The US DoJ cracks down on potentially unlawful interlocking directorates which leads to 7 board resignations across 5 companies

On 19 October 2022, the Antitrust Division of the US Department of Justice (the Division) announced that seven directors have agreed to resign from the boards of directors of five companies in response to the Division’s “competition concerns” related to the Clayton Act’s prohibition on interlocking directorates. None of the companies or directors admitted liability. Assistant Attorney General (AAG) Jonathan Kanter remarked that the resignations come as the Division is “undertaking an extensive review of interlocking directorates across the entire economy.” Kanter also said that the Division is committed to increased enforcement of Section 8 of the Clayton Act, which makes interlocking directorates a per se violation of the law. This broad enforcement action serves as a new warning of an