In a decision that may reverberate beyond the antitrust context, New York’s highest court - the Court of Appeals - held that the state’s antitrust statute lacks the extraterritorial scope to reach a purely foreign alleged antitrust conspiracy. The decision could have broad implications for substantive claims brought under New York state law and could even affect how judgments are enforced under New York law. The Global Re Decision In Global Reinsurance Corp. US Branch v. Equitas Ltd., the New York branch of a German reinsurance company (“Global Re”) alleged that a group of UK entities (collectively known as Equitas) violated New York’s Donnelly Act, the state analogue to the federal Sherman Act, by conspiring to restrain trade in the global reinsurance market [1]. The Equitas entities
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The New York Court of Appeals holds that state law cannot reach a purely foreign antitrust conspiracy (Global Reinsurance / Equitas)
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