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:

SSA Bonds Antitrust Litigation, 1:16-cv-03711

Mancinelli v. Royal Bank of Canada, CV-15-536174-00CP

J Wisbey  & Associates Pty Ltd v UBS AG, VID 567 of 2019

Allianz Global Investors GmbH v. Bank Of America Corporation, 1:18-cv-10364-LGS

Mexican Government Bonds Antitrust Litigation, 1:18-cv-02830

The Standard Bank of South Africa Limited v The Competition Commission Of South Africa, CR212Feb17

FDIC Libor Claims, FL-2017-000002

Australian Securities and Investments Commission v. Australia and New Zealand Banking Group, VID197/2016

SSA Bonds Antitrust Litigation, 1:16-cv-03711-ER

Torus Capital, LLC v. Bank of Nova Scotia, New York Agency, 1:16-cv-05437

Treasury Securities Auction Antitrust Litigation, 1:15-md-02673

Commodity Exchange, Inc., Gold Futures and Options Trading Litigation, 1:14-md-02548

Alaska Electrical Pension Fund v. Bank Of America Corporation, 1:14-cv-07126

Credit Default Swaps Antitrust Litigation, 1:13-md-02476

Graiseley Properties Limited and others v. Barclays Bank PLC, EWHC 3093, 2012 FOLIO 1259

Libor-Based Financial Instruments Antitrust Litigation, 1:11-md-02262

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 – In re: Pork Antitrust Litigation, 0:18-cv-1776
  • Turkey packaged meat producers antitrust class action, US – In re: Turkey Antitrust Litigation, 1:19-cv-08318
  • Beef packaged meat producers antitrust class action, US – Peterson v. Agri Stats, Inc., 0:19-cv-01129
  • Gold Fix manipulation antitrust class action, US – In re: Commodity Exchange, Inc., Gold Futures and Options Trading Litigation, 14-md-02548-VEC
  • Silver Fixing manipulation antitrust class action, US – London Silver Fixing v. London Silver Fixing, 4-mc-02573-VEC
  • Precious metal futures spoofing antitrust class action, US – In re: JPMorgan Precious Metals Spoofing Litigation, 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 – In re: Generic Pharmaceuticals Pricing Antitrust Litigation, 2:16-md-02724
  • Doxycycline price-fixing antitrust class action, US – In re: Generic Pharmaceuticals Pricing Antitrust Litigation, 2:16-md-02724
  • Econazole price-fixing antitrust class action, US – In re: Generic Pharmaceuticals Pricing Antitrust Litigation, 2:16-md-02724
  • Digoxin price-fixing antitrust class action, US – In re: Generic Pharmaceuticals Pricing Antitrust Litigation, 2:16-md-02724
  • Clomipramine price-fixing antitrust class action, US – In re: Generic Pharmaceuticals Pricing Antitrust Litigation, 2:16-md-02724
  • Ursodiol Generic Drug, US – In re: Generic Pharmaceuticals Pricing Antitrust Litigation, 2:16-md-02724
  • Novo Nordisk (Insulin) monopolization class action, US – Lehigh County Employees’ Retirement System v. Novo Nordisk A/S, 3:17-cv-00209-BRM-LHG
  • EpiPen market monopolization consumers antitrust class action, US – In re: EpiPen ERISA Litigation (Klein v. Prime Therapeutics, LLC), 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

It Rolls Down Hill

September 8, 2023
How Reddit abuses of its monopoly power to fuel vertical expansion.
News

Gabriele Bortolotti Interviews Professor Eric Posner

August 31, 2023
Fideres’s Associate, Gabriele Bortolotti, interviewed Professor Eric Posner, the Kirkland and Ellis Distinguished Service Professor of Law, University of Chicago. Gabriele, who is a University of Chicago alumnus, conducted this…
News

Fideres’s Head of Digital Markets, Chris Pike, Commented In The Financial Times On Mobile Prices Increases and the Vodafone/Three Merger

July 19, 2023
Dr. Chris Pike commented in a Financial Times article on the implications of mid-contract price increases by UK mobile network operators for the CMA's assessment of the proposed Vodafone/Three merger.…
Research

The Bottleneck On Justice

July 19, 2023
What Do UK Mobile Contract Price Rises Tell Us About The Bottleneck On Justice? Following news coverage on the role of profits in driving UK inflation, including the telecoms price…
News

Fideres’s Head of Digital Markets, Chris Pike, Commented In The Guardian On Mobile And Broadband Prices Increase

June 28, 2023
Dr. Chris Pike comments on the competitiveness of the UK mobile network operator market in a Guardian article. This comes over two years after Fideres notified Ofcom and the CMA…
Research

Hello? Is Ofcom There?

April 19, 2023
Key Points Fideres’s original investigation uncovers anticompetitive and discriminatory overcharge by UK landline providers - which Ofcom has overlooked since at least 2018. Fideres has notified Ofcom of this potential…
News

Potential Abuse of Dominant Position by UK Water Companies

March 6, 2023
Fideres’ research on Potential Abuse of Dominant Position by UK Water Companies features in the Financial Times article. Read the full article here.
Research

More Than Poultry Profits

December 14, 2022
Fideres research shows that the market appears to be plagued by a monopolist, exploiting a dominant position to increase prices and reduce output.