competition and Markets Authority to support this. What does the approach mean for the CMA? Veronica Roberts, lawyer at Herbert Smith Freehills, joins Blair Matthews and Matthew Hall to discuss the wide range of recent announcements and proposals from the CMA and government. Listen to this episode to learn more about the CMA's future approach to enforcement of the UK merger control, antitrust, consumer protection and digital markets rules. With special guest: Veronica Roberts, lawyer, Herbert Smith Freehills Related Links: UK government policy paper, "New approach to ensure regulators and regulation support growth", 17 March 2025 UK Competition and Markets Authority, "Mergers: Evolving the CMA's approach", 12 March 2025 UK government consultation, "Strategic steer to the Competition and Markets Authority", 13 February 2025 UK Competition and Markets Authority blog post, "New CMA proposals to drive growth, investment and business confidence", 13 February 2025 Hosted by: Blair West Matthews, Cleary Gottlieb and Matthew Hall, McGuireWoods London LLP

New disclosure requirements for U.S. premerger notifications under the Hart-Scott-Rodino Act were announced in the fall of 2024 and became effective in February 2025. What are the practical implications of the new requirements for in-house counsel tasked with preparing for an HSR filing? In this episode, Matt Bester and Paul Covaleski of Accenture LLP talk to Alicia Downey and Matt Tabas about some concrete suggestions for accurately and cost-effectively identifying and assembling the newly-required information and documents. Listen and learn some tips that will be useful not only for in-house counsel but also outside counsel and firms of all sizes involved in reportable transactions. With special guests: Matthew J. Bester, Director of Competition Law, Accenture LLP and Paul Covaleski, Antitrust and Competition Counsel, Accenture LLP Related Links: Matthew J. Bester & Paul Covaleski, "A Practical Guide to the New HSR Form For In-House Counsel," Business Law Today (ABA Business Law Section, Mar. 27, 2025) Our Curious Amalgam Episode #297: "HSR You Kidding Me? Unpacking the New Requirements for Merging Parties in the U.S." (Oct. 28, 2024) Hosted by: Alicia Downey, Downey Law LLC and Matt Tabas, Arnold & Porter Kaye Scholer LLP

Market definition plays a central role in antitrust analysis. Is it appropriate for the U.S. antitrust agencies to identify "overlapping markets" and "submarkets" as relevant markets for antitrust purposes? Keith Klovers, Counsel at Latham & Watkins and former advisor to FTC commissioners Christine S. Wilson and Maureen K. Ohlhausen, talks to Blair Matthews and Anora Wang about why, in his view, the concepts of overlapping markets and submarkets are unsupported by judicial law and economics. Listen to this episode to learn about the alternative approach to market definition that Keith and other practitioners believe are better suited for antitrust analysis. With special guest: Keith Klovers, Counsel, Latham & Watkins LLP Related Links: Keith Klovers & Jonathan Jacobson, The Overlapping Markets Fallacy, 86 Antitrust Law Journal No. 2 (ABA 2024) Hosted by: Anora Wang, Arnold & Porter Kaye Scholer LLP and Blair West Matthews, Cleary Gottlieb

Cartel enforcement remains a priority for agencies around the world, but in recent years enforcers have continued to focus on domestic cases. With political and personnel changes in the U.S. and across the globe, what can we expect in 2025 and beyond? John Terzaken, Partner and Global Co-Chair of Simpson Thacher's Antitrust and Trade Regulation Practice, joins James Hunsberger and Jaclyn Phillips to discuss his latest cartel enforcement forecast and what has changed since his 2022 forecast. Listen to this episode to learn more about likely enforcement priorities from the Trump DOJ and global agencies, including AI, ESG, labor markets, and public procurement. With special guest: John Terzaken, Partner, Simpson Thacher & Bartlett LLP Related Links: Simpson Thacher's 2025 Global Cartel Forecast Our Curious Amalgam #160: What in the World Is Happening With Antitrust Enforcement? Antitrust Cartel Enforcement's Return to Global Scale in 2022 Hosted by: James Hunsberger, Axinn, Veltrop & Harkrider LLP and Jaclyn Phillips, White & Case LLP

The AI revolution has arrived, with the recent debut of Chinese AI bot DeepSeek confirming that this is a global market. But what are the data privacy implications of the massive amounts of personal data that companies are collecting to train and deploy their AI models? Rory Macmillan, an expert in data protection and privacy law, joins Alicia Downey and Derek Jackson to discuss recent investigations by European enforcers into artificial intelligence companies. Listen to this episode to learn more about the analysis of AI under the GDPR and the issues that European regulators are grappling with. With special guest: Rory Macmillan, Partner, Macmillan Keck Related Links: European Data Protection Board Opinion on Privacy and AI Models:  Hosted by: Alicia Downey, Downey Law LLC and Derek Jackson, Cohen & Gresser LLP

Millions of us use mobile apps to help manage our physical and mental health and wellbeing. How well does existing law protect the private health data collected by these apps? In this episode, hosts Alicia Downey and Kelsey Paine talk to privacy and cybersecurity law expert David Turetsky about the issues posed by healthcare apps that collect sensitive data relating to a user's mental health, reproductive cycle, dietary habits, or fitness, to name only a few examples. Listen and catch up on U.S. federal and state enforcement challenges to app companies that engage in the unauthorized disclosure of personal health data, and how a changing legal landscape may be posing an increased threat to health data privacy rights. With special guest: David Turetsky, Professor of Practice, College of Emergency Preparedness, Homeland Security and Cybersecurity, SUNY Albany Related Links: David Turetsky, "Health Privacy: Identifying Some Key Issues" (Feb. 6, 2025) Hosted by: Alicia Downey, Downey Law LLC and Kelsey Paine, Baker Botts LLP

Private class action lawsuits play a significant role in the vindication and development of U.S. antitrust law. But what are attorneys and courts to do when they know there's an injured class, but are not quite sure who's in it and who's not? Tram Nguyen, Ph.D., an economist and Managing Principal at Edgeworth Economics, joins Alicia Downey and Matt Reynolds to discuss how economic analysis can help overcome issues with ascertaining class membership, particularly in the context of the pharmaceutical industry. Listen to this episode to learn more about not only the "ascertainability" requirement in class action litigation but also Tram's favorite beach destinations. With special guest: Tram Nguyen, Ph.D., Managing Principal, Edgeworth Economics Related Links: George Korenko & Tram Nguyen, Finding Uninjured Consumers In Drug Antitrust Class Actions  George Korenko & Tram Nguyen, Lamictal and the Myth of “Generic” “Pay-for-Delay” Cases  George Korenko & Tram Nguyen, Don't Count Out Numerosity  Hosted by: Matthew Reynolds, Huth Reynolds LLP and Alicia Downey, Downey Law LLC

Private antitrust litigation has long been part of the landscape in China. What will be the impact of the Supreme People's Court latest judicial interpretation on the issue? Susan (Xuanfeng) Ning, lawyer at King & Wood Mallesons in Beijing, joins Matthew Hall and Anora Wang to discuss the background to the judicial interpretation and its likely consequences. Listen to this episode to learn more about this important development in Chinese antitrust law and practice. With special guest: Susan (Xuanfeng) Ning, lawyer, King & Wood Mallesons Related Links: King & Wood Mallesons article, "Interpretations of the "New AML": New Laws and New Challenges", July 2022 King & Wood Mallesons article, "Navigating through the PRC Private Antitrust Litigation - Highlights of the Judicial Interpretation on the PRC Private Antitrust Litigation issued by the Supreme People's Court", December 2024 King & Wood Mallesons article, "Navigating China's Evolving Antitrust Litigation Landscape: Key Insights and Future Outlook", February 2025 PRC State Council Information Office press release, "China's top court releases judicial explanation on anti-monopoly litigation", June 2024 litigation PRC Supreme People's Court press release, "SPC issues new anti-monopoly judicial interpretation", June 2024 Hosted by: Matthew Hall, McGuireWoods London LLP and Anora Wang, Arnold & Porter Kaye Scholer LLP

When it comes to your health, having digitized information available for seamless sharing across multiple healthcare providers and other stakeholders -- including patients themselves -- is a clear benefit. But can certain actors disrupt the goal of interoperability? David Schwartz, a healthcare-focused antitrust lawyer, joins Jeny Maier and Matt Tabas to introduce us to the challenge of healthcare information blocking and what avenues are available to enforcers to address this behavior. Listen to this episode if you're curious about how competition law principles play a part in ensuring that patients receive more effective care through seamless exchange of electronic medical records. With special guest: David Schwartz, Partner, Bryan Cave Leighton Paisner Related Links: Everson J, Patel V, Adler-Milstein J., Information blocking remains prevalent at the start of 21st Century Cures Act: results from a survey of health information exchange organizations 2015 Information Blocking Report  HHS Assistant Secretary for Technology Policy (a/k/a the Office of National Coordinator) webpage on information blocking HHS ASTP/ONC webpage on information blocking exceptions Hosted by: Jeny Maier, Axinn, Veltrop & Harkrider LLP and Matt Tabas, Arnold & Porter Kaye Scholer LLP

How is the European Commission rethinking its approach to competition policy and enforcement as new leadership takes the helm, including the appointment of Spain's Teresa Ribera as the European Commissioner for Competition? Alicia Downey and Subrata Bhattacharjee talk to John Davies, Senior Advisor at the Brunswick Group, about the changing landscape of EU competition policy and its implications for merger investigations and other proceedings. Listen to this episode to hear what effect these policy changes may have on firms in and outside the EU, and why the Scarlets are John's favorite Welsh rugby team. With special guest: John Davies, Senior Advisor, Brunswick Group LLP Related Links: John Davies et al., EU Merger Control - A New Era? (Brunswick Group Nov. 2024) - Upload attached article Ursula von der Leyen, Mission Letter addressed to Teresa Ribera Rodriguez (EC Sept. 17, 2024) Mario Draghi, The future of European competitiveness Part A, A competitiveness strategy for Europe (EC Sept. 2024) Mario Draghi, The future of European competitiveness Part B, In-depth analysis and recommendations (EC Sept. 2024) Hosted by: Alicia Downey, Downey Law LLC and Subrata Bhattacharjee, Borden Ladner Gervais LLP

The independent Mexican competition law regulator, COFECE, has been abolished and absorbed into the Ministry of Economics. What does this mean for merger control and competition law enforcement in Mexico? Lucia Ojeda Cárdenas, lawyer at SAI Law & Economics in Mexico City, joins Matthew Hall and Subrata Bhattacharjee to discuss this dramatic reform to the Constitution of Mexico. Listen to this episode to learn more about the timing of the changes, the structure of the new agency and implications for Mexican and foreign companies operating in the country. With special guest: Lucia Ojeda Cárdenas, partner, SAI Law & Economics  Related Links: SAI memo November 2024, Bill to eliminate various autonomous constitutional agencies, including COFECE COFECE press release November 2024, Position regarding the approval of the reform on organic simplification COFECE position paper regarding the reform COFECE position paper regarding the transition to the new competition authority IFT position paper regarding the reform  IFT position paper regarding the budget assigned by Congress  Congress of the Union, Decree whereby various provisions of the Political Constitution of the United Mexican States are reformed, added, and repealed, in organic simplification matters Hosted by: Matthew Hall, McGuireWoods London LLP and Subrata Bhattacharjee, Borden Ladner Gervais LLP

Regulators around the world have raised antitrust concerns over concentrated control of key inputs into AI development and deployment, with access to cloud computing as one area of focus. What are the key concerns and proposed actions? A panel of experts from Argentina, Brazil, and the U.S. speak with Koren Wong-Ervin and Anora Wang on thoughts on the theories of harm, as well as possible efficiencies and benefits to various business arrangements and other conduct. Listen to this episode to hear from Gustavo Augusto Freitas de Lima (Commissioner of Brazil's CADE), Alexis Pirchio (President of Argentina's CNDC), Helder Agostinho (Deputy Assistant Director of the U.S. FTC's Technology Enforcement Division), and Thomas DeMatteo (Chief Counsel on the U.S. Senate Judiciary Committee to Senator Mike Lee). With special guests: Gustavo Augusto Freitas de Lima, Commissioner, CADE Alexis Pirchio, President, CNDC Helder Agostinho, Deputy Assistant Director of Technology Enforcement Division, FTC Thomas DeMatteo, Chief Counsel on the U.S. Senate Judiciary Committee to Senator Mike Lee Related Links: Full Panel Discussion (Dec. 8, 2024)  Hosted by: Anora Wang, Arnold & Porter Kaye Scholer LLP and Koren Wong-Ervin, Jones Day

The FTC's new “Click-to-Cancel” rule is reshaping consumer protection and compliance in the subscription economy. But what challenges and opportunities does this regulation present for businesses? Panos Dimitrellos and Jaclyn Phillips explore these issues with guest Christi Lawson, partner at Foley & Lardner, discussing the rule's legal, economic, and behavioral implications, as well as potential penalties for non-compliance. Listen to this episode to learn more about how this pivotal rule impacts businesses, consumers, and the broader regulatory landscape. With special guest: Christi A. Lawson, Partner, Foley & Lardner Related Links: Federal Trade Commission Announces Final “Click-to-Cancel” Rule Making It Easier for Consumers to End Recurring Subscriptions and Memberships Christi A. Lawson Hosted by: Panos Dimitrellos, Secretariat Economists LLC and Jaclyn Phillips, White & Case LLP

The U.S. Department of Justice Antitrust Division recently updated its guidance regarding the division's “Evaluation of Corporate Compliance Programs in Criminal Antitrust Investigations.” What are the key changes? In this episode, Alicia Downey and Anora Wang talk to Emma Burnham, Antitrust Division Director of Criminal Enforcement, about how prosecutors assess the effectiveness of corporate antitrust compliance programs against the backdrop of the increasing utilization of artificial intelligence and ephemeral messaging technology. Private practitioner Tee St. Matthew-Daniel of Paul Weiss joins the conversation with her insights on the elements of the updated guidance that companies and their antitrust counsel need to consider, as well as a preview of the Section's biannual Women's Antitrust Roundtable. With special guests: Emma Burnham, Director, Antitrust Division, Department of Justice and Tee St. Matthew-Daniel, Partner, Paul, Weiss, Rifkind, Wharton & Garrison LLP Related Links: U.S. Department of Justice Antitrust Division, Evaluation of Corporate Compliance Programs in Criminal Antitrust Investigations (Nov. 13, 2024) Antitrust Magazine Interview with Emma Burnham, Director, Antitrust Division, Department of Justice, Antitrust, Vol. 39, Issue 1, Fall 2024 (Dec. 13, 2024)  Hosted by: Alicia Downey, Downey Law LLC and Anora Wang, Arnold & Porter Kaye Scholer LLP

Happy New Year to OCA listeners everywhere! Antitrust was a hot topic in 2024, and it's poised to get even hotter in 2025. In Our Curious Amalgam's year-end special episode, six of our regular hosts offer their perspectives on 2024's notable developments and trends in criminal antitrust enforcement, monopolization and merger challenges, international competition law, consumer protection, and data privacy. Listen to practitioners' insights regarding the emerging topics and themes of the coming year that will no doubt be featured in future OCA episodes. With special guests: Brendan Coffman, Wilson Sonsini Goodrich & Rosati, Matthew Hall, McGuireWoods LLP, James Hunsberger, Axinn, Veltrop & Harkrider LLP and Derek Jackson, Cohen & Gresser LLP Hosted by: Alicia Downey, Downey Law LLC and Anora Wang, Arnold & Porter Kaye Scholer LLP

India is now one of the most important competition law jurisdictions in the world. With direct court action against anti-competitive practices not an option, how can a third party seek to persuade the Competition Commission of India to become involved? Abir Roy, partner and co-founder of Sarvada Legal, joins Matthew Roberts and Matthew Hall to discuss the underlying rules and practical issues involved in bringing an information (complaint) before the CCI. Listen to this episode to learn more about precedent cases, the evidence required, the various stages of an investigation, timeframes, confidentiality, remedies, the availability of compensation and other issues involved in this area. With special guest: Abir Roy, partner and co-founder, Sarvada Legal Related Links: Order in Alphabet/Google case 2022 Order in Alphabet/Google case 2024 Competition Commission of India webpage (Filing of Information) Competition Commission of India press release (Meta fine) Hosted by: Matthew Reynolds, Huth Reynolds LLP and Matthew Hall, McGuireWoods London LLP

The FTC's unfair competition enforcement policy under FTC Act Section 5 has frequently been in the headlines the past two years. What is the history of Section 5 enforcement and how has the Commission utilized this tool since issuing its 2022 Policy Statement on unfair methods of competition? Hosts Jeny Maier and Sergei Zaslavsky explore the many aspects of Section 5 unfair competition enforcement with guest Dan Graulich. Listen to this episode to learn about the past, present, and potential future of the FTC's unfair competition enforcement policy. With special guest: Daniel Graulich, Baker & McKenzie LLP Related Links: FTC 2022 Policy Statement The FTC's Section 5 Initiatives: Where Things Stand Under the Biden Administration  Hosted by: Jeny Maier, Axinn, Veltrop & Harkrider LLP and Sergei Zaslavsky, O'Melveny & Myers LLP

In the U.S., so-called "per se" antitrust crimes require nothing more than proof that the conduct occurred, relieving prosecutors of the difficult job of proving harm to competition. Is the Fourth Circuit's 2023 opinion in U.S. v. Brewbaker part of a growing judicial trend toward limiting the prosecution of per se cases? Ann O'Brien, the co-leader of Sheppard Mullin's Antitrust and Competition Practice Group, joins Alicia Downey and Brendan Coffman to talk about Brewbaker and its implications for applying the per se standard in criminal antitrust actions. Listen to this episode to hear about whether the rule of reason might be applied in the criminal context and the U.S. Department of Justice's possible responses to a changing legal landscape. With special guest: Ann M. O'Brien, Partner, Sheppard Mullin Richter & Hampton LLP Related Links: Ann O'Brien & Emme Tyler, “Chipping Away at Per Se: Is Brewbaker a Harbinger or Aberration?” ABA Antitrust Law Section Committee Articles (June 6, 2024) United States v. Brewbaker, 87 F.4th 563 (4th Cir. 2023) United States v. Brewbaker, Petition for a Writ of Certiorari of the United States, No.23-1365 (S. Ct. June 28, 2024) Hosted by: Alicia Downey, Downey Law LLC and Brendan Coffman, Wilson Sonsini Goodrich & Rosati

With the greater availability of data and algorithms, firms in today's digital age are increasingly generating prices or price recommendations based on individual consumers' personal characteristics and behaviors. Does this benefit or harm consumers, and how should policymakers respond? Sanjog Misra, a Professor of Marketing and Applied AI at the University of Chicago and thought leader on personalized pricing, joins Sergei Zaslavsky and Rubin Waranch to discuss competition and consumer protection perspectives on personalized pricing, as well as policy implications and lessons still to be learned. Listen to this episode to learn more about how economists think about personalized pricing and considerations that may influence regulators and lawmakers grappling with this increasingly prevalent practice. With special guest: Sanjog Misra, Charles H. Kellstadt Professor of Marketing and Applied AI, The University of Chicago Booth School of Business Related Links: Personalized Pricing and Consumer Welfare FTC Issues Orders to Eight Companies Seeking Information on Surveillance Pricing  Hosted by: Sergei Zaslavsky, O'Melveny & Myers LLP and Rubin Waranch, Cooley LLP

The Robinson-Patman Act (RPA) has a long, controversial history within U.S. antitrust law and economics. In this episode, Mark Poe, an attorney who specializes in RPA litigation, discusses the RPA with hosts Puja Patel and Aaron Yeater. Mark and the hosts explore Mark's view that traditional critics of RPA are incorrect, which he first presented in a recent article in Antitrust Magazine. With special guest: Mark Poe, Partner, Gaw Poe LLP Related Links: Mark Poe The Critics Are Wrong: How the Robinson-Patman Act Has Been Misunderstood by Detractors Hosted by: Puja Patel, A&O Shearman US LLP and Aaron Yeater, Analysis Group, Inc.

The U.S. passenger airlines have been active in mergers and acquisitions since last year or so, with the Alaska/Hawaiian acquisition, the failed JetBlue/Spirit merger, and more being proposed. But how are these deals and airline competition in general analyzed from an economic perspective? Dr. Gautam Gowrisankaran, Professor of Economics at Columbia University and Senior Advisor at Cornerstone Research, speaks with Anora Wang and Kelsey Paine on market definition, calculation of market share, entry, and beyond. Listen to this episode to learn how economic analyses lay out in specific airline transactions. With special guest: Dr. Gautam Gowrisankaran, Professor of Economics, Columbia University; Senior Advisor; Cornerstone Research  Related Links: Chris Bruegge, Gautam Gowrisankaran, & Alex Gross, A Policy Function Approach to Price Effects: an Application to the JetBlue-Spirit Merger (Nov. 13, 2024) Hosted by: Anora Wang, Arnold & Porter Kaye Scholer LLP and Kelsey Paine, Baker Botts LLP

The U.S. passenger airlines have seen waves of active mergers and acquisitions including in 2009 through 2013 and again recently since 2023. But who is involved in the legal and regulatory reviews of an airline merger? Courtney Dyer of O'Melveny and David Heffernan of Cozen O'Connor, both with extensive experiences guiding airlines through regulatory processes, speak to Kelsey Paine and Anora Wang about their deal experiences and insights. Listen to learn about origin-destination pair, route overlap, recent matters including the Alaska Airlines' acquisition of Hawaiian Airlines completed in September 2024, and beyond. With special guests: Courtney Dyer, Partner, O'Melveny & Myers LLP and David Heffernan, Chair of Transportation & Trade, Cozen O'Connor P.C. Related Links: 1. DOJ Press Release Regarding DOJ-DOT Joint Inquiry into the State of Competition in Air Travel (Oct. 24, 2024) 2. DOT Press Release Regarding Alaska/Hawaiian (Sept. 17, 2024) 3. DOJ Press Release Regarding JetBlue/Spirit (Mar. 4, 2024) Hosted by: Kelsey Paine, Baker Botts LLP and Anora Wang, Arnold & Porter Kaye Scholer LLP

On the occasion of Lesley Fair's retirement after 37 years in the Bureau of Consumer Protection at the Federal Trade Commission, she returns to Our Curious Amalgam to talk with co-hosts Alicia Downey and Jaclyn Phillips about some of the highlights of her illustrious career. Lesley has been described as “the voice of the FTC,” with a unique ability to translate the agency's work into plain English. Listen to this episode to learn about Lesley's contributions to the evolution of U.S. consumer protection law, as well as her work with the Antitrust Law Section's Janet Steiger Fellowship program to encourage law students to follow her footsteps to rewarding careers in government service. With special guest: Lesley Fair, Former Senior Attorney, U.S. Federal Trade Commission Related Links: Federal Trade Commission Business Blog FTC Consumer Advice webpage Janet Steiger Fellowship Project Our Curious Amalgam, Episode #28 "Why All is Not Fair? Four Tips for Complying with Established FTC Advertising Principles (Feb. 2020) Hosted by: Alicia Downey, Downey Law LLC and Jaclyn Phillips, White & Case LLP

Significant changes to the Indian merger control regime came into effect in September 2024. But what has happened? Nisha Kaur Uberoi, partner at JSA law firm in Mumbai, joins Puja Patel and Matthew Hall to discuss the changes and their likely practical impact on transactions affecting India. Listen to this episode to learn more about the changes including the new deal value threshold, the codification of the material influence test for control, new timelines and procedure and the impact of new definitions on the use of the Green Channel route for approval. With special guest: Nisha Kaur Uberoi, partner, JSA advocates & solicitors Related Links: JSA article, "What the overhaul of India's merger control regime means", 24 September 2024 India Competition Act, 2002 Competition Amendment Act, 2023 Competition Commission of India (Combinations) Regulations, 2024 Competition (Criteria for Exemption of Combinations) Rules, 2024  Notifications of the changes Hosted by: Puja Patel, A&O Shearman US LLP and Matthew Hall, McGuireWoods London LLP

Over a year after the FTC and DOJ first announced changes to the premerger notification form and associated rules under the Hart-Scott-Rodino Act, the final rules were released in October 2024. What do these new HSR rules mean in practice for parties to transactions that must make an HSR filing? Daniel Rosenthal, Special Counsel at Milbank, joins hosts Jaclyn Phillips and Matt Tabas to discuss these changes in detail. Listen to this episode to learn more about what has changed, what hasn't, and how you can start to prepare. With special guest: Daniel J. Rosenthal, Special Counsel, Milbank LLP Related Links: The New HSR Form Is Here  Hosted by: Jaclyn Phillips, White & Case LLP and Matt Tabas, Arnold & Porter Kaye Scholer LLP

Can competition law save humanity? Over the past two years, Fiona Schaeffer has spurred on the lawyers, regulators, and economists of the ABA Antitrust Law Section to examine the role that antitrust law has, or potentially will have, in dealing with the existential challenges posed by climate change and the rise of artificial intelligence. In this episode, co-hosts Alicia Downey and Anora Wang talk with Fiona about why she chose to focus attention on these two issues during her recent term as Section Chair, and the insights that listeners should take away from the Section's work to date. With special guest: Fiona Schaeffer, Milbank LLP Related Links: Joint Section Comments on the Canadian Competition Bureau's Discussion Paper on Artificial Intelligence and Competition (July 9, 2024) Report on Competition Law and Sustainability to the JFTC by the International Comments and Policy Committee (March 18, 2024) Joint Section Comments on the European Commission's Consultation on Generative AI (March 6, 2024) Hosted by: Alicia Downey, Downey Law LLC and Anora Wang, Arnold & Porter Kaye Scholer LLP

The European Commission's attempt to claim jurisdiction under the EU merger rules over Illumina's acquisition of GRAIL ultimately resulted in a stinging court defeat for the regulator. But why did it lose and what will happen now to merger reviews of "below threshold" transactions in the EU? Nicole Kar, partner at Paul, Weiss in London, joins Matthew Hall and James Hunsberger to discuss the Commission's 2021 re-interpretation of its powers under Article 22 of the EU Merger Regulation, the European Court of Justice judgment striking that down and the alternative avenues for the Commission or EU countries to claim jurisdiction over killer and reverse killer transactions. Listen to this episode to learn more about how to analyse the risk and practical steps to take in relation to these transactions. With special guest: Nicole Kar, Partner, Paul, Weiss, Rifkind, Wharton & Garrison LLP Related Links: European Commission March 2021 guidance on use of Article 22 of the EU Merger Regulation European Commission FAQ on March 2021 Article 22 guidance General Court judgment 13 July 2022 on application of Article 22 by European Commission in Illumina/GRAIL Advocate General opinion 21 March 2024 on application of Article 22 by European Commission in Illumina/GRAIL European Court of Justice judgment 3 September 2024 on application of Article 22 by European Commission in Illumina/GRAIL Paul, Weiss, Rifkind, Wharton & Garrison LLP Client Memorandum "Mind the Gap: ECJ Judgment Determines European Commission Cannot Review Deals Below Member State Merger Control Thresholds" Hosted by: James Hunsberger, Axinn, Veltrop & Harkrider LLP and Matthew Hall, McGuireWoods London LLP

It's no secret that competition agencies in the U.S. and elsewhere have been scrutinizing Big Tech's efforts to acquire emerging players in the AI space. In this episode, Luis Blanquez of Bona Law, P.C., talks to co-hosts Alicia Downey and Anant Raut about how the enforcers' concerns are now extending to investments, licensing deals, and other types of transactions that fall outside merger clearance review. Will recently announced investigations into such transactions protect future rivals from Big Tech's dominance or chill investments in AI technology innovation? Listen to this episode to learn about the effect these investigations may be having on not just the companies directly involved, but also venture capital investors and AI start-ups generally. With special guest: Luis Blanquez, Partner, Bona Law P.C. Related Links: Mergers & Acquisitions, AI and Antitrust: The New Creative Ways for Big Tech to Enter the AI Market and Avoid HSR Rules, The Antitrust Attorney Blog (July 21, 2024) UK Competition and Markets Authority, AI Strategic update (April 29, 2024) Hosted by: Alicia Downey, Downey Law LLC and Anant Raut

The European Commission's draft guidelines on exclusionary abuses of dominance will, once adopted, be a key document when applying EU competition law. But what is in the draft? Rona Bar-Isaac, head of competition at Addleshaw Goddard in London, joins Matthew Hall and Derek Jackson to discuss the draft guidelines and a controversial European Court of Justice judgment which was released soon after the publication of the guidelines. Listen to this episode to learn more about the components of the draft, including the Commission's two-stage approach for analysing potential exclusionary abuses of dominance and the available defences, as well as the implications for the guidelines of the Google Shopping ECJ judgment that deals with self-preferencing as an abuse. With special guest: Rona Bar-Isaac, partner, Addleshaw Goddard LLP Related Links: European Commission press release 1 August 2024 consultation on draft antitrust guidelines on exclusionary abuses European Commission consultation webpage including draft guidelines European Court of Justice press release 10 September 2024 Google Shopping judgment European Court of Justice 10 September 2024 Google Shopping judgment Addleshaw Goddard 8 August 2024 briefing on draft antitrust guidelines on exclusionary abuses Hosted by: Matthew Hall, McGuireWoods London LLP and Derek Jackson, Cohen & Gresser LLP

Can a Big Law antitrust practitioner have a successful career as a solo or small firm lawyer? In this episode, antitrust trial lawyer Sean Gates and co-hosts Alicia Downey and Matt Reynolds talk about their experiences leaving large firms to strike out on their own in the middle of their careers. Listen to this episode to learn what motivated them to "go small," and why antitrust law offers unique challenges, opportunities, and rewards to those looking for an alternative to Big Law practice. With special guest: Sean Gates, Partner, Illovsky Gates & Calia LLP Hosted by: Alicia Downey, Downey Law LLC and Matthew Reynolds, Huth Reynolds LLP

What were the cases and controversies that defined a decades-long career as an antitrust lawyer and scholar? Hosts Alicia Downey and Subrata Bhattacharjee welcome former Antitrust Law Section Chair Jon Jacobson back to the podcast to talk about his newly-published memoir of the highs and lows of litigating some of the biggest antitrust cases in U.S. legal history. Listen to this episode to learn how trial lawyers like Jon have helped to shape U.S. competition law and public policy. With special guest: Jonathan Jacobson, Partner (retired), Wilson Sonsini Goodrich & Rosati Related Links: Jonathan Jacobson, My Life in Antitrust (2024) "Rock Can't Get No Satisfaction? Antitrust and Rock 'n' Roll, Our Curious Amalgam, Episode #1 (Aug. 12, 2019) Bayou Bottling, Inc. v. Dr. Pepper Co., 725 F.2d 300 (5th Cir. 1984) Sewell Plastics, Inc. v. The Coca-Cola Co., 720 F. Supp. 1196 (W.D.N.C 1989) Hosted by: Alicia Downey, Downey Law LLC and Subrata Bhattacharjee, Borden Ladner Gervais LLP

Antitrust and competition lawyers have a choice of career paths, including private practice, in-house, and public sector. What about the increasingly-important area of litigation finance? Aviva Will, Co-Chief Operating Officer of Burford Capital, joins Alicia Downey and Matthew Hall to discuss her career journey from a law firm to a senior executive role at a publicly traded, global litigation finance company. Listen to this episode to learn more about Aviva's current role, the evolution of the litigation finance industry in the U.S. and elsewhere, and The Equity Project--a groundbreaking initiative designed to help increase diversity in law. With special guest: Aviva Will, Co-Chief Operating Officer, Burford Capital LLC Related Links: Burford Capital, The Equity Project Association of Litigation Funders (England and Wales) American Legal Finance Association (U.S.) International Legal Finance Association Hosted by: Alicia Downey, Downey Law LLC and Matthew Hall, McGuireWoods London LLP

The failing firm defense can be viewed skeptically when put forward by merging parties. But when can it be used successfully to save a deal that may otherwise be found to be anticompetitive? Chris Wilson, partner in the antitrust group of Paul Weiss, joins Jaclyn Phillips and Anora Wang to discuss the current state of the failing firm defense. Listen to this episode if you want to learn more about recent cases and what facts may make a failing firm defense thrive. With special guest: Christopher M. Wilson, Paul, Weiss, Rifkind, Wharton & Garrison LLP Related Links: Hospitals Defeat FTC Merger Injunction Request With a Version of the “Failing Firm” Defense Hosted by: Jaclyn Phillips, White & Case LLP and Anora Wang, Arnold & Porter Kaye Scholer LLP

The Antitrust Law Section's new Chair is a lawyer, professor, and author of countless books and articles, with decades of leadership experience in the Section. What changes will he bring? In this episode, co-hosts Alicia Downey and Puja Patel ask Steve Cernak about his unusual career path, the priorities and initiatives he is planning to pursue in his one-year term, and the legal trends that he believes will affect the Section's members and their clients. Listen to this episode to get to know Steve a little better as the leader of a global association of professionals in the fields of antitrust, competition, consumer protection, and data privacy law--and as a loyal baseball fan. With special guest: Steven Cernak, Partner, Bona Law PC Hosted by: Alicia Downey, Downey Law LLC and Puja Patel, A&O Shearman US LLP

Most agree that children's online privacy is important. But how should it be protected? Ryan Durrie, Associate Director of the Cordell Institute at Washington University in St. Louis, joins Christina Ma and Anora Wang to discuss how the Children's Online Privacy Protection Act (or COPPA) protects online privacy today and how it could be reformed. Listen to this episode if you want to learn about the latest policy developments in online privacy. With special guest: Ryan Durrie, Associate Director, Cordell Institute at Washington University in St. Louis Related Links: Cordel Institute for Policy in Law and Medicine, Washington University in St. Louis, Comment to FTC on COPPA (Mar. 12, 2024) Neil Richards, Woodrow Hartzog, & Jordan Francis, A Concrete Proposal for Data Loyalty (2023)  Hosted by: Anora Wang, Arnold & Porter Kaye Scholer LLP and Christina Ma, Wachtell, Lipton, Rosen & Katz

Privacy law has become increasingly relevant and important with the advent of the internet and all things digital and most agree that these laws should protect children's privacy, in particular. But what are the tradeoffs? James Cooper, Professor of Law and Economics at Scalia Law School at George Mason University, joins Christina Ma and Anora Wang to discuss the Children's Online Privacy and Protection Act, proposed changes to the rules enforcing the Act, and the potential tradeoffs to certain proposals. Listen to this episode of Our Curious Amalgam if you want to learn more about how the U.S. regulates online privacy for kids and its impact. With special guest: James Cooper, Antonin Scalia Law School Related Links: Garrett Johnson, Tesary Lin, James Cooper and Liang Zhong, COPPAcalypse (2023) Comment on FTC's Proposed COPPA Rulemaking, Program on Economics & Privacy, George Mason University Scalia Law School (2024) Hosted by: Christina Ma, Wachtell, Lipton, Rosen & Katz and Anora Wang, Arnold & Porter Kaye Scholer LLP

Federal and State antitrust authorities have started to take closer looks into mergers of hospitals that are in different geographic areas. What are the theories of harm behind such investigations, and what does the economics literature have to say about those cross-market theories? Join Anora Wang and Jeny Maier as they hear from leading healthcare economist Cory Capps about recent academic research and agency activities on this front. Listen to this episode if you want to learn more about cutting-edge thinking in healthcare mergers. With special guest: Cory Capps, Partner, Bates White Economic Consulting Related Links: Cory Capps, Leyla Karakas, & Tetyana Shvydko, Cross-Market Mergers: Theories of Harm and Limiting Principles (2023)  Greg Vistnes, Cross-Market Hospital Mergers: Assessing Likely Harm and Implications for Government Action (2023) Hosted by: Jeny Maier, Axinn, Veltrop & Harkrider LLP and Anora Wang, Arnold & Porter Kaye Scholer LLP

When analyzing the competitive effects of a proposed transaction, the U.S. antitrust agencies may attempt to define and assess the potential loss of innovation in a relevant market. But what exactly is "innovation," and how can potential losses (or gains) in innovation be measured? In this episode Alicia Downey and Lijun Zhang speak with Cornerstone Research economist Penka Kovacheva about how economists are attempting to measure the impact of mergers on innovation, with a focus on the pharmaceutical industry. Listen to this episode to learn about whether any of these attempts have been successful and why there is much more work to be done. With special guest: Penka Kovacheva, Vice President, Cornerstone Research Related Links: Penka Kovacheva, Maria Salgado, Anca Cojoc, & Lorenzo Cattivelli, "The Impact of Pharmaceutical M&A on Innovation: Insights from the Literature and Gaps Remaining" Hosted by: Alicia Downey, Downey Law LLC and Lijun Zhang, Freshfields Bruckhaus Deringer LLP

Labour markets are in the focus of competition law regulators worldwide and companies and their advisers need to know what the issues are. What is the situation in the EU and its member states? Johanna Kübler, partner at German competition law firm Commeo, joins Jaclyn Phillips and Matthew Hall to discuss the background to this current focus in the EU, the legal rules that apply, the current status of leading investigations and key practical compliance messages. Listen to this episode to learn more about how to navigate and comply with competition law in this important area. With special guest: Johanna Kübler, partner, COMMEO Rechtsanwälte PartGmbB Related Links: Portugal Competition Authority technology consulting no-poach investigation 2024: https://www.concorrencia.pt/en/articles/adc-accuses-multinational-technology-consulting-group-anticompetitive-practices-labor https://www.concorrencia.pt/en/articles/adc-fined-multinationals-anticompetitive-practices-labor-market European Commission Competition Policy Brief "Antitrust in Labour Markets" May 2024 Commissioner Vestager speech October 2021 "A new era of cartel enforcement" European Commission food delivery no-poach investigation November 2023 Commeo newsletter "Labour Markets in the Focus of Competition Watchdogs" May 2024 UK Competition and Markets Authority purchase of freelance services investigations U.S. Federal Trade Commission "FTC Announces Rule Banning Noncompetes" April 2024 Hosted by: Jaclyn Phillips, White & Case LLP and Matthew Hall, McGuireWoods London LLP

Private equity and health care are important aspects of the U.S. economy. Why are antitrust enforcers focused on the intersection of these two areas? Carla Hine, an antitrust attorney well-versed in both industries, joins Jaclyn Phillips and Jeny Maier to discuss the role PE plays in health care transactions and what antitrust enforcers' recent focus means for such transactions. Listen to this episode to learn more about everything from the benefits of PE investment to legal theories underlying the current conversation. With special guest: Carla Hine, Counsel, Weil, Gotshal & Manges LLP Hosted by: Jaclyn Phillips, White & Case LLP and Jeny Maier, Axinn, Veltrop & Harkrider LLP

The Australian Competition and Consumer Commission's enforcement and policy priorities for 2024-2025 reflect a focus on a wide range of conduct in many industries. What does this mean for practitioners, market participants, and consumers in Australia? Peta Stevenson, a competition attorney with more than two decades of experience, joins Jaclyn Phillips and Anant Raut to discuss the takeaways and implications. Listen to this episode to learn more about competition enforcement in Australia. With special guest: Peta Stevenson, Partner, King & Wood Mallesons Related Links: Easing Cost of Living: ACCC Announces 2024 Enforcement Priorities, With a Focus on Consumers Stop Right There: Australia's Merger Regime Set To Change Hosted by: Jaclyn Phillips, White & Case LLP and Anant Raut

The Federal Trade Commission's non-compete ban has stirred vigorous discussion in the antitrust bar and beyond. What do economic theory and empirical analysis tell us about the effects of non-competes, and whether a ban is justified? Economists Evan Starr and Brian Albrecht join co-hosts Sergei Zaslavsky and Anora Wang to debate the state of economic evidence on non-competes, the implications for policy, and what we still have to learn. Listen to this episode, which also aired as a live ABA program, for an in-depth discussion that highlights both areas of consensus and areas of disagreement on the economics of non-competes. With special guests: Evan Starr, Associate Professor, University of Maryland Robert H. Smith School of Business and Brian Albrecht, Chief Economist, International Center for Law & Economics Related Links: Starr, Evan P., J.J. Prescott, and Norman D. Bishara. "Noncompete Agreements in the U.S. Labor Force." Journal of Law and Economics 64, no. 1 (2021): 53-84  Thomas, Randall S. and Thomas, Randall S. and Bishara, Norman D and Martin, Kenneth J., An Empirical Analysis of Non-Competition Clauses and Other Restrictive Post-Employment Covenants (February 26, 2014) Posner, Eric A. and Triantis, George G. and Triantis, Alexander J. and Triantis, Alexander J., Investing in Human Capital: The Efficiency of Covenants Not to Compete (January 2004) Hosted by: Sergei Zaslavsky and Anora Wang, Arnold & Porter Kaye Scholer LLP

The preservation of competition in agricultural markets has been identified as as one of the Biden Administration's highest enforcement priorities. In this episode, co-hosts Alicia Downey and Barry Nigro talk to Professor Kelly Nuckolls of the University of Arkansas School of Law about recent enforcement actions and rulemaking efforts targeting anticompetitive practices in the agriculture sector. Listen to this episode to learn about the DOJ Antitrust Division's case against benchmarking service provider Agri Stats based on allegedly collusive information-sharing, and the Division's renewed interest in enforcing the Packers and Stockyards Act of 1921--a federal statute with the potential to support challenges to unfair conduct that the Sherman Act might not reach. With special guest: Kelly Nuckolls, Assistant Director and Visiting Assistant Professor of Law for the LL.M. Program in Agricultural and Food Law, University of Arkansas School of Law Related Links: Agricultural Marketing Service, Department of Agriculture (USDA), Inclusive Competition and Market Integrity Under the Packers and Stockyards Act, 9 CFR 201.302-201.390 (Mar. 6, 2024) Agricultural Marketing Service, Department of Agriculture (USDA), Transparency in Poultry Grower Contracting and Tournaments, 9 CFR 201.2-201.4 (Nov. 28, 2023) Wheeler v. Pilgrim's Pride Corp., 591 F.3d 355 (5th Cir. 2009) Hosted by: Alicia Downey, Downey Law LLC and Barry Nigro, Fried, Frank, Harris, Shriver & Jacobson LLP

Not many antitrust lawyers have a front row seat to competition law and policy around the globe. But have you met Krisztian Katona? Krisztian Katona, an international competition lawyer, speaks with Anora Wang and Jaclyn Phillips about the trajectory of his career, insights about competition law and trends, and how the ABA provides opportunities for international lawyers. With special guest: Krisztian Katona, Computer & Communications Industry Association Hosted by: Anora Wang, Arnold & Porter Kaye Scholer LLP and Jaclyn Phillips, White & Case LLP

The EU's merger control law--the Merger Regulation--was revised in 2004, and 2024 is therefore the 20th anniversary of the changes. What prompted those changes? Sir Philip Lowe, Director-General of the European Commission's Directorate-General for Competition from 2002-2010, joins Matthew Reynolds and Matthew Hall to discuss the background to the changes and what else in EU merger control changed at the time. Listen to this episode to learn more about the basis for the current EU regime and Sir Philip's views on other topical merger control issues. With special guest: Sir Philip Lowe, Partner, Oxera Consulting Related Links: European Commission Mergers Website Page Court of First Instance judgment in Airtours Court of First Instance judgment in Tetra Laval/Sidel Court of First Instance judgment in Schneider/Legrand Hosted by: Matthew Reynolds, Huth Reynolds LLP and Matthew Hall, McGuireWoods London LLP