Jessica Delbaum is a partner in Shearman & Sterling’s antitrust group in New York. Her practice focuses on defending multinational companies’ mergers and acquisitions before the Federal Trade Commission and Department of Justice as well as coordinating the multi-jurisdictional antitrust defense of transactions. Jessica Delbaum also counsels clients on an extensive array of antitrust issues such as competitor collaborations, cartel leniency applications, and Hart-Scott-Rodino Act compliance, including integration planning. She has defended substantive merger investigations involving a wide variety of industries, including health care, industrial gases, mining and finance. Prior to joining Shearman & Sterling, Jessica Delbaum was an Attorney General’s Honors Program Attorney in the Antitrust Division of the Department of Justice. While at the Division, Jessica Delbaum investigated possible violations of the antitrust laws involving mergers and acquisitions, the reporting and waiting requirements of the Hart-Scott-Rodino Act and civil price-fixing.
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Proposed FTC and DOJ Merger Guidelines Formalize Biden Administration’s Aggressive Vision for Merger Enforcement – Top Ten Takeaways When losing, some players seek to change the rules. Others seek to change the playing field. On July 19, 2023, the U.S. Department of Justice and the Federal (...)
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Overview Earlier this week, the Federal Trade Commission and the Antitrust Division of the U.S. Department of Justice (the “Antitrust Agencies”) announced proposed changes to the premerger notification process that mark the most significant changes to the Hart-Scott-Rodino (“HSR”) Form since (...)
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Introduction Last week, the FTC announced two significant moves. First, the FTC brought its first major standalone Section 5 actions, targeting certain companies’ employment noncompete agreements as unfair methods of competition. The very next day, the FTC issued a Notice of Proposed (...)
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On December 29, 2022, President Biden signed into law The Consolidated Appropriations Act of 2023 also known as The Omnibus Funding Bill (the “Bill”). The Bill includes the Merger Filing Fee Modernization Act which provides for significant changes to the current filing fees under the (...)
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On November 10, 2022, the Federal Trade Commission (FTC) issued a policy statement (the “Policy Statement”) radically expanding the FTC’s interpretation of prohibited “unfair methods of competition” under Section 5 of the FTC Act. According to the Policy Statement, in determining whether (...)
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On Wednesday, October 19, 2022, the Department of Justice Antitrust Division (DOJ) announced that seven directors resigned from their board positions because of DOJ’s concerns that holding the positions violated the Clayton Act’s prohibition on interlocking directorates. Discussed more fully (...)
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This Special Issue presents a collection of important U.S. federal antitrust merger remedies since 2000. For anyone trying to understand the U.S. approach to merger remedies, the guidance documents issued by the U.S. federal antitrust enforcement agencies, the Antitrust Division of the United States Department of Justice (“DOJ”) and the Federal Trade Commission (“FTC”) (each, an “Agency,” or collectively, the “Agencies”), are the right starting point. The Agencies, however, have recently called their own prior policies into question. New developments suggest that the Agencies may be less likely to accept remedies or will press for more robust protections. Therefore, it is important to actively monitor new developments in this dynamic environment.
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On January 21, 2022, the U.S. Federal Trade Commission (FTC) announced the annual changes to the thresholds for the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). The official publication is expected to be released in the Federal Register on January 24, 2022. (...)
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What This Means for Merger Enforcement, Technology Platforms, Healthcare, Banking and Consumer Finance and Labor Markets On Friday, July 9, 2021, President Biden signed a sweeping Executive Order (and provided an accompanying FACT Sheet) with the stated goal of using existing antitrust laws (...)
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On February 2, 2021, the U.S. Federal Trade Commission (FTC) announced the annual changes to the thresholds for the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). The new size of transaction threshold is $92 million. The new HSR Act thresholds will go into (...)
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Overview The U.S. Federal Trade Commission (FTC) and U.S. Department of Justice Antitrust Division (“DOJ” and collectively, the “Agencies”) recently proposed changes to two aspects of the Hart-Scott-Rodino Act (“HSR Act”).The proposed rules are subject to public comment and are unlikely to (...)
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The U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC) (collectively, “Agencies”) released the final version of the Vertical Merger Guidelines (“Vertical Guidelines”) on June 30, 2020. The new Vertical Guidelines, which had not been updated in more than 35 years, outline (...)
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The ongoing COVID-19 outbreak has, at least temporarily, reshaped the way that many companies do business. Nevertheless, companies must continue to be vigilant about compliance with the antitrust laws and understand that the U.S. antitrust agencies will continue to scrutinize their behavior (...)
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This Special Issue presents a collection of important U.S. federal antitrust merger remedies since 2000. The merger remedies guidance documents issued by the U.S. federal antitrust enforcement agencies, the Antitrust Division of the United States Department of Justice (“DOJ”) and the Federal Trade Commission (“FTC”) (each, an “Agency,” or collectively, the “Agencies”), are the right starting point for anyone trying to understand the U.S. approach to merger remedies. These documents, however, speak in generalities and cite to a small number of illustrative examples. The goal of this compilation is to provide a broader collection of illustrative examples, which, taken as a whole, presents the Agencies’ current approach to the analysis, implementation and enforcement of merger remedies.
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On January 28, 2020, the U.S. Federal Trade Commission (FTC) announced the annual changes to the thresholds for the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). The new size of transaction threshold is $94 million. The new HSR Act thresholds will go into (...)
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On Friday, the Federal Trade Commission (“FTC”) and the Antitrust Division of the U.S. Department of Justice (“DOJ”) released joint draft Vertical Merger Guidelines (“Guidelines”) for public comment. This much anticipated revision to the Guidelines, which had not been updated in more than 35 (...)
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This article has been nominated for the 2020 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. The Antitrust Division of the U.S. Department of Justice (Division) finally will consider the existence of effective antitrust compliance programs at the (...)
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The U.S. Federal Trade Commission (FTC) has revised, and once again raised, the thresholds for the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). The new HSR Act thresholds were published in the Federal Register on March 4, 2019 and will go into effect on (...)
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This article has been nominated for the 2018 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. On November 3, 2017, the Federal Trade Commission filed a complaint challenging Red Ventures’ proposed acquisition of Bankrate. The FTC alleged that the deal (...)
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The US Federal Trade Commission (“FTC”) has revised and, once again, raised the thresholds for the Hart Scott Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). The HSR Act may require that parties to proposed stock or asset acquisitions exceeding certain thresholds file (...)
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1. Introduction This Special Issue presents a collection of important U.S. federal antitrust merger remedies since 2000. The merger remedies guidance documents issued by the U.S. federal antitrust enforcement agencies, the Antitrust Division of the United States Department of Justice (...)
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This article has been nominated for the 2013 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. Passive Investors Beware: Recent FTC Fine Affirms Narrow Scope of HSR Exemption * In fining Biglari Holdings $850,000 for failing to file a premerger (...)
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Competition Case Law Digest 5th Edition - A Synthesis of US, EU and National Leading Cases
