Digital Markets

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




Original Investigations


Exclusive and quasi-exclusive dealing

Loyalty discounts

Tying and Bundling

Margin squeeze

Refusal to deal

Forced free-riding & content scraping

Privacy policy tying

Platform envelopment

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

Algorithmic collusion

Creative Problem Solution

Impact on prices of Most Favoured Nation (MFN) / Price Parity clauses

Market definition

Quantification of network effects

Rule of reason tests

Equally efficient competitor test, vertical arithmetic test

High Quality Expert Work

Expert reports

Expert witness testimony

Merits reports

Plan of allocation and settlement distribution

Damages analysis

Data analysis

Track record

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. Inc., 2:22-cv-01599

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

Brown et al v. Inc., 2:22-cv-00965

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

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

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

News and Research



It Rolls Down Hill

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

Dr. Chris Pike Contributed To An Expert Workshop On Algorithmic Rents And Competition

October 3, 2022
Exploitative abuse of dominance is no longer just about excessive pricing.

Fideres Advises In Multi-Billion Dollars Apple Pay Class Action

July 18, 2022
New class action against Apple Pay.

The Price Of Knowledge

April 28, 2022
Fideres investigates competition issues in academic journal markets.

The Antitrust Case Against The Loyalty Penalty

September 24, 2021
Defining markets for loyal customers.

An Epic Judgement

August 16, 2021
Economic review of the Epic v. Apple landmark case.

Pre-Arranged Bids On Prepaid Cards

April 12, 2021
Assessing the impact of the cartel allegations.

Putting A Price On Consumer Data

March 3, 2020
Damage estimation in data breach litigation.
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.

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.

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.

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.

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.

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.

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.

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.

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.

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.