In 2010, the Department of Justice (DOJ) filed a lawsuit against the credit card networks American Express, MasterCard, and Visa for alleged antitrust violations. We evaluate the extent to which the recently proposed settlement between the DOJ and Visa and MasterCard (henceforth, "Proposed...

Criminal cartel cases in the U.S. are at modern lows, spurring questions as to whether the Antitrust Criminal Penalty Enhancement and Reform Act of 2004 (ACPERA) and the Antitrust Division's criminal enforcement program continue to be effective and, if not, why not? In this Chapter, we offer...

This article shows that private enforcement of the U. S. antitrust laws-which usually is derided as essentially worthless-serves as a more important deterrent of anticompetitive behavior than the most esteemed antitrust program in the world, criminal enforcement by the Antitrust Division of the...