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




Original Investigations


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 – In re: Libor-Based Financial Instruments Antitrust Litigation, 1:11-md-02262
  • Credit default swaps antitrust class action, US – In re: Credit Default Swaps Antitrust Litigation, 1:13-md-02476
  • ISDAFIX benchmark manipulation class action, US – Alaska Electrical Pension Fund v. Bank Of America Corporation, 1:14-cv-07126-JMF-OTW
  • Gold fixing manipulation antitrust class action, US – In re: Commodity Exchange, Inc., Gold Futures and Options Trading Litigation, 1:14-md-02548-VEC
  • Interest rate swaps mis-selling cases, UK – Graiseley Properties Limited and others v. Barclays Bank PLC, EWHC 3093, 2012 FOLIO 1259
  • Interest rate swap mis-selling, UK – 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 – Deutsche Bank (China) v. Bright Food Hong Kong, EWHC 3543 (Comm) and CL-2017-000326
  • US treasury auctions antitrust class action, US – Torus Capital, LLC v. Bank of Nova Scotia, New York Agency, 1:16-cv-05437
  • Sovereign and supranational bonds market manipulation opt-outs, US – In re: SSA Bonds Antitrust Litigation, 1:16-cv-03711-ER
  • BBSW market manipulation investigation by securities regulator, Australia – Australian Securities and Investments Commission v. Australia and New Zealand Banking Group Limited, VID197/2016
  • Foreign exchange market manipulation, economic analysis for group opt-out, US – Allianz Global Investors GmbH v. Bank Of America Corporation, 1:18-cv-10364-LGS
  • Foreign exchange market manipulation antitrust class action, Canada – Mancinelli v. Royal Bank of Canada, 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 – 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



Fideres Advises In Class Action Complaint By Renters On Algorithmic Collusion Allegation

November 16, 2022
Hagens Berman have this week filed an important complaint against RealPage and a group of firms that sell leases on multi-family residential real estate units in Seattle. The complaint alleges…

Fideres Uncovers Potential Abuse of Dominant Position by UK Water Companies

November 15, 2022
The Guardian publishes an article based on Fideres research on raw sewage spills by UK Water Companies.

Money Down The Drain, Raw Sewage On The Beach

November 15, 2022
Key Points There are 11 regional wastewater companies in England and Wales, each of which is a regulated monopolist within its region. The prices these firms can charge are capped…

Class Actions: An Arbitrary Arrest

September 27, 2022
Key Points Firms increasingly use arbitration clauses to limit consumers' ability to pursue collective actions, foreclosing an important mechanism for remedy in the event of an abuse1. In economic terms,…

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.

Better Than Average

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

The Antitrust Case Against The Loyalty Penalty

September 24, 2021
Defining markets for loyal customers.

He’s Making A List, And Checking It Twice

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