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July 13, 2016, Covington Alert
Yesterday, the Antitrust Division of the Department of Justice (“DOJ”) announced that it has settled its lawsuit against ValueAct Capital Management L.P. (“ValueAct”) for violating the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”). The settlement is noteworthy for two principal reasons: (i) the size of the civil penalty ($11 million); and (ii) the scope of the injunctive relief, which may signal an increasingly restrictive approach to the availability of the “investment-only” HSR exemption for certain investment firms.
May 4, 2016, Bloomberg
Deborah Garza is quoted in this Bloomberg article discussing the Justice Department’s recent merger investigations under Bill Baer. According to Garza, "The Justice Department is increasingly adopting the Nancy Reagan slogan: ‘Just say no.’"
April 20, 2016
BRUSSELS — Sophie Bertin, a former senior official who served as Head of Unit in the “Financial Crisis” Task Force within the Directorate-General for Competition at the European Commission, has joined forces with Covington’s global antitrust and competition practice. Ms. Bertin will be working with the firm’s Brussels and London offices.
At DG COMP, Ms. Bertin ...
April 13, 2016, National Defense
Scott Freling is quoted in this National Defense article exploring the DOJ and FTC joint statement on preserving competition in the defense industry. According to Freling, the interagency truce should “provide some comfort” to defense contractors that mergers and acquisitions can go forward, albeit “under the right circumstances.”
Brown adds, the statement ...