Competition Economics

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.

For any Competition Economics related enquiries please contact Max Theiler at max.theiler@fideres.com

Team

Experts

Services

Original Investigations

Cartels

Abuse of dominance and collective abuse of dominance

Attempted monopolization

Excessive pricing

Exclusionary conduct

Refuse to deal

Margin squeeze

Predatory pricing

Resale price maintenance

Non-compete and no-poaching agreements

Market sharing agreements

Creative Problem Solution

In-depth industry analysis (e.g. industry structure, flow of goods/services, key players)

Market definition and SSNIP test

Counterfactual price modelling

‘Plus Factors’ analysis

Parallel price conduct

Pricing data monitoring

Pass-through/pass-on analysis

Demand/supply elasticity analysis

High Quality Expert Work

Expert reports

Expert witness testimony

Merits reports

Plan of allocation and settlement distribution

Damages analysis

Data analysis

Track record

Since the 2008-09 financial crisis, Fideres has historically taken a leading role in the discovery, analysis, and settlement of cases in financial markets, and finance remains the core area of our expertise. Our work has driven cases ranging from the coordinated manipulation of interest rate benchmarks to the inflation of prices in foreign exchange markets to the mis-selling of key debt instruments. Investigations by Fideres continue to shed light on the often subtle ways in which bad actors in this sector collude to game markets and mislead investors. Sample cases include:

  • LIBOR benchmark manipulation class action, US – expert consulting appointment on class certification expert report, 1:11-md-02262
  • Credit default swaps antitrust class action, US – pre-filing economic analysis and damages modelling, 1:13-md-02476
  • ISDAFIX benchmark manipulation class action, US – pre-filing economic investigation and class certification expert report, 1:14-cv-07126-JMF-OTW
  • Gold fixing manipulation antitrust class action, US – pre-filing economic analysis to identify evidence of collusion and price fixing, 1:14-md-02548-VEC
  • Interest rate swaps mis-selling cases, England – Graiseley Properties Limited and others v. Barclays Bank PLC, EWHC 3093, 2012 FOLIO 1259
  • Interest rate swap mis-selling, England – expert witness report, The Sisters of the Charity of Jesus and Mary v. Morgan Stanley, case no. 2010/960
  • Cross currency swap and interest rate swaps mis-selling, China – expert witness report, Deutsche Bank (China) v. Bright Food Hong Kong, EWHC 3543 (Comm) and CL-2017-000326
  • US treasury auctions antitrust class action, US – pre-filing economic analysis, 1:16-cv-05437
  • Sovereign and supranational bonds market manipulation opt-outs, US – antitrust class action, 1:16-cv-03711-ER
  • BBSW market manipulation investigation by securities regulator, Australia – analysis of trading records to identify instances of market manipulation, VID197/2016
  • Foreign exchange market manipulation, economic analysis for group opt-out, US – antitrust class action, 1:18-cv-10364-LGS
  • Foreign exchange market manipulation antitrust class action, Canada – pre-filing economic analysis to identify evidence of collusion and expert consulting work for the class certification report, CV-15-536174-00CP

Fideres has a wealth of experience in analysing competition within digital markets and emerging technologies such as blockchain. From defining markets for multi-sided platforms, to exploring anti-competitive conduct by large firms that benefit from strong network effects and large economies of scale and scope and who set zero prices and extract data. This experience is helping us to investigate and develop cases, and to provide expert testimony to courts and expert advice to clients working on complaints against many of the biggest monopolists in the sector. Sample cases include:

Fideres has been crucial to the filing and prosecution of a number of high-profile US commodities cases. Our successes in this area have included our novel microeconomic analysis of pricing and cost structures in the meatpacking and DRAM industries, and our use of complex auction pricing data from precious metal futures markets to show how these commodities were systematically overpriced by cartels. Sample cases include:

  • Pork packaged meat producers antitrust class action, US – pre-filing economic analysis including plus factors and evidence of collusion, 0:18-cv-1776
  • Turkey packaged meat producers antitrust class action, US – pre-filing economic analysis including plus factors and evidence of collusion, 1:19-cv-08318
  • Beef packaged meat producers antitrust class action, US – pre-filing economic analysis including plus factors and evidence of collusion, 0:19-cv-01129
  • Gold Fix manipulation antitrust class action, US – pre-filing economic analysis including plus factors and damages modelling, 14-md-02548-VEC
  • Silver Fixing manipulation antitrust class action, US – pre-filing economic analysis including plus factors and damages modelling, 4-mc-02573-VEC
  • Precious metal futures spoofing antitrust class action, US – pre-filing economic analysis including plus factors and damages modelling, 1:18-cv-10356

Pharmaceuticals and healthcare markets can seem as intricate and opaque as they are vital to consumers wellbeing, which makes them crucial sectors for antitrust scrutiny. Our analysis of drug pricing data helps to identify the markets in which pharmaceutical manufacturers collude to raise prices, and our expert testimony on the economics of drug industry helps plaintiffs recover damages. In healthcare markets, Fideres has led pioneering work on market definition and overcharge analysis in the increasingly-concentrated and expensive regional hospital markets of the United States. Sample cases include:

  • Clobetasol price-fixing antitrust class action, US – pre-filing economic investigation to identify evidence of collusion and other plus factors, 2:16-md-02724
  • Doxycycline price-fixing antitrust class action, US – pre-filing economic investigation to identify evidence of collusion and other plus factors, 2:16-md-02724
  • Econazole price-fixing antitrust class action, US – pre-filing economic investigation to identify evidence of collusion and other plus factors, 2:16-md-02724
  • Digoxin price-fixing antitrust class action, US – pre-filing economic investigation to identify evidence of collusion and other plus factors, 2:16-md-02724
  • Clomipramine price-fixing antitrust class action, US – pre-filing economic investigation to identify evidence of collusion and other plus factors, 2:16-md-02724
  • Ursodiol Generic Drug 2:16-md-02724
  • Novo Nordisk (Insulin) monopolization class action, US – pre-filing economic analysis and damages modelling, 3:17-cv-00209-BRM-LHG
  • EpiPen market monopolization consumers antitrust class action, US – pre-filing economic analysis and damages modelling, 0:17-cv-01884
  • Hospital monopolization antitrust class action, US – expert consulting appointment for class certification report, 16-CVS-16404

News and Research

Filter

Research

FedEx And UPS: Who’s Got The Better Package?

July 14, 2022
FedEx and UPS general rate increases: Collusion or conscious parallelism? Fideres investigates competition issues in the United States courier market.
Research

Better Than Average

November 16, 2021
Can courts rely on benchmark figures for cartel overcharges?
Research

The Antitrust Case Against The Loyalty Penalty

September 24, 2021
Defining markets for loyal customers.
Research

He’s Making A List, And Checking It Twice

August 13, 2021
Who's been naughty and nice in 2021?
Research

Covid-19 Travel Tests Investigation

July 31, 2021
Unavailable and inaccessible.
Research

Pre-Arranged Bids On Prepaid Cards

April 12, 2021
Assessing the impact of the cartel allegations.
Research

Marching Backwards

July 1, 2020
The emerging pro-defendant class action landscape.
Research

Underwriting In US Bond Markets

January 16, 2020
Why the status quo poses risks to competition.