Criminal antitrust enforcement has intensified in recent years, reflecting the government’s focus on maintaining competitive markets and penalizing anti-competitive conduct. Companies and individuals involved in activities such as price-fixing, market manipulation, and no-poach agreements face significant legal risks, including investigations by federal enforcement agencies.
The Treanor Law Firm provides strategic counsel to organizations and individuals seeking to navigate the complex landscape of criminal antitrust enforcement. Our practice is grounded in extensive experience and an understanding of antitrust priorities and enforcement history, offering clients comprehensive guidance in managing investigations and mitigating liability.
Historical Enforcement: LIBOR and FX Trading Manipulation
The manipulation of financial benchmarks such as LIBOR (London Interbank Offered Rate) and FX (foreign exchange) currency trading was a focal point of global antitrust enforcement in recent years. Authorities, including the Department of Justice (DOJ) and international regulators, pursued significant cases involving:
- LIBOR Manipulation: Collusion among financial institutions to manipulate benchmark interest rates for profit or to project financial stability.
- FX Market Manipulation: Cartel-like behavior in currency trading, including coordination to fix exchange rates and share confidential market information.
These investigations resulted in multi-billion-dollar fines, criminal convictions, and ongoing scrutiny of financial markets.
No-Poach and Wage-Fixing Agreements
Employment practices, particularly no-poach and wage-fixing agreements, have been a growing area of criminal antitrust enforcement more recently. The DOJ and state attorneys general have targeted:
- No-Poach Agreements: Collusive agreements between employers not to hire or solicit each other’s employees, which are seen by enforcers to restrict labor market competition.
- Wage-Fixing Schemes: Coordination among employers to set employee wages at non-competitive levels.
Some of these practices have been prosecuted as violations of the Sherman Act, leading to significant penalties and reputational harm for companies and individuals involved.
Interacting with Enforcement Authorities
Criminal antitrust investigations often involve complex interactions with multiple enforcement bodies, including:
- The DOJ’s Antitrust Division, which spearheads criminal investigations and prosecutions.
- International regulators, as antitrust violations frequently involve cross-border conduct requiring multinational cooperation.
- Economic experts, whose analyses are critical in evaluating market behavior and defending against allegations of anti-competitive conduct.
Navigating these interactions requires a sophisticated understanding of enforcement priorities, procedural strategies, and economic analysis.
Skilled Advocacy in Criminal Antitrust Investigations
The Treanor Law Firm is dedicated to helping clients effectively manage the risks associated with criminal antitrust matters. We assist organizations and individuals in:
- Defending Against Investigations: Representing clients in DOJ investigations and grand jury proceedings.
- Managing Compliance Risks: Conducting internal investigations to identify potential violations and develop antitrust compliance programs.
- Engaging with Enforcement Authorities: Advising on voluntary disclosures, leniency applications, and negotiations with regulators.
- Collaborating with Economic Experts: Leveraging expert economic analysis to challenge allegations of market manipulation or anti-competitive behavior.
With a focus on achieving favorable outcomes and minimizing exposure, we provide trusted counsel to clients navigating high-stakes antitrust investigations. Our experience in addressing landmark enforcement issues, such as LIBOR and FX manipulation and no-poach agreements, positions our counsel to deliver practical, effective representation tailored to each client’s unique circumstances.