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

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:

  • DRAM manufacturers antitrust class action, US – pre-filing investigation and economic analysis, 4:18-cv-02518
  • Apple Appstore market monopolization antitrust class action, US – pre-filing economic analysis, 4:19-cv-03074-YGR

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-cv-01388-CMR
  • 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

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.
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Dan BrockettPartner, Quinn Emanuel Urquhart & Sullivan LLP

““Fideres provided us with innovative quantitative analysis that was critical for building this CDS anti-trust case against major dealers. In addition to... [quantifying] the amount of damages, they clearly briefed me and my team on the technical aspects of the CDS market.“”

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Jeremy LiebermanManaging Partner, Pomerantz LLP

““Fideres have provided our firm with input on various aspects of 10b5 claims, including class-wide damages and market efficiency assessments. They are responsive and their reports clear and to the point.””

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Bill SchervishDirector, Labaton Sucharow

““I have engaged Fideres on several securities fraud cases. They have provided our firm with prompt and precise event studies, even in non-standard cases that required innovative approaches.””

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Philip YoungPartner, Cooke, Young & Keidan LLP

““Fideres combines top class financial knowledge with a creative approach in order to provide innovative insights into LIBOR.... They have thoroughly researched and are leading experts on the technical aspects of LIBOR and are professional, reliable and a pleasure to work with.””

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Michael EisenkraftPartner, Cohen Milstein Sellers and Toll PLLC

““Over the years I have worked closely with Fideres’s research team to investigate new antitrust matters. Their novel investigative approach has led us to work together on several new potential cartel cases and assess their viability at an early stage.””

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Michael SternhellDirector, Burford Capital LLC

“"We have worked with Fideres on several complex securities matters. They have assisted with damages modeling and estimation at the client-outreach stage through to claims filing, in mediation and during the settlement process. Fideres has extensive experience in damage quantification across security types and is a very reliable partner to work with.””

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John DayDirector, DaySparkes Ltd

““We have worked with Fideres in relation to several interest rate misselling matters. Their consultants provided us with effective guidance on a variety of aspects, ranging from the valuation of financial instruments, to the bank’s conduct in relation to the... pricing of such instruments.””

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Sharif ShivjiBarrister, 4 Stone Buildings

““I have always found Fideres to be excellent experts. Their work is thoughtful, accurate and displays their valuable real world market experience. They understand the role of an expert in litigation well.””

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Laura PosnerPartner, Cohen Milstein Sellers & Toll PLLC

““Fideres has consistently produced event studies reports within 24-hours of the request. The speed of the turnaround time has been impressive. They have provided useful insights and charts to explain complex concepts involved in securities litigation filings.””

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David KovelPartner, Kirby McInerney LLC

““We have used Fideres’s expertise in several commodity market and benchmark manipulation cases. Their knowledge of the financial sector, in particular, has been... valuable to the development and success of the matters we have engaged them on.””