How much is too much? A call for global principles to guide to the punishment of international cartels
Few issues engender as much debate in antitrust circles as the concern of overlapping punishment of cartel offenders in international cartel cases. The mass proliferation of antitrust enforcement, rising criminal and civil penalties and the seemingly boundless extraterritorial reach of national antitrust laws challenge traditional notions of proportional punishment and adequate deterrence in international cartel cases.
Authorities and outside counsel alike increasingly struggle to answer the question ‘how much is too much?’ when it comes to both the number of times a corporation or individual must stand to answer for the same conspiracy and, once prosecuted, the number and magnitude of the penalties that are necessary to remedy the offence.
The experience of defendants in the recent Air Cargo cartel cases is illustrative of this debate. In what was alleged to be a single, overarching conspiracy to fix the price of surcharges on air cargo services, the antitrust authorities of at least 10 different jurisdictions undertook enforcement actions: the US, the European Union, Australia, Brazil, Canada, Mexico, New Zealand, South Africa, South Korea and Switzerland. The fines imposed by this multitude of authorities added up to as much as nearly $1bn for a single defendant…
If you are registered and logged in to the site, click on the link below to read the rest of the Allen & Overy briefing. If not, please register or sign in with your details below.
News from Allen & Overy
News from The Lawyer
Briefings from Allen & Overy
Extension of the sanctions relief provided for in the Joint Plan of Action between the P5+1 and the Islamic Republic of Iran
On 18 July 2014, the P5+1 (the US, the UK, Germany, France, Russia and China) agreed with Iran to extend their commitments under the Joint Plan of Action.
This year is expected to be a bumper year for pension risk transfer in the UK.
Analysis from The Lawyer
At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.