Antitrust matters are rarely isolated within a single state or federal agency or jurisdiction. We represent clients facing multi-dimensional antitrust challenges on the transactional, regulatory and litigation fronts, mobilizing an unmatched combination of courtroom excellence, government experience and legal, economic and academic prowess on our clients’ behalf.

Representative Engagements

ANTITRUST LITIGATION

  • The American Society of Composers, Authors and Publishers (ASCAP), the oldest and largest U.S. music performing rights organization, in numerous antitrust-related issues, including in achieving a favorable outcome at trial to determine the reasonable license fee for the use of musical works in the ASCAP repertory by music service Pandora.
  • Becton, Dickinson and Company (BD), a global medical technology company, in numerous antitrust-related matters over the past decade, including most recently in:
    • the dismissal with prejudice of an antitrust action brought by a putative class of U.S. healthcare providers who purchased safety syringes and catheters, alleging that BD, along with several distributors and group purchasing organizations unlawfully conspired to restrain trade. Paul, Weiss previously defeated a separate suit brought against BD by two Georgia hospitals asserting similar claims regarding group purchasing organizations; and
    • defense of an antitrust lawsuit brought by competitor Retractable Technologies, Inc. (RTI) regarding RTI’s alleged exclusion from various medical device markets. Paul, Weiss defeated 11 of the 12 antitrust claims at trial and secured the dismissal of the final claim on appeal, achieving a landmark appellate victory reversing a $340 million jury verdict and rendering judgment for BD.
  • Bumble Bee Foods in defense of multidistrict litigation brought by putative classes of direct purchasers, indirect purchasers and commercial food preparers, as well as in related individual actions by large merchants, alleging a price fixing conspiracy in the U.S. packaged tuna industry.
  • Cigna, a global health insurance service company, in several antitrust matters, including most recently in defense of the DOJ and several states’ antitrust challenge to its proposed $54 billion acquisition by Anthem Inc. Paul, Weiss also represented Cigna in connection with its participation as a third party to Aetna’s proposed $37 billion acquisition of Humana.
  • Citigroup Inc. in defense of a consolidated multidistrict litigation alleging that Citigroup and various other banks conspired in a group boycott to reduce competition in interest-rate swap trading, effectively raising prices for purchasers of the swaps. Paul, Weiss also represents Citi in parallel regulatory investigations.
  • Deutsche Bank in multi-regulator, multi-jurisdictional inquiries concerning the setting of numerous Interbank Offered Rates (IBORs) — the largest investigations ever faced by the bank — and in 50-plus individual and class actions concerning IBOR rates in multiple currencies. Paul, Weiss negotiated coordinated resolutions of the investigations with U.S. and UK authorities, secured the dismissal of numerous private claims and negotiated resolutions in four major class actions.
  • The Dow Chemical Company, along with its corporate parent company DowDupont, in defense of multidistrict litigation alleging that Dow, together with several other manufacturers and sellers, conspired to raise prices for the sale of chemicals primarily used in the production of polyurethane products.
  • Giorgi Mushroom Company, one of the U.S.’s largest mushroom producers, in defense of a multidistrict class action and several individual actions brought by direct purchasers concerning the exemption of an agricultural cooperative from the antitrust laws under the Capper-Volstead Act.
  • Major League Baseball (MLB) in the settlement of a nationwide antitrust class action brought by purchasers of the MLB Extra Innings and MLB.TV out-of-market broadcast packages alleging that MLB conspired to bar fans from buying a single team package in order to inhibit competition with MLB’s multi-team out-of-market packages.
  • Mastercard in numerous government and private antitrust actions over the past decade, including most recently in:
    • defense of consolidated multidistrict antitrust litigation comprising two putative class actions brought on behalf of every U.S. merchant that accepts Mastercard and/or Visa payment cards, as well as separate individual actions brought by nearly 100 of the largest merchants in the U.S., challenging payment card “interchange” fees and certain rules governing merchants’ acceptance of payment cards;
    • defense of three putative antitrust class actions brought on behalf of independent ATM operators and two groups of ATM consumers challenging Mastercard’s ATM access fee non-discrimination rule, which protects cardholders from being charged ATM access fees that are higher than the fees charged to cardholders using other networks; and
    • defense of a putative antitrust class action brought on behalf of U.S. merchants alleging that major payments networks, together with card-issuing banks, conspired to shift fraud costs for certain card transactions from the issuing banks onto merchants in connection with the roll-out of EMV-chip cards in the U.S.
  • Morgan Stanley & Company in defense of multidistrict litigation, including a putative class action brought on behalf of any individual that bought or sold a U.S. Treasury security for several years, alleging that 26 of the largest financial institutions rigged auctions to manipulate the pricing of U.S. Treasury securities. Paul, Weiss was selected by all 26 defendants, each separately represented by a major law firm, to serve on the defense steering committee.
  • News Corporation and its subsidiary News America Marketing (NAM) in several antitrust matters, including most recently in:
    • in defense of an antitrust action brought by competitor Valassis Communications, Inc. alleging that NAM monopolized an alleged market for third-party promotions by engaging in a variety of exclusionary practices;
    • securing the dismissal of an antitrust claim brought by competitor Valassis Communications, Inc. alleging that NAM violated a consent order resolving an earlier dispute through unlawful bundling and tying; and
    • the favorable settlement of a significant antitrust class action brought by customers of NAM’s in-store marketing products, including consumer products companies Dial, Heinz and Smithfield Foods, claiming that NAM illegally monopolized an alleged market for in-store promotional services by engaging in a variety of alleged exclusionary practices.
  • The Nielsen Company, the leading U.S. provider of television ratings, in several litigation and monopolization cases, including most recently in the dismissal, on summary judgment, of an antitrust action brought by Sunbeam Television, a Miami-based FOX affiliate, alleging that Nielsen excluded rivals from the local television ratings market through a variety of exclusionary practices.
  • Nippon Chemi-Con (NCC), a Japan-based electronic components manufacturer, and its U.S.-based subsidiary United Chemi-Con, in defense of multidistrict litigation comprised of two class actions brought by direct and indirect purchasers, as well as in several opt-out suits, alleging price fixing in the market for aluminum electrolytic, tantalum electrolytic, and film capacitors. Paul, Weiss also represented NCC in a DOJ Grand Jury investigation as well as in an investigation and resulting Statement of Objections from the European Commission regarding similar claims.
  • Nomura Securities International, Inc. and Nomura Holdings, Inc. in securing the dismissal, along with other joint defense firms, of a consolidated class action alleging that Nomura and other major global financial institutions conspired to manipulate prices in the multitrillion-dollar global market for supranational, sub-sovereign and agency (SSA) bonds.
  • Pfizer Inc. in several antitrust-related matters, including in the successful settlement of a multibillion-dollar antitrust class action brought by U.S. drug wholesalers and drugstore chains alleging that Pfizer delayed generic entry for its anti-seizure drug Neurontin by engaging in monopolistic practices.
  • SAP, a German multinational enterprise software company, in defense of an action brought by business analytics provider Teradata alleging that SAP misappropriated trade secrets and infringed copyrights, in addition to alleging violations of the Sherman Act, related to SAP's product, HANA. 
  • Sharp Corporation, Sharp Electronics Corporation and its affiliates, in several antitrust-related matters, including most recently:
    • in the successful resolution of a DOJ investigation into alleged price-fixing activity regarding the sale of liquid crystal displays (LCDs) and in reaching reasonable settlements with several major electronics corporations in related civil opt out litigation;
    • in the dismissal, on summary judgment, of a $3 billion damages claim brought by Motorola Mobility Inc., alleging participation in a global price-fixing scheme for the sale of LCDs; and
    • as plaintiffs in class action litigation alleging a 12-year price-fixing scheme among manufacturers of cathode ray tubes. After opting out of the class action, Paul, Weiss successfully reached successive, favorable settlements with several defendants, including Hitachi, LG, Panasonic, Philips, Samsung SDI, Technologies Displays Americas, Thomson and Toshiba.
  • Tribune Media Company in defense of multidistrict litigation alleging that local television station owners in the U.S. conspired to fix prices for the sale of television advertisements.

MERGER CLEARANCE

  • ARIAD Pharmaceuticals, Inc., a U.S.-based oncology pharmaceutical company, as lead antitrust counsel in connection with the FTC’s review of its $5.2 billion all cash sale to Takeda Pharmaceutical Company Limited, a Japan-based global pharmaceutical company.
  • Automatic Data Processing, Inc., in several antitrust merger clearance matters, including in securing FTC clearance for its $400 million acquisition of The Cobalt Group, a Seattle-based automotive digital marketing company.
  • Cigna, a global health insurance service company, as lead antitrust counsel in:
    • connection with the regulatory aspects of its $67 billion acquisition of pharmacy benefits manager Express Scripts; and
    • its proposed $54 billion acquisition by Anthem Health and in subsequent suits from the DOJ and several states seeking to enjoin the merger.
  • Eli Lilly and Company and its animal health subsidiary, Elanco Inc., in obtaining FTC clearance for its $885 million divestiture acquisition of the animal vaccine portfolio of Boehringer Ingelheim Vetmedica Inc. (BI), a BI manufacturing R&D site and several pipeline assets.
  • Fidelity National Financial, a leading provider of title insurance and transaction services to the real estate and mortgage industries, as lead antitrust counsel in connection with the FTC's second request investigation of its $2.9 billion acquisition of Lender Processing Services, a leading provider of integrated technology services, data and analytics to the mortgage and real estate industries. 
  • The Goodyear Tire & Rubber Company as antitrust counsel before the FTC in connection with its joint venture with Bridgestone Corporation to combine their U.S. wholesale tire distribution businesses to create TireHub.
  • Hewitt Associates, formerly one of the world’s leading HR consulting and outsourcing companies, as lead antitrust counsel in obtaining clearance from the DOJ and other regulatory agencies in the European Union and Canada for its $4.5 billion acquisition by Aon Corporation, a global professional services firm.
  • IMG College, the collegiate division of Endeavor, in connection with the antitrust clearance process for its merger with Learfield Communications, bringing together two of sports’ largest multimedia rights and sponsorship businesses.
  • KPS Capital Partners and its portfolio companies as antitrust counsel in a variety of transactions, including in its sale of the attachment business segment of International Equipment Solutions to Stanley Black & Decker, Inc., which included coordinated merger filings in the U.S. and Brazil. 
  • Microsoft Corporation as lead antitrust counsel in its $26.2 billion acquisition of LinkedIn, the leading social network for professional networking.
  • Monsanto Company, a Missouri-based agriculture company, and its board of directors in connection with certain antitrust aspects related to its $66 billion acquisition by Bayer, a German pharmaceutical and chemical company.
  • The Nielsen Company, a leading U.S. provider of television audience measurement services, as lead antitrust counsel in connection with the FTC’s second request investigation of its $1.3 billion acquisition of Arbitron, a U.S. leader in radio audience measurement services.
  • Pace plc, formerly a leading global developer of technologies and products for the PayTV and broadband services industries, as
    lead antitrust counsel in connection with the DOJ’s second request investigation of its $2.1 billion acquisition by competitor
    ARRIS Group, Inc.
  • Sirius XM in connection with a Department of Justice antitrust investigation regarding its $3.5 million acquisition of Pandora Media. 
  • Smith & Nephew plc, a UK-based medical technology business, as antitrust counsel in connection with the FTC's review of its $660 million acquisition of Osiris Therapeutics.
  • Time Warner and Time Warner Cable as lead antitrust counsel in numerous multibillion-dollar sales and acquisitions, including most recently in connection with an extensive DOJ investigation of its $78.7 billion merger with Charter Communications.
  • Virtu Financial, Inc., a New York-based electronic trading firm, as lead antitrust counsel in connection with the DOJ’s review of its $1.4 billion acquisition of rival KCG Holdings, Inc.

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