Through our investigative work, we identify evidence of violations of competition law across the jurisdictions where we operate. We assist law firms and regulators throughout the process of litigation, from filing to settlement. We are known for our innovative solutions to some of the thorniest problems in competition economics, and for our expertise in identifying and combining data from a variety of sources.

Competition regimes around the world are in a state of flux. In an ever-more consolidated and digital competition landscape, increasingly sophisticated infractions, shifting standards, and new legislative priorities will affect how markets are defined, how harm is quantified, and who can most appropriately bring a claim. We understand that traditional, cookie-cutter approaches will be a poor fit for the most crucial cases of the coming decade. That is why our clients have come to rely on Fideres’ tailored and uniquely entrepreneurial approach to help them carve out new opportunities, solve new problems, and carry cases through to a successful outcome.

 

We work alongside law firms and regulators through all stages of litigation providing:

  • Damages analysis
  • Expert reports
  • Class certification reports
  • Plan of allocation and settlement distribution
  • Expert witness testimony
  • Data analysis
  • Merits reports

Click here to download a copy of our Competition Economics brochure.

 

Agricultural Horizonal Price-fixing Cartel

Problem

  • Identify evidence of parallel price conduct by cartel members at pleading stage
  • Conduct “plus factors” analysis
  • Calculate damages based on a but-for model to estimate the counterfactual price that would have occurred absent collusion

Solution

  • Fideres performed a Welch’s t-test to identify a structural break in prices between the competitive prices and the collusive prices
  • We conducted a regression analysis to model counterfactual prices while accounting for supply and demand factors
  • Fideres conducted market structure analysis to show a high concentration among the cartelists as well as plus factors to support allegations of anti-competitive conduct

Result

  • Fideres economic analysis was used in the filing of a class action complaint
  • The court denied the motion to dismiss
  • Class-wide damages estimates were provided for each of the product categories

Drug Cartels

Problem

  • Identify the extent of collusion among pharmaceutical manufacturers in the generic prescription drug market
  • Develop economic analysis on defendants’ parallel pricing, collusive markers and plus factors that help distinguish collusion from competition

Solution

Fideres analyzed drug pricing and used quantitative measures to identify potential price collusion using:

  • Structural break tests
  • Market concentration measures
  • Degree of price correlation amongst manufacturers
  • Various other plus factors and collusive markers

Result

  • Fideres identified over 90 generic drugs that experienced an average price increase of 1,350% and showed a similar timing of sales increases between manufacturers
  • We developed economic analysis used for the filing of four novel drug collusion complaints based on economic evidence with total damage estimates in the region of USD 5.2 billion
  • We identified a number of potentially new issues in regards to the role of Pharmacy Benefit Managers (PBMs) including the potential conflicts of interest, complex rebate structures and general lack of regulation

Libor Manipulation

Problem

  • Fideres was retained by class counsel in the US, to support the antitrust testifying expert
  • Fideres was asked to analyze defendant banks’ LIBOR submissions and determine if their behavior was consistent with the allegations of collusion or could be the result of parallel conduct
  • We were asked to identify suitable counterfactual measures for LIBOR’s benchmark to estimate the amount of suppression of panel banks’ respective LIBOR submissions during and post the Great Financial Crisis
  • In addition, our instructions included developing a damages model to determine damages suffered by investors.

Solution

  • Leveraging on Fideres' knowledge of financial markets and the industry, we developed innovative but-for approaches integrating numerous sources of banks’ borrowing pricing data to derive counterfactuals for LIBOR
  • We elaborated cross-infection theory to estimate LIBOR suppression in different currencies

Result

  • We estimated that LIBOR manipulation continued until mid-2012
  • We generated a model for estimating counterfactual LIBOR levels in different currencies and tenors
  • We determined daily quantum of LIBOR suppression during the period analyzed

CDS Antitrust Class Action

Problem

  • Conduct investigations into the CDS market to gather economic evidence for complaint filing
  • Develop preliminary damages model to estimate excess transaction costs caused by the alleged collusion

Solution

  • Through a thorough study of the transition of several financial markets to electronic platforms, we built a model to estimate a counterfactual bid-ask spread in the Credit Default Swap market that would have been brought about by the transparency created through introduction of central clearing houses and a regulated exchange

Result

  • We estimated class-wide and plaintiff-specific damages resulting from the antitrust behaviour
  • Fideres’s client was appointed class lead counsel. In its decision, the court highlighted the work done by Fideres to identify the theory of harm and preliminary damages assessment
  • The class action litigation led to one of the largest antitrust class action settlements in US history, with a settlement of approximately USD1.9 billion

We have provided expert economic advice in most of the prominent international competition cases of the last decade

Financial Markets

  • LIBOR
  • Credit Default Swaps
  • ISDAFIX
  • Gold
  • Interest Rate Swaps
  • US Treasury Auctions
  • Agency Bonds
  • Foreign Exchange

Pharma & Healthcare

  • Generic drug manufacturers
  • Generic Large hospital monopolization claims

Commodities

  • Pork packaged meat producers cartel
  • Turkey packaged meat producers cartel

Technology

  • DRAM Manufactures
  • Amazon eBooks market monopolization
  • Apple Appstore market monopolization

Max Theiler

Head of Competition Economics

Director

Prof. Colin Carter

Affiliate Academic Expert

Prof. Doug Miller

Affiliate Academic Expert

Prof. Farasat Bokhari

Affiliate Academic Expert

Prof. John Kagel

Affiliate Academic Expert

Prof. Louis Rossiter

Affiliate Academic Expert

Prof. Luis Cabral

Affiliate Academic Expert

Prof. Patricia Born

Affiliate Academic Expert

Prof. Robert Rothschild

Affiliate Academic Expert

Prof. William B. Vogt

Affiliate Academic Expert

Prof. Xiaoyong Zheng

Affiliate Academic Expert

Prof. Yannis Katsoulacos

Affiliate Academic Expert