Digital markets pose fundamental challenges for the private enforcement of antitrust, regulatory and consumer protection rules. These markets often feature platform-based business models, multi-sided markets, direct and indirect network effects, economies of scale and intricate eco-systems. Such features render competition issues more complex and create scope for exclusionary and exploitative practices.
While digital technologies can sometimes helpfully disrupt concentrated uncompetitive markets, they can also create new opportunities to collude, to exploit and to discriminate.
As the impact of the digital sector extends beyond information goods and services into other areas of the economy, civil society groups, firms across the economy, and policymakers are increasingly being forced into action to defend the rights of consumers and firms to participate in fair, open and competitive markets.
Fideres is one of the leading economic consultancies working to address misconduct in digital markets through research and litigation.
Through our investigative work, we identify evidence of violations of competition law, regulatory rules and consumer protection laws across the jurisdictions in which we operate.
We assist law firms and regulators throughout the life of the litigation, from filing to settlement.
For any Digital Markets related enquiries please contact Chris Pike at firstname.lastname@example.org
Exclusive and quasi-exclusive dealing
Tying and Bundling
Refusal to deal
Forced free-riding & content scraping
Drip-pricing and other behavioural manipulation
Excessive prices or data collection
Algorithmic discrimination and personalised pricing
Coordinated pricing & price guarantees
Online sales bans & minimum internet advertised prices
Hub and spoke cartels
Impact on prices of Most Favoured Nation (MFN) / Price Parity clauses
Quantification of network effects
Rule of reason tests
Equally efficient competitor test, vertical arithmetic test
Expert witness testimony
Plan of allocation and settlement distribution
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:
Cherry v. RealPage Inc., 2:22-cv-01618
Floyd v. Amazon.com Inc., 2:22-cv-01599
Affinity Credit Union v. Apple Inc., 4:22-cv-04174
Brown et al v. Amazon.com Inc., 2:22-cv-00965
Dr Liza Lovdahl Gormsen v. Meta Platforms, Inc. and Others, 1433/7/7/22
Amazon.com, Inc. eBook Antitrust Litigation, 1:21-cv-00351
West et al v. Amazon.com Inc., 2:21-cv-00694
Bookends & Beginnings LLC v. Amazon.com Inc., 1:21-cv-02584
Cameron v. Apple Inc., 4:19-cv-03074-YGR
Robert Hammond v. Amazon.com, Inc. & Others, 1595/7/7/23
Julie Hunter v. Amazon.com, Inc. & Others, 1568/7/7/22
Fideres has been at the forefront of investigations into cryptocurrency price manipulation and alleged misconduct by crypto exchanges. We have been advising our clients on a number of court and arbitration disputes. We collaborate with academics and our affiliate academic experts in this fast developing area of finance. Sample cases include:
Tether and Bitfinex Crypto Asset Litigation, 1:19-cv-09236
Arbitration Cryptocurrency Dispute
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:
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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.