For several years, an increasing number of commentators have been expressing concern that the U.S. has a growing market power problem. Further that dysfunction in the U.S. antitrust institutions, and their failure to protect competition, has damaged the economy. These concerns have led to...

In both the US and the EU, the antitrust category of “sham litigation” (in the US) or “vexatious litigation” (in the EU) enables a plaintiff, or a defendant in case this action forms part of a counterclaim, to argue that the introduction of litigation may constitute, under certain...

In FTC v. Actavis, the Supreme Court held that settlements by which brand drug firms pay generics to delay entering the market could violate antitrust law. In the period since the decision, the lower courts have made clear that “payment” extends beyond cash to encompass non-cash forms of...

Consumers suffer from high drug prices, which stem in large part from pharmaceutical companies’ anticompetitive games. This essay discusses the crucial role antitrust enforcement agencies can play in addressing pay-for-delay settlements and product hopping and draws lessons from this...

This short article discusses the ruling that imposed a lifetime ban on “Pharma Bro” Martin Shkreli, perhaps the most notorious “bad actor” in the pharmaceutical industry, and required that he pay $65 million in excess profits he obtained from anticompetitive conduct relating to the drug...

In GSK v. Teva, the Federal Circuit (in a 2-1 ruling) found that Teva induced infringement of GSK's patent. While much of the opinion addresses issues of causation as applied to the facts at issue in the case, one aspect of the opinion raises significant general concern.In settings in which a...

Substantive antitrust law has spread around the world. This has been a rather amazing turn of events in our post-cold war era, with more than 100 jurisdictions now claiming some form of antitrust legislation. Even though there is no global treaty framework for antitrust (similar, for example, to...

Horizontal shareholding exists when significant shareholders have stock in horizontal competitors. (It is often imprecisely called "common shareholding," but that term can also apply when shareholders own stock in two noncompeting corporations. It differs from "cross-shareholding," which...

This Article shows that new economic proofs and empirical evidence provide powerful confirmation that, even when horizontal shareholders individually have minority stakes, horizontal shareholding in concentrated markets often has anticompetitive effects. The new economic proofs show that,...