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:

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:

De Coster v. Inc., 2:21-cv-00693

Cherry v. RealPage Inc., 2:22-cv-01618

Floyd v. Inc., 2:22-cv-01599

Affinity Credit Union v. Apple Inc., 4:22-cv-04174

Brown et al v. Inc., 2:22-cv-00965

Forest River Farms v. Deere & Co., 1:22-cv-00188

Dr Liza Lovdahl Gormsen v. Meta Platforms, Inc. and Others, 1433/7/7/22, Inc. eBook Antitrust Litigation, 1:21-cv-00351

West et al v. Inc., 2:21-cv-00694

Bookends & Beginnings LLC v. Inc., 1:21-cv-02584

Arbitration Cryptocurrency Dispute

Frame-Wilson v. Inc., 2:20-cv-00424

Tether and Bitfinex Crypto Asset Litigation, 1:19-cv-09236

Cameron v. Apple Inc., 4:19-cv-03074-YGR

Dynamic Random Access Memory (DRAM) Indirect Purchaser Antitrust Litigation, 4:18-cv-02518

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:

Peterson v. Agri Stats, Inc., 0:19-cv-01129

Turkey Antitrust Litigation, 1:19-cv-08318

Pork Antitrust Litigation, 0:18-cv-1776

JPMorgan Precious Metals Spoofing Litigation, 1:18-cv-10356

London Silver Fixing v. London Silver Fixing, 4-mc-02573-VEC

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

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:

Snow v. Align Technology, Inc., 3:21-cv-03269

Abu Dhabi Investment Authority v. Mylan N.V., 1:20-cv-01342

Tulsa Firefighters Health and Welfare Trust v. Allergan PLC, 2:16-cv-01388

EpiPen ERISA Litigation (Klein v. Prime Therapeutics, LLC), 0:17-cv-01884

Hospital Monopolization Antitrust Class Action, 16-CVS-16404

Plumbers & Pipefitters Local 178 Health & Welfare Trust Fund v. Teva Pharmaceuticals USA, Inc., 2:17-cv-01361

Neca-Ibew Wefare Trust Fund v. Actavis Holdco U.S., Inc., 2:17-cv-00629

Teamsters Local Union No. 727 Health & Welfare Fund v. Mylan, Inc., 3:17-cv-01124

Neca-Ibew Welfare Trust Fund v. Teligent, Inc., 1:16-cv-09398

Generic Pharmaceuticals Pricing Antitrust Litigation (Digoxin), 2:16-md-02724

Neca-Ibew Welfare Trust Fund v. Akorn, Inc., 1:16-cv-08109

News and Research



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.

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.

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

November 16, 2022
Fideres Advises In Class Action Complaint By Renters On Algorithmic Collusion Allegation

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
Raw sewage spills by UK Water Companies amount to an abuse their dominant position as regulated monopolies, UK households could be entitled to compensation.

Class Actions: An Arbitrary Arrest

September 27, 2022
Arbitration clauses limit consumers' ability to pursue collective actions.

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?