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

  • Acumen Brands, Inc., an online western-wear retailer, in securing the dismissal of antitrust claims brought by Sell it Social, a competing online western-wear retailer, alleging Sherman Act violations. The court found that there was no adverse effect on market competition and that the claims did not constitute exclusive dealing or exclusionary conduct.
  • 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 successful resolution of a nationwide putative antitrust class action brought by medical device distributors, hospitals and pharmacies claiming exclusion from various medical device markets due to allegedly exclusionary contracts with group purchasing organizations and hospital networks. Paul, Weiss successfully negotiated court-approved settlements with both the indirect purchasers and direct purchasers, bringing years of litigation to a close.
    • the dismissal of an ongoing 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 Seafoods in the ongoing 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. and certain affiliates in defense of an ongoing multidistrict putative class action alleging an antitrust conspiracy by Citi and other banks to reduce potential competition in interest rate swap trading and to raise prices for purchasers of the swaps.
  • 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.
  • Empire Resorts in the dismissal, with prejudice, of an antitrust action brought by a rival real estate developer concerning the development of a resort, casino and racetrack at the site of the former Concord Hotel in Sullivan County, New York.
  • Giorgio Mushroom Company, one of the U.S.’s largest mushroom producers, in 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. The court denied plaintiffs’ motion to certify a monetary damages class and Paul, Weiss negotiated a court-approved settlement regarding claims for injunctive relief, whereby MLB preserved its broadcast system and provided fans with additional choices and more access to telecasts.
  • Mastercard in numerous government and private antitrust actions over the past decade, including most recently in:
    • the defense of three pending antitrust putative class actions filed by independent ATM operators, the National ATM Counsel and ATM consumers alleging that Mastercard’s ATM access fee non-discrimination rule violates federal and state antitrust laws as well as consumer protection laws;
    • the defense of an ongoing consolidated multidistrict class action brought by a putative class of every U.S. merchant that accepts Mastercard and Visa payment cards alleging that Mastercard, Visa and several banks operated a price-fixing scheme in setting the interchange fees that merchants pay for the right to accept their payment cards. Paul, Weiss also represents Mastercard in related individual actions brought by large merchants and merchant trade associations;
    • securing the dismissal, affirmed on appeal, of a putative state antitrust class action brought by all consumers in the state of New Mexico seeking to recover overcharges allegedly arising out of a tying arrangement between Mastercard credit and debit cards;
    • the successful settlement of a DOJ probe regarding the legality of certain of Mastercard's merchant acceptance rules. The settlement resulted in only modest changes to Mastercard’s practices related to merchant discounting and helped avoid further enforcement actions and challenges brought under state antitrust laws; and
    • the defense of a putative antitrust class action brought on behalf of U.S. merchants alleging that Mastercard, Visa, American Express and Discover, together with issuing banks, conspired to shift fraud costs for certain card transactions from the issuing banks onto U.S. merchants.
  • 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:
    • 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 dismissal of antitrust claims brought by competitor Valassis Communications, Inc. alleging that NAM violated a consent order resolving an earlier dispute through unlawful bundling and tying; and
    • an ongoing lawsuit brought by Valassis claiming that NAM monopolized an alleged market for third-party promotions 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.
  • 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 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.
  • 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.
  • UBS AG in a settlement with the DOJ, the SEC, the IRS and 25 state attorneys general of allegations that UBS employees engaged in bid rigging in the muni bond market. Paul, Weiss helped resolve the investigations and UBS entered into a non-prosecution agreement with the DOJ, under which it accepted responsibility for certain conduct but did not plead guilty to any criminal conduct or pay a criminal fine.
  • United Chemi-Con Inc. (UCC), one of North America’s largest suppliers of electrolytic capacitors, in the defense of antitrust litigation regarding alleged price-fixing of aluminum electrolytic, tantalum electrolytic and film capacitors. Paul, Weiss also represented UCC’s parent company, Nippon Chemi-Con, in an investigation and resulting Statement of Objections from the European Commission alleging price fixing in the same industry.

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.
  • Cable & Wireless Communications, a UK-based telecommunications services provider operating in 17 countries throughout the Caribbean and Latin America, as lead antitrust counsel in its $1.85 billion acquisition of Columbus International Inc., a Barbados-based cable, telephone and internet service provider.
  • 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.
  • 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.
  • 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.
  • Rockstar Bidco, a consortium consisting of Apple, Microsoft, Ericsson, RIM and Sony, in securing clearance from U.S. regulatory agencies for its $4.5 billion acquisition of the patent portfolio of Nortel Networks in a bankruptcy court approved action.
  • 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.
  • WME IMG Holdings LLC (n/k/a Endeavor) as lead antitrust counsel in its acquisition of interests in the Ultimate Fighting Championship, the leading mixed martial arts sports brand.

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